screamingeagle

13 hours ago, ZRPMs said:

Sadly, This is how they all are now. I have a business account with another bank and their daily cash unannounced limit is £3,000. The reason they give for the limits, it to ensure they have enough cash for other customers. They're a bank for crying out load, and the privacy only counts if they can't sell your data.

 

Up until now I've been ok on this front. I do believe the daily online single payment limit is £4,000 with multiples up to £12,000. An in branch basc transfer limit is £20,000, Whilst larger amounts can be transferred instantly via chaps there is a cost for this. My latest bucket list purchase had to be sent over two days and the checks they did. They even when on companies house list to check them out. They really didn't want to send the cash. Its mine, do as I ask.

However the banks operate under a different assumption. When we open an account in a bank and deposit cash. We, the customer, see this as our cash. The bank and the legal system see it differently. The customer opens a bank account and deposits cash. The bank see and use the account as no more than a ledger. The cash, having been deposited, is treated as a loan to the bank from the customer. Ownership of the cash transfers to the bank. This is why there is a government backed compensation scheme to install confidence in the banking system, the FSCS. The Financial Services Compensation Scheme, it's the UK's statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. The first £85,000 per person, per UK banking licence, is protected by the Financial Services Compensation Scheme (FSCS). However, be careful, The Halifax is part of The Bank of Scotland, which in turn is owned by Lloyds. This means that if you were fortunate enough to have £85,000 in each, a total of £255,000. Only one, or a proportion of each up to £85,000 would be covered. The other£170,000 you would have to whistle for. As they all trade under one banking licence. I'm tell you it's all part of the illusion. "You'll own nothing and be happy". The wording is subtle, but there is a big difference between what we are lead to believe and what is true. 

Any who, Sorry for the bank rant. Thank you to all. I think i know what I'll do now. I just need to find an IFA, one who's not tied to a small group of firms and can truly give me independent advice. I know I'll have to pay but it may be cheaper in the long run. Things are a little messy and I want to make sure that I'll be ok as I enter my fossilization stage and that the little ones will be ok. 

Paying for independent expert advice (especially taxation advice) was the best thing I ever did for my personal wealth. Ensure that they get no commissions and you can at least be comforted in the fact that your interests should align. I actually found that the best thing to use experts for was structuring my assets/investments and the actual decisions in what to invest in rests with me (along with any annoyances for poor performance).

HG is reputable, as is Chards. Selling on the forum would net you the best return, but going to a dealer is often less hassle.

26 and 36 please

14, 23 & 25 please

Please put me on the waiting list. 

Thank you.