Crumbs, apologies @nanos i’ve now updated my post.
Fair enough. I only engaged in this discussion above to educate others from my knowledge of the Diamond Dybvig Model why deposit insurance exists in the first place. So anything other than this the providers can answer, hence why I provided links for further info. I’m not here to defend e-money institutions not banks, but just to give my ten cents where I can provide truths.
In this case, nobody I’ve seen here has made a claim that ringfencing is better than deposit insurance, nor vice versa, so all is good.
For Beaufort Securities - if I remember correctly - PwC said they expected the proceedings to take up to 4 years. As you only get your money back after the proceedings are finished I can only say “ouch”!. (Although, of course, 4 years is absolutely worst case - but even 1/4 of that is a loooong time …)
Absolutely! I’ve heard about this case you’ve cited somewhere else in this forum and it’s quite incredulous tbh. Leach-like behaviour from PWC (unsurprising given what happened to Carillion) and could prove a real blow to ringfencing.
That’s true. I saw a competitor recently advertise this (forgot who it was) and it turned me off immediately. Whenever someone says “100% security” my immediate reaction is “Thanks for your time…”
@nanos @Theodore the quoted fees are simply outrageous. Lehman’s was another example, though the scale and complexity unwinding and winding up that quagmire definitely put that into an all together different universe.
I’ll refrain from sharing what I really think about the big 4’s practises. I wouldn’t want to be responsible for bleeding eyes, at least not on a Friday!
Oh absolutely! However as I said above to me they are a “bank” they offer the same service, just with different levels of protection and service, I just wanted a card to use in shops, I was never going to put my life savings in there.
I wish everyone using them the best, the service just isn’t for me.
They’ve now got a graph in the app. Nooooooooooooooooo.
Ha! Got a screenshot?
I mean is it actually bad or are you reacting to the addition of a graph because they’ve copied a useful feature?
It looks a bit better than the monzo one. As you can tell I don’t use Revolut for anything other than phone insurance.
They’re certainly not shy in stealing ideas.
Good design needs to be stolen. Otherwise we’d end up in a very sad place where every single good bit of design would be “owned” by someone and nobody else could do similar stuff. What a boring world it would be.
AIUI the difference between a “bank” and a bank, is that a bank can lend out the money in its current accounts whilst a “bank” cannot.
Banking licenses become less and less relevant when you realise it’s all just software.
Well apparently this is an acceptable way to respond to customers!
What was said to get that reaction?
I was complaing that they’re publicly saying everything is tickety boo but their top-ups aren’t working for a vast amount of customers and there was a bit of back and forwards and then I got that!
They have now deleted the post when I said I was making a formal complaint and refused to give me their name. This was all on public Twitter and not even in DMs.
Revolut manager isn’t remotely interested in doing anything about it. To top it all off, I’ve just paid to be a premium member!
I work with the public all the time and you can think that but you don’t come out and bloody say it!
Bang out of order but everyone’s human and people have bad days for various reasons. The response from them is the important bit now, grovelling apology at the very least.
Nope, not in the slightest. Raise a complaint if you’re not happy, no I won’t phone you, no I won’t put you in touch with the Social Media manager.