This page has been archived and commenting is disabled.
Are RBS And NatWest The First Victims Of "Bank Transfer Day"
Earlier today we received the following email from a reader: "RBS systems are down today - ALL of them. I asked whether they knew that HSBC was down yesterday - replied yes - I suggested that they might do well to make an announcement to stop people from getting the right idea 8). The reason for the outage was given as "an update which did not go as expected" Some update - took out ALL their systems I was told. Pongs worse than the old Billingsgate fish market." We now have confirmation this is the case. From BBC: "RBS and NatWest customers have been unable to check accounts online because of problems caused by maintenance work, the Royal Bank of Scotland has said. Problems arose after the maintenance work went wrong and meant account balances were not updated overnight. Some accounts have not been credited when they should have been and there have been problems for some customers making withdrawals from cash machines. In a statement, the bank apologised for "any inconvenience caused". The Royal Bank of Scotland hopes to resolve the issue within hours." We find it odd how not only one but two banks are down on a Saturday, the same day that is incidentally Bank Transfer Day. So: who will be doing "maintenance work" next?
- 16627 reads
- Printer-friendly version
- Send to friend
- advertisements -


How conveeeeeeenient.
http://www.youtube.com/watch?v=9WaRK1VqcWQ
I started emptying out my last TBTF account on Wednesday before I even knew about this event. It would be great to have an old fashioned bank run, maybe wake up the old crusty bastards.
Wow, redpill, being a regular reader of this blog, I'm surprised it took you so long to take that simple action. Good that you did, though.
Heh, well it's complicated, but let's just say it's not quite so simple! But it is getting done nonetheless.
Agreed. I've been using a credit union for years, but a couple of years ago opened an account at a small community bank that is one of only two Bankrate.com five star banks in my state. I feel pretty safe with those two options. But in a worst case scenario, even those facilities probably won't be safe.
Like a blind man who gets a hard-on walking by a fish market, don't be fooled by an apparent "guarantee" from some corporation like the FDIC. They'll be insolvent the first five minutes if there is a crash.
The problem with having increasingly giant "TBTF" banks is if they ever did let one of them go under, it would bankrupt the FDIC immediately, so one would need to ask how much an insurance policy it really is.
NCUA is in better shape in terms of risk, but it is still a governmental agency. At the end of the day it's up to everyone to find multiple trustworthy sources to store their savings.
Dang, no props for my "blind man" simile? I thought it was a beauty to come up with on the fly. Ah, well, my genius frequently goes unappreciated.
Next time wait for happy hour, the crowd gets easier!
LOL Right. I'll have to remember that. It was more of a Friday night literary gem. Timing has never been a strength for me.
G20 leaders just asked the BIS-linked Financial Stability Board to define TBTF (in diplomatic society, "Globally Systemically Important Financial Institutions" or G-SIFIs). They came up with this list (17 banks based in Europe, 8 in the U.S., and 4 in Asia):
Bank of America
Bank of China
Bank of New York Mellon
Banque Populaire CdE
Barclays
BNP Paribas
Citigroup
Commerzbank
Credit Suisse
Deutsche Bank
Dexia
Goldman Sachs
Group Crédit Agricole
HSBC
ING Bank
JP Morgan Chase
Lloyds Banking Group
Mitsubishi UFJ FG
Mizuho FG
Morgan Stanley
Nordea
Royal Bank of Scotland
Santander
Société Générale
State Street
Sumitomo Mitsui FG
UBS
Unicredit Group
Wells Fargo
Also, here's a Borowitz Report of a letter from one of the TBTF to its valued customers that's worth a look :)
http://www.borowitzreport.com/2011/11/02/a-letter-from-bank-of-america/
didn't the FED say something recently abt a line at $50 bil?
not sure $50 bil of what...damned bong!
+ 1
In my town, all the banks are closed on Saturday.
Careful with tranferring money to another bank. A small bank here is very weak here where I live, I know someone that took ALL the dough out of that bank. I did not even know the bank was very weak until told.
Hey thanks, sqz, for publishing the list of the new TBTF.
Good!
Lots of people are coming up with creative ways to get the tax $ back from the TBTFs
http://www.youtube.com/watch?v=eiWjcTiXYaU&feature=results_main&playnext...
UBS is also down for maintenance:
https://ebanking-bs.ubs.com/safeloginbs/Login?handler=SAFEGetLogin&local...
