|From David McWilliams' blog|
Here I shall consider what to do if you have a little money in a Co-op Bank account.
I have banked with the Co-op for a lo-ong time, and I would be very sorry to see them go. They were always polite and pleasant when I phoned up in a tizzy about my finances. They made me feel like a thing like whatever I had managed to do could happen to anyone, and they would waive the fees and tell me exactly how to sort it out if I had gone accidentally past my overdraft limit.
I am a lot better with money now, cuz I have read Alvin Hall. Anyway, I'm not worried about the money in my bank account, because:
B) I know that the government have guaranteed all savings accounts up to £85,000 if anything happens to a bank. I wish I had that much for them to pay me back! So, my £0.55 savings account is safe.
|From BBC article on scrapping of the scheme.|
A Finance Expert Mum has explained to me over coffee at music college that Piglet's savings are separately protected under the Financial Services Compensation Scheme. Should the Co-op fail, Piglet's money will probably have to be moved into another fund, which would be annoying as there are no others which guarantee that her money is not being invested in the arms industry and whatever. However, since the investment funding bit of the bank are doing reasonably well, they are likely to be picked up by someone-else who will continue to run them, let's hope along the same lines.
There we are. I am not agitated about Never In My Back-pocket of used fivers. However I am really sad about the implications for society if the only alternative high street bank disappears.