The French have started something which is gathering momentum, now on Facebook, House Price Crash, Save our Savers Forums etc Google search the topic and there’s a lot on their.
A mass withdrawal of funds from European Banks etc planned for 7th December, in a Rage against Banks.
If it makes the greedy Banks like HSBC (who boast they are cash rich) whilst increasing their charges, cut their charges to borrowers and account holders whilst increasing their rates to shafted savers, thereby reducing their exhorbitant margins and profits, that would be excellent I think.
Maybe their share prices will fall too and focus their greedy minds since they bear the brunt of the financial mess that most are in.
Will this fizzle out or be the next big thing for Banks? 😕
I think a mass withdrawal of funds from UK banks may have the opposite effect on charges to customers. From what I recall most UK banks still have a liquidity problem particularly in terms of meeting the new FSA rules on liquidity. This could lead to a shortage of funds available to borrowers and we all know what happens in situations where demand exceeds supply.
A mass withdrawal of funds may well exacerbate an already difficult situation.
Having said all of that, I have very little sympathy with banks particularly the way in which they have performed over recent years.
I agree Richard that they would probably increase their charges, especially Spanish banks, since Spain increases everything when business falls it seems.
Not sure how big this will get, there’s quite a lot on it when StopBanque is googled etc, I look with interest to the 7th December to see what actually happens, apparently there’s something similar running in the US too.
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