This is not a look what happened to me statement, this was a question, would you answer it?
If I deposit money into a bank, in a savings accout, that gains average interest, with the stipulation that I may remove my money at any time, have I agreed to make my money inaccessible?
(the italicised is key, since that is a savings account, not another vehicle with penalties for early withdrawal)
the last time my money was inaccessible was when my money was out on loan. see it was hardly accessible if it was out on loan… or else it wasnt ever loaned… i hope you tell me whether my money was out on loan or not…
Was that at me?
Maybe you should actually look at the contracts that you sign. You will find that your scenario is a fiction. The bank doesn’t tell you that your money is available on demand under all circumstances. If the bank agrees that your money will never be used for any other purpose than to sit in a vault then they are obligated to do so…if they contract doesn’t say that then they are not.
Typical Austrian kool-aid nonsense.
If you make the agreement that the bank can loan your money out then you can hardly cry foul when they do so.
Just a cold hard fact I have repeatedly demonstrated in these forums.
you must have signed a different contract than i did. cause mine says nothing about me lending money to my bank. or them taking the money they are holding for me and lending it out.
even if the contract says they take the money and lend it out. this must mean they lied when they said they keep it on hand for me to get to whenever.
Of course if they refuse to pay when you have legal right to be paid it is breach of contract. You should sue.
I bet they never said it will be kept in the vault.
you like to bet. i get it. gamblebank!
Do we have to spell-out the assumptions in FRB for you?
And end the obfuscations that frb relies on ? Where would be the fun in doing that ? =]
Yes, why dont you show us the actual contract. Scnieram did so a while back with a Bank of America contract demonstrating the point that the contract does not say what you claim it does.
Furthermore your saying you signed a contract knowing the other party can’t meet it’s obligation. Why would you do that?
It would be better if you could point out the facts in FRB. It doesn’t exist like you are implying. Just an Austrian fantasy.
knock yourself out here is what i signed up for.
http://www.firstdirect.com/legals/principal.shtml
I use government roads too.
Hypocrite. Socialist!!!
I was born on a kibbutz…
Where is that?
first direct is a division of HSBC Bank plc which is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £50,000 of a depositor’s total deposits with the Bank. Most depositors including individuals and small firms are covered. The Scheme covers deposits made with the offices of the Bank within the European Economic Area and deposits denominated in all currencies are treated alike. Further details are available on request.
If you make a valid claim against us in respect of the investments we arrange, buy or sell for you and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme. Details of the cover provided by the Scheme are available and will be sent to you on request. Further information on the Scheme is also available from the Financial Services Authority or the Financial Services Compensation Scheme. The address of the Financial Services Compensation Scheme is 7th Floor, Lloyds Chambers, Portsoken Street, London E1 8BN. Tel: 0207 892 7300, fax: 0207 892 7301 or log on to their website at www.fscs.org.uk.
HSBC Bank plc’s registered VAT number is GB365684514 and its company register number is 14259.
It seems pretty clear what the banks liability to you is and that there is default risk beyond 50k. They specifically chacterize your deposit as a liability not a warehoused good. Thanks for making my point. Your ignorance of the contract is not the banks fault.