Last Sunday, "hundreds of thousands of customers were left unable to use debit cards and 7,000 cashpoints" (Daily Mail).
Funnily enough, Sunday was also the day that Lloyds borrowed an extra c. £766 million, according to the Wall Street Journal:
As it happens, our current account is with Lloyds and earns 0% interest. This Harvard economist has just withdrawn $1 million from Bank of America for exactly that reason: the odds against a collapse, though presumably small, are not zero, so the risk to a depositor is underpriced.
Weekends seem to be bad for banks: on Saturday, September 13, 2008 the Federal Reserve was in talks with Lehman Brothers, Barclays backed away from making an offer (as reported in the NYT next day, Sunday) and the bankruptcy filing came on the Monday - at 1.45 in the morning. Not much chance for the likes of you and me to queue up at the counter.
Shoebox or bank account, bank account or shoebox? So hard to decide.
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