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Captain Cavey

Northern Rock E-Mail

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I’ve just received the following unsolicited email from Northern Rock reminding me of the FSCS limits. Never had one of these before, or from any other bank / building society. Why now?

Dear Customer(s),

All banks and building societies are required to notify customers on a regular basis of the Financial Services Compensation Scheme and what it means for them. Therefore, the purpose of this email is simply to remind our customers of the information already available. It is not a notification of any change to your account.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100 or 020 7892 7300.

Thank you for saving with Northern Rock.

Yours sincerely

Helen Wilson

Head of Savings Operations

Now this could be just a useful reminder to a valued customer as part of their impeccable service,

….or is it an coded warning of impending financial meltdown of biblical proportions prompting the moneyed elite to protect themselves and get their savings out and exchange them for beans & tinfoil.

Have I been warned?

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I’ve just received the following unsolicited email from Northern Rock reminding me of the FSCS limits. Never had one of these before, or from any other bank / building society. Why now?

Now this could be just a useful reminder to a valued customer as part of their impeccable service,

….or is it an coded warning of impending financial meltdown of biblical proportions prompting the moneyed elite to protect themselves and get their savings out and exchange them for beans & tinfoil.

Have I been warned?

The answer to your question lies in the first sentence of the letter from Northern Rock. WE ARE REQUIRED TO...........

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I’ve just received the following unsolicited email from Northern Rock reminding me of the FSCS limits. Never had one of these before, or from any other bank / building society. Why now?

Now this could be just a useful reminder to a valued customer as part of their impeccable service,

….or is it an coded warning of impending financial meltdown of biblical proportions prompting the moneyed elite to protect themselves and get their savings out and exchange them for beans & tinfoil.

Have I been warned?

I've had the same. Didn't read anything into it, other than NR being obliged to let savers know (or remind them) that the former unlimited guarantee has now expired.

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They have to send the warnings so when another bank goes belly up and the government doesn't bail it out, you won't be able to claim that you didn't know about the 50k limits.

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Maybde they are saying....less then 50K in your account, they move your money from elsewhere and put it here...cause everyone else has withdrawn there's and we are fooked.

that's the worry :( , but it would seem that the other banks are also doing this

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For a while, NR had a 100% government guarantee. This has now gone. Seems fair enough to remind customers what the new limits are.

I'm with HSBC (luckily I have very low savings anyway:)) and I received the same message.

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Nationwide sign on screen few weeks ago too.

Anyone exceeding the limits can't say they weren't warned.

Anyone lending money to a Spanish owned bank is just plain reckless.

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They have to send the warnings so when another bank goes belly up and the government doesn't bail it out, you won't be able to claim that you didn't know about the 50k limits.

I was about to put that, then you and several other people bat me to it, so I'll just:

+1

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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