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Keep Two Bank Accounts To Beat Cyber Attacks, Says Bank of England Adviser (thestack.com)
An anonymous reader writes: Everyone should keep two bank accounts so they can still access their money if one bank is hit by a cyber attack, a former Bank of England adviser has warned. "I'd certainly rather have two [accounts] in case my bank was attacked. I would want to know I could still get money out of the other one," banking expert Peter Hahn said in an interview with BBC's Today, ahead of the Bank of England's latest Financial Stability Report. According to the report, cyber risk is one of the five greatest dangers facing the UK banking industry.
Always keep at least two accounts in two non-related banks in at least two different countries.
blindly antisocialist = antisocial
Some 30 years ago the ATMs on the west coast went toes up. Seems a backhoe had dug up a line on the east coast, without that line ATMs didn't work. Doesn't the dumbass bank have redundancies, you ask? Turns out the dug up line was the backup. A week earlier a heavy snowstorm had collapsed the roof of a building that banks needed to run the network.
I've effectively got 2 banks: a credit union and a stock brokerage account I can pull money out of quickly.
The others:
1) Bankers
2) Banking
3) Lying
4) Cheating
Those aren't dangers - they're just business as usual
This advice is actually supposed to protect the banks, not the customers. If a bank is hacked it has to repay any losses you suffer. Say a business has its account locked and can't pay wages, or someone moving house can't pay for their new home and the sale falls through. The knock-on financial losses could be huge. Hundreds of employees having regular payments fail, black marks on their credit records that they have to get removed, a whole chain of house buyers falling apart, fees for late payments etc.
So if you have two accounts you can use the other one to make payments, thus lessening the bank's financial liability.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
1. Getting bank regulation that deserves that name
2. Not getting bailed out next time the gambling backfires
3. A country being able to pay back its debts and thus free to make a move on them
4. People catching on how things worked out for Iceland and Iceland becoming a role model
5. Anyone with some clout declaring "this bank is bankrupt". Because that can bankrupt any bank. No matter the size.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
In order to have two bank accounts, one needs to have money. So, Peter Hahn, where do I get all this magic money you speak of? Working full time does not do it. Maybe you could give us all some so we can open multiple bank accounts?
a business has its account locked and can't pay wages, or someone moving house can't pay for their new home and the sale falls through.
It is unlikely that the business/mover will be able to keep enough money in both accounts to pay in the scenarios that you envision. Having two bank accounts gives you guaranteed access to at most half your money: it will normally work for getting some ready cash, and will often suffice for paying monthly bills, but not the really big items.
The other hazard is the other things that your bank keeps for you: all the payment details, amounts, dates that are used. The redundant bank (i.e. the one not normally making payments) is unlikely to have the facilities for storing this information for use in a failure - and you'll have to make sure it is all kept up to date. In the UK the direct debit scheme doesn't have a failover mechanism, so that won't work yet.
All of these issues are soluble, but just highlight that digital banking is built more on 19th century principles than 21st.
Owl tried to think of something wise to say, but couldn't.
Is that a typo and you actually meant "Dual" or are you actually suggesting we have banks fight each other to the death? Because I'm OK with either.
But wouldn't that make you twice as likely to be attacked?
Seven puppies were harmed during the making of this post.
Typical advice from an out-of-touch banker. This is impractical for those most at risk of serious consequences if their bank closes for a few days. It's not like getting an extra hard drive and copying your money to the backup bank. You have to split your limited assets and make sure you meet the minimum requirements of two institutions. And heaven help you if each requires you to have direct deposit in order to avoid monthly fees.
What do you mean they cut the power? How can they cut the power, man? They're animals!
You are just as guilty of being financially illiterate as the people you claim "cannot figure out this simple stuff". The situation is made more complex by:
1. Affordability. People may not be able to afford the monthly payments on a 30 year mortgage
2. Taxes. Depending on what other deductions you may have, the interest may be tax deductible.
3. Other loans: A smart person pays off the highest interest loans first.
4. Security: it may be a good idea to pay off a loan more slowly if it means that you have cash available for emergencies.
The real "Libtards" are the Libertarians!
There have been times when I've had multiple bank accounts. However, eventually, one bank ended up buying the other, leaving me with two accounts at the same bank.
Mice a a vastly bigger risk to your home safe than the banks are to your savings.
When was the last time someone lost their FDIC insured account balance?
Go home, buy some gold, and put your tinfoil hat on you nutter.