Please be informed that during the time from 09:00h - 19:00h CET on Saturday, November 05, 2011, the e-Banking Applications may be unavailable due to maintenance work. We apologize for any inconvenience caused.
Banks can't be victims. Corporations aren't really people. Doncha know?
Unofficial problem bank list, courtesy of Calculated Risk
http://cr4re.com/PBL07292011.html
Woah.
None in the U.P., eh?
Guess people have to have money to be able to bank....
http://www.minneapolisfed.org/research/data/district/industry/unempup.cfm
http://www.minneapolisfed.org/research/data/banksearch/srchres.cfm
Pretty cool resource....
Must be in the THOUSANDS...:-{ If they all go under ....No more CASH...!
Uncle Ben's Instant Inter-Bank Deposit Transfers don't just necessarily happen overnight ya know. He doesn't usuallly work Saturdays.
I would never have believed, but expect every dirty trick to keep people from getting their "money."
I went down to BAC during the whole $5 debit card freak show a few weeks back.
It was a rush for money, but the good people wanting to close their accounts and walk with more than $3,000 were stonewalled for hours.
All these excuses for ordering money which would take 3 days to deliver when they had enough in their vaults right there.
But the next day was the coup-d-grace. No power at the bank - all day. They cut the power to an entire city block - it never happened before according to PG&E - just to keep the branch from opening and the ATMs were down too. You have to drive 50 miles to the nearest BAC branch. People could not pay rent, shop or make deposits because the bank was down to keep those accounts on file. The older I get the less I believe in coincidences.
It was a freak show for about a week between the lines, the worn out BAC staff and the money going out the door.
Cash is being vacuumed up from the real economy. Aside from food and rent, everything else is deflating on the excess surplus across the waste dump that was Amerika.
Enjoy eating your ipad.
Closed my BofA account about six years ago when i found out they were issuing credit cards to illegal aliens. Moved it to community bank. A week later the community bank was bought by Chinese investors. I don't think I can get safer than that (other than daily monitoring of their SEC filings, which I do as Corporate Controller of one of their depositors.)
I'm rooting for a run on BofA in any form possible.
The corp is evil and has to die! Preferred demand is cash withdrawal, but closing via cashiers check, eft, etc is nearly as good. Close your account to zero balance and fuck them on fees, don't pay them...what are they going to do? charge you more? You closed your account, the fact that they won't recognize that fact is insupportable in court.
They sell your debt yet you're supposed to maintain an account balance based on a loan? Fuck em, what can they actually do?
Chase also has "maintenance work" this weekend and next.
We are experiencing momentary technical difficulties. Please stand by.
http://www.youtube.com/watch?v=kvX7TFA4jV0
Most importantly, we want to assure you that there is no reason to panic.
http://www.youtube.com/watch?v=5ilGGP9BDZs
"Maintenance work" is doing "God's work".
The modern bank holiday... technical problems, busy phone lines, and of course apologies for the inconvenience of having your money disappear.
Don't worry, I hear JPM is holding all of its customer deposits at MF Global!
I thought these bastards were just evil -- turns out they are smart and sneaky as well.
Well played TBTF's, well played. But its not checkmate yet ...
Don't forget it's just digital entries. Think like when your calculator battery runs low and ya gotta throw in a new one. 'Maintenance'.
Bank runs, ya gotta love it. I can't wait for the market chaos in Asia Sunday night!
'Bank runs'. A synonym for deposit diarrhea. They better take some banking Immodium before they get too depositnated.
Not just a bank run for RBS!
Last week, i was told that a Scottish trader was in mayor troubles, and Royal Bank of Scotland sounds Scottisch to me :)
The only reason why they are now still open is because the UK is on the hook for most of those losses!
EXPECT THE UK TO CENTERSTAGE OVER FROM GREECE AFTER THEIR EMERGENY MEETING WICH IS TAKING PLACE AS WE SPEAK!
My money is in local banks. And my accounts are all less than $250,000.
I sincerely hope that other's follow suit.
I think the statement -- Not with my money -- resonates.
My money is also in only local banks and is less than $25.00
I prefer the statement "If I only had some money" or " Whats a PM?"
Better yet, send the savings to Perth!
I don't have any problems with the bank keeping my negative € 500,000.-
you think it works both ways or should I run for the hills when they start looking for cash?!
Since debt is money, apparently, you should cash in.
Maybe if you tell them you'll give them 500$ to settle the loan? Better something than nothing? :)
So: who will be doing "maintenance work" next?
Lloyds and Santander perhaps?
