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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/15/2008 : 18:08:39
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From Bankimplode.com
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Royal Bank of Scotland Implodes
By Tony. Posted on October 13th, 2008 in BREAKING NEWS!
Once the king of European banks, the Royal Bank of Scotland finally ran out of credit and crashed over the weekend. The bank had been burning white hot profits from leveraged loan buyouts and acquisitions of enormous scale.
The speed of the RBS rescue plan underlines the depth of concern in official circles over the Edinburgh group’s finances.
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I at one time set up a checking account in one of their subsidiaries (Citizens Bank)
I closed The Citizens Bank checking account in less than a week.
The reason- In order to avoid getting hit with fees left right and middle I would need to keep $7,500 in the checking account,
Or $2,500 in the checking account and $5,000 in a savings account or CD.
I opened a checking account with a bank that required a minimum of $400 in the account to avoid fees.
Citizens Bank took over the bank my father had an account with. They promised to grandfather the account and not charge any maintenance fees to it. A few months later they charged maintenance fees.
I do not shed one tear for the fall of RBS or its subsidiaries, crooks are crooks and their comuppance is poetic justice to me.
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UBS Bank bites the dust
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