Major banking crash exercise

[Imsayingnothing]

Imagine you have a friend who is high up in a financial institution who tells you that in ten days time from now there is going to be a major banking crash worldwide.

The banks will bring in a credit freeze, meaning all bank account cards and credit cards will be frozen. You will not be able to use switch, cashless payments, online payments or even take cash out of a cash machine. All accounts will be frozen.

How would you prepare for this?

No Switch?! Unimaginable.

I'd be able to wait for it all to blow over. Missed payments wouldn't be a problem if such a thing happened because the recipient accounts would be unavailable to accept receipts. Everyone would just have to wait.

I would do nothing, if systems crash then even cash won’t work. I’ve a decent amount of supplies at home. Just wait it out

@LubaLuca

No Switch?! Unimaginable.

I'd be able to wait for it all to blow over. Missed payments wouldn't be a problem if such a thing happened because the recipient accounts would be unavailable to accept receipts. Everyone would just have to wait.

Switch? Didn't that disappear years ago?

@Imsayingnothing

Imagine you have a friend who is high up in a financial institution who tells you that in ten days time from now there is going to be a major banking crash worldwide.

The banks will bring in a credit freeze, meaning all bank account cards and credit cards will be frozen. You will not be able to use switch, cashless payments, online payments or even take cash out of a cash machine. All accounts will be frozen.

How would you prepare for this?

Have you been given some information?

I had a very very odd call this week with the Halifax.

Leopards, come on then do tell!

I am wondering the same thing @leopardspotsdotdotdot

But it is the preppers topic.

If this happened wouldn't money end up being de valued anyway? It could cost hundreds everyday things? Hasn't this happened before anyway?

Nothing.
Everyone would be in same boat.
I have enough food etc to last a couple of months.
It would get sorted.

Venezuela and Germany

@augustice

Thank you *@lightand*

Odd in what way, @leopardspotsdotdotdot ?

In that I was trying to pay some of my credit card, I’d inadvertently gone over my limit. The woman kept asking me questions as to why I’d gone over, whether I could pay my other bills, then when I thought her questions were odd, I asked her to prove she could see my transactions, thinking I’d ring the wrong number. She put me on hold for ten minutes. Came back asked more odd questions, then I said I just wanted to pay £600, and she said she’d have to connect me to another team.

I sat on hold for ages, and then hung up. Reset my online banking password to pay online, she rang me back saying the call was disconnected etc.

I said no, I’ve hung up, because it was taking so long and I’d pay online. She kept asking if I was going to do this.

I paid online.

Then I looked at my mortgage. They usually take £1200 a month and my payment for March was showing as £1900. I thought I’d come out of my fixed period. I went to change my mortgage plan, and it refused me do to so online. Citing things that don’t relate to me. I then checked my plan and it’s fixed until 2023.

It freaked me out a bit. Now this thread!

Hope it’s all just normal frankly!

I would buy a lot of barterable goods like alcohol, dry foods, petrol, batteries and cigarettes on my credit card.

Withdraw all my cash from the bank and get ready for the mess.

Also my energy company was offering discounts if you topped up / over paid last week. I’ve never ever heard of this before when on DD. Is this normal?

leopard never mind this thread

If I were you I would go to Halifax in person on Monday. They might have made errors on your account.

This!

@HalfShrunkMoreToGo

I would buy a lot of barterable goods like alcohol, dry foods, petrol, batteries and cigarettes on my credit card.

Withdraw all my cash from the bank and get ready for the mess.

But the whole premise is your cards don't work

@LunaHeather

leopard never mind this thread

If I were you I would go to Halifax in person on Monday. They might have made errors on your account.

I will ring them again. Thought it was very odd. Maybe Halifax are in trouble?

I have some cash in the house (though it’s useless at present) plus jewellery that could be swapped if needed.

But since I have enough food for 4 months, I’d likely not need it. Either the system is back up by then or we’re going to be in a whole new world anyway.

leopard is the nearest branch very far away? Why waste time phoning?

I would live on the three months worth of pasta I have in the house. I'm.running it down anyway

I would think my friend was bullshitting.big there ever was such a scenario and a few knew about it: a) they would be trying their hardest to resolve it and b) the penalties for leaking the news would be incredibly serious (prison time, huge fines, never work in finance again). Seems unlikely.

@LunaHeather

leopard is the nearest branch very far away? Why waste time phoning?

I don’t have a local one anymore. The nearest ones are only open 10-2, and I work, plus a single parent.

I’m hoping @Imsayingnothing confirms this is just a hypothetical question, as I’m a bit freaked out!

I’d withdraw all my money and hide in my under stairs bunker with my prep stash.

@FudgeSundae

I would think my friend was bullshitting.big there ever was such a scenario and a few knew about it: a) they would be trying their hardest to resolve it and b) the penalties for leaking the news would be incredibly serious (prison time, huge fines, never work in finance again). Seems unlikely.

I disagree sadly. I actually think this is likely. Watch the film ‘the big short’ - True story. The real impact of crazy banking practices, is only really noticed by a few, who are discredited, then noticed by many, just as it’s too late.

I saw that film too @leopardspotsdotdotdot

Only link I can see for now is this
www.theatlantic.com/magazine/archive/2020/07/coronavirus-banks-collapse/612247/
Where banks are doing some of the same risky practices as before.

No idea if there is a banking collapse imminent. But it has happened before.