Savings could be under threat if banks go bust and proposal by European bureaucrats to prevent withdrawal of money by weeks is given go ahead



A safety net that protects the public’s cash during bank failures is under threat from European Union bureaucrats.
The first €100,000 of a customer’s savings are protected under EU law when a lender goes bust – meaning there is no risk the cash will be lost.
But officials have backed a shake-up of the rules which could prevent customers withdrawing their money for months. At present, they are entitled to all their money in seven working days.
It could affect thousands of British savers who put money in to some of the best-paying High Street accounts – as they are offered by banks which hold... read more

 
28 November 2017 in Business, Views: 79
Source: Daily Mail
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