PeakOil is You
Practical information for dealing with bank runs?
Re: Practical information for dealing with bank runs?
by threadbear » Fri 18 Jul 2008, 18:00:12
$this->bbcode_second_pass_quote('yesplease', 'A') trillion? Maybe if we count the impact throughout the world economy, but will the US gov end up paying that much? I doubt it. In any event, I've tried wagers on the forum and everyone always backs out.
I'm talking about a trillion just in the U.S. God knows what the international ramifications will be.
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Re: Practical information for dealing with bank runs?
by Koyaanisqatsi » Sat 19 Jul 2008, 03:36:15
$this->bbcode_second_pass_quote('Twilight', 'Y')ou might actually be at greater risk from something going wrong with direct debit / standing order transfers, such ending up with a duplicate
In the case of these recently failed banks, does anybody know what has happened to direct deposit/standing order transactions? For example, I am thinking of salary deposited semi-monthly into an account, and mortgage payment debited on the same day. Any stories about this?
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Re: Practical information for dealing with bank runs?
by Leanan » Sat 19 Jul 2008, 17:14:53
$this->bbcode_second_pass_quote('Koyaanisqatsi', ' ')In the case of these recently failed banks, does anybody know what has happened to direct deposit/standing order transactions? For example, I am thinking of salary deposited semi-monthly into an account, and mortgage payment debited on the same day. Any stories about this?
When Netbank failed, my salary was being direct deposited there, and many of my bills were being automatically paid from my Netbank checking account.
The transition wasn't too difficult. There are usually no transactions on weekends, and accounts were only closed for one weekend. After the accounts were switched to ING Direct, we were given a countdown of sorts: a timeline as to when various Netbank functions would go away. Dates when paper checks would no longer be accepted, ATM transactions would no longer work, electronic transfers would no longer be honored, etc.
So I had get everything switched over to a new account. Though despite their claim that electronic transfers would no longer be accepted after December, they still are.
The only problem I had was with an automatic investment into a mutual fund. The fund was bought out by another company at the same time Netbank was taken over by ING Direct, and though I told them to stop deducting money from my account, it fell through the cracks, and they kept doing it. They still are. Even though ING Direct said they would no longer honor EFTs. I'm sure a phone call would fix it, but I don't mind, so I'm leaving it for now.
"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein
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Re: Practical information for dealing with bank runs?
by Koyaanisqatsi » Sat 19 Jul 2008, 17:29:16
$this->bbcode_second_pass_quote('Leanan', ' ')When Netbank failed, my salary was being direct deposited there, and many of my bills were being automatically paid from my Netbank checking account. ...
Thanks, Leanan, that's very helpful information and reassuring. I guess the only thing I have to worry about is a major financial meltdown (across multiple banks) - but then I suppose I'd have larger things to worry about than the direct deposit!
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