Damn, a GLITCH.
MY Gold and Silver never experience maintenance work or crashed web sites. It's just there until it's needed.
Update in the BBC article:
"Our ATM and card payment systems are operational and the majority of our customers are using these as normal. There have been problems affecting online and telephone banking but we have a good understanding of the issues and are making good progress with our recovery plans."
Right..
Fortunately more and more people are finally having a good understanding of the issues.
Yeah but not enough as of yet. Did you hear? Romney's in the lead! No, no! It's Cain! 999! But wait! Cain sexually harrassed a couple of womyn in his days and we all need to drop everything and pay full attention to this matter becuase this is more important than anything else going on in America right now! Cain-Romney-Cain-Romney-Cain-Romney-Cain-Romney!!! Huh? Financial crisis? What are you talking about? What does that have to do with Herman Cain and Mitt Romney?
FUCK OUR MAINSTREAM PRESS!!!
Throw that TV away.
You know the system is beyond repair,
until the replacement arrives, save your blood pressure.
Take your kids for a hike.
Take a nap.
Plant something you can eventually eat.
How many times have we heard "Pay no attention to the man behind the curtain"?
You write as if you think this system can do anything other than what it has done already.
It will not.
No notice on Bank of Countrywide's site, but it's reeeeeaaaaallly slow. Was able to access, after about a 7 minute wait. No deposit accounts, but my wife has a credit card there......nor for very much longer though, I just paid it off.
A more effective protest would be to go down to the OWS crowd, and seperate out the trust fund babies (identified by holding grande lattes from Starbucks) from the homeless hippies (identified olifactorily), and send the hippies to open new accounts at Chase (big banks lose money on free checking/savings with less than $500 in it) and tell only the limo lib kids to transfer their money to a local bank or credit union.
Q:How does a local bank/credit union make money off an account with $500 or less?
A:Less layers of high priced management.
Can't the banks just borrow at 0% if they run out of fiat?
All is well! Freddie Mac ONLY lost $4.8 billion in derivates trading last quater. Watch the hillarity ensure when they try to hedge increases in interest rates!
A Closer Look at Mac’s Q3 Earnings of -$4.4 billion: Derivatives Losses of -$4.8 Billion and Lower Mortgage Insurance Recoveries
http://confoundedinterest.wordpress.com
these are america's piigs; along w/ the other insolvent TBTFs
fanny will report early next week
reassuring to know that freddy loses millions a day to other playas in the derivatives casinos playing with what is essentially, now, taxpayer money, doncha think?
that's a rhetirical question. about thinking...
fanny has a "riskier" 'portfolio' in what is just another wealth transfer scheme from the Treasury, at this point. these entities shld be allowed to fail, even tho it might mean a bit of embarassment for the pols and banksters who have done this to the nation
this "wealth" no longer exists, altho like most casino denizens, all the gamblers are convinced that when the wheel stops it will be on their number, and they will "get it all back with reflation"
mmmm,...popcorn!
true. the small print is that fannie and freddie debt was unsecured agency debt,
but they've been peddling like it had federal insurance to hapless consumers.
that was fraudulent and criminal. note that bailing them out was also illegal.
Just another isolated incident.
Nothing to see here, move along. Oh all that yellow tape around this building is just a precaution purely for your safety. They're um, checking the fire safety sprinkler system.
They can but that just adds digital zeroes to their books, not FRN. Who uses cash these days, it's like that VISA commercial that tried to brainwash everybody with everything working in perfect sync until some halfwit tried to pay with cash. When TSHTF the only thing that will be accepted is cash. At least at first, then it will be food, guns, ammo, and P.M.s.
Personally, I find it disconcerting that only GUNFIRE is guaranteed to ALWAYS be freely exchangeable.
Ya never know when you'll need a coupon!
And then the taxpayer will be on the hook again when the next TBTF bank bailout(on the sly this time??) comes around. Seems like an endless shell game to me.
I hate the credit card commercials that imply cash transactions are frowned upon, inconvenient, too slow, all the bullshit. Well F credit cards and the shit rewards they come with. The reason these card companies run the commercials: so the stupid sheeple will pay interchange fee upon interchange fee each time dopes swipe these goddamn cards.
Interchange fees: result in billions of dollars for banker bonuses, stolen straight from the pockets of legitimate merchants who provide goods and services. And and its core, interchange fees are a ~1.75% tax on digital money flows in the global economy, all of it going to these goddamn bankers. Goddamn do I hate credit cards.
I don't like FRNs any more than the rest of you, but hell if I'm going to contribute to bankers via interchange fees, so I try to pay with cash and check as much as possible for everyday stuff.
They're just going to piss everyone off that wasn't going to transfer out. Now everyone will transfer out. These Banking types sure is stupids.
From @YourAnonNews:
Fox news is freaking the fuck out. 650,000 people have moved their money, and counting.
Awesome. I support our local credit union, have for years, as well as a local bank.
You do know what's coming next don't you? The TBTF's will be making 'an offer they can't refuse' bids to buy out the CU's with the biggest deposits.
That 650,000 is just for the month of October. The total for all of 2010 was 600,000. Sounds like a movement is afoot. ;-)
I am proud to say we deal with 0 TBTF banks. Proud.
After 4, 4 years of wishing the TBTF'S would blow up ( just because), I find it amusing that another 'move money out of TBTF'S ' is under way again. Good luck but take solace that for every 1,000 you move out the TBTF's have to produce 14,000 to bring the loans in line at the balance sheet level.
Now you can feel like a big shot !!
Wait until they nationalise the credit unions.
/stirring
Yes of course for 'national security' and such.
Rang the RBS call centre and was told that "one of our servers got flooded" - obviously not with money!
Are credit unions the good guys? Don't they use fractional reserve just like the big banks? I realize they're probably not gambling on derivatives, but let's not make them out to be saints. No?
Concur devo. They loan out your money just the same. In fact, a new debt slave was probably created with your new deposit.
unfortunately, to pay your bills, you need to keep "some" money in a bank or credit union. i keep a bare minimum amount i need at my local bank every month to pay my bills. everything else, err, i don't own anything else. what shiny stuff? i don't have anything that shines. are you talking about my eyes?
Just less convienient, not entirely acurate. You can use a check cashing store and Western Union money orders to pay bills all the same, just have to write them all out.
Santander have been playing up over the last couple of days.
They had to call me back three times to do one transfer because the system kept freezing.
Plus they revoked access to my account via the internet and telephone banking without informing me, and by their own admission, with no reason.
I just signed up with my credit union. Transfer should go through next week. Feels good to stick it to Chase, but unsure if this really matters since the CU is just an ugly cousin. We should probably all buy safes or use the mattress. That would stick it to everyone, including government, a bit harder.
Chase advised today they will be down next weekend.
SD. Good point. if I offer 1/26th of what I owe in 'real' money, they could leverage it up to pay off my debt. Sounds fair to me.
I'm dubious these smaller banks being any better. I want to work with cash only, but lots of my bills can't be paid in this way and when I get paid it has to go in a bank. I've then got to scramble to pull it out.
System sucks.
PS. Much talk about paying down debt. If this is going to crash, surely best to pick up a credit card on interest free and buy physical?
All that's happening is predictable, as there are 7 stages that every major economy goes through. Those who know how it works profit & massive wealth is transferred to them. Several months ago I learned this information from a millionaire whose site I found & am sharing it with everyone I know.
His free video
"How To Create Incredible Wealth in Today's Economic Crisis"
is at:
http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bi...
Hope this info helps everyone as much as it has me.
Dr. Nancy
Looks like Mervyn King is going to have to print another couple of hundred billion pounds to give to these insolvent banks,next thing the stock exchange shut due to computer problems,can't get money out of bank,can't get money out of stockmarket,but UK is not insolvent old boy. Pip Pip!!!
Who woulda thought 'Fuck a Bank Day' could be SO much fun ...
TD(s), man this is some far out conspiracy theory shit...please tell me there will be something of substance this weekend. This kind of stuff is just plain stupid.
The whole, global, collective OWS crowd and their uncle included couldn't shut down a bank from a bank run. And as for the domestic, global brands like BAC, wasted energy as it would be nearly impossible. A bank is a defacto extension of the government and now more than ever, they're not going to fall from the 250K that the scum bags withdraw to go spend on some refer.
So...I am confused...who's the scumbag?
Something is going on definitely. Two big institutions with downtimes. But who cares today..we are all bored.
TS - Troll Supreme!
JM-Troll Scrote eater
Take a look at Merrick Bank. I am not sure if it is just the CC site, but supposedly had an upgrade done and "some" user accounts were not transferred so no log in. What happens is the site states you are not registered even when the account already has been- years ago.
The fact that these mysterious maintenance's took place on the same day tells me that the banks are running on empty. had they let people take THEIR money on "bank transfer day", everything would probably have been just fine. Now that they have done these shennanigins it will only incite more people who normally wouldn't have transfered their funds to actually make it a point to pull their money out. Corrupt and Retarded
Here's an alternative slant: maybe the big boyz are trying to shed the marginal deposit customer as too costly and a pain in the ass anyway. Every dollar reduction in deposits results in a dollar-for-dollar reduction in assets (via cash or bank reserves, depending on how the deposit balances are removed). Capital remains untouched but on a relative basis to assets actually improves. Yes the bank becomes (temporarily) illiquid, but the stooges at the Fed can fix that in a day or two.
This would be really devious and unexpectedly crafty (it would also mean the big boyz have brains, which recent experience clearly contradcits), but the facts fit. Kinda makes you go hmmmm... naaah.
Fuck G20......
Fuck Bank of America.....(PROUD OF THAT ONE HUH.) SICK FUCKING JOKE.
Fuck the Banksters.
In Capitalism.......NO ONES supposed to be TBTF......!!!!!!!!
...................FUCK YOU's Banksters."
They probably outsourced their DBA work to Sandwichstan....
Occupy Wall Street's Chase is definitely in the "maintenance" mix. Luckily I only have a credit card I do not use with them. Way too much coincidence. Maybe they can do what high frequency traders do to make a buck. Skim a few pennies from each account as they "reconfigure" their equipment, and then apologize and put it back for the few who notice. I don't believe this is a coincidence; the Occupy Wall Street "Bank Transfer Day" was set for November 5th, on or near the very day these banks decide to have "maintenance". Now this just adds fuel to the fire. Here is the message from Chase below:
Note: This is a service message with information related to your Chase account(s). It may include specific details about transactions, products or online services. If you recently cancelled your account, please disregard this message.Dear Valued Customer: We will be making enhancements to chase.com and our mobile platforms that will help us meet our objective of continually improving these services. As a result of these enhancements, some services on chase.com and Chase Mobile will be temporarily unavailable at various times from Friday, November 11, 2011 through Sunday, November 13, 2011. All times are Eastern Standard Time. Read details below. • All payments and transfers scheduled before the above times will be processed according to their regular schedule and sent on time. This includes:
– Chase Online Bill Payment
– ACH/External Transfer
– Wire Transfers
– Tax and Payroll payments
– Chase Quick Pay
SM • You will not be able to schedule new payments and transfers or make changes to them during the times above. • If you need to make a transfer between two Chase accounts during the times above, please visit one of our branches or ATMs or call us at one of the numbers below. • You can also make a Chase credit card payment at no charge by calling the number on the back of your card and selecting "payments" on our automated telephone service menu. We appreciate your patience during this time. We are working hard to deliver the best customer experience through chase.com and Chase Mobile Banking. If you have any questions, please call one of the numbers below: • 1-877-CHASEPC (1-877-242-7372) for Personal, Business, Auto and Mortgage Banking accounts. • 1-877-226-0071 for Commercial accounts. • For credit card accounts, please call the number on the back of your card. Sincerely, William S. SheleySenior Vice President
Chase Online Banking
FWIW, the Market Street (Ballard) branch of BECU has just about nobody in it this morning. A couple of people at the ATM and me picking up a 2012 calendar.
So much for the north Seattle condo dwellers rising up angry.
a taste of 'quantum entanglement' - lemmings to the oceans edge? -
[sic] "1967 john shepard-barron invents and installs the very first 'ATM' in a barclays bank in london - one year later, don wetzel invented an american made 'ATM' in 1968" -
~12 years hence, the portable banks, become mainstream throughout the 'civilized world' -
convenience or enslavement?
Hey ArkansasAngie....! (HOPING YOU'S A GIRL)
Are ya single........
Huh...
Consumer outrage over fee gouging at the nation’s various large retail banks has hit a fever pitch. The online campaign called “Bank Transfer Day” began not long after Bank of America announced a monthly $5 fee for customers who hold a Bank of America debit card. The campaign, started at the end of September, urged anyone and everyone to switch to a credit union or community bank on Nov. 5. The early Bank Transfer Day numbers show success and served as warning for large banks. Between Sept. 29 and Nov. 5, as stated by the New York Times, the Credit Union National Association reported that 650,000 people had joined credit unions in the CUNA and had added $4.5 billion in assets. Credit unions all across the nation were reporting huge increases in membership. In all of 2010, according to CNN, credit unions added 600,000 new members.