He still remembers an ING campaign that gave rise to a lot of talk in which the ‘orange bank’ (with an apology to Bankinter) claimed that it signed a loan with it, even though it was not his trusted entity, it was not infidelity. It happened in 2016, with an economic and financial scenario very different from the current one, but the marketing hook is completely valid today; even more so with the shadow of financial turmoil. Maybe he’ll get it back now that he’s starting to revive his storied savings account.
100.0 euros holder and account-, so in moments of tension it does not seem a bad idea to remember the recommendation of ‘divide and conquer’ if in parallel it can have repercussions on your financial income.
The list of banks attached to the Spanish deposit guarantee fund is 115, the size of the fund is independent of its own name (at the end of 2022 it had 6,842 million euros) and it is indifferent that the attached bank offers 0% interest or 2% on your deposits and accounts. But you will notice the difference when you regret receiving an account interest settlement instead of the usual charges. It was common in another era, which now only enjoy the infidels, and at least partially offset the loss of purchasing power due to inflation and rising mortgages.
Although the bank likes loyal customers; Those who entrust their payroll, receipts, mortgage and pension plans and investment funds to them, the current commercial policies are much more attractive and active for new users; which is a real catalyst for infidelity, as well as a source of dissatisfaction for the faithful. And although it is a bit more cumbersome to have to control the positions in several entities, today there are financial aggregators that simplify the work of auditing and monitoring clients and allow unifying the control of all accounts from a single place (for example your usual bank, so that he finds out about your infidelity).
The differences have already begun with the campaigns that have been taking place since the summer. I know someone who has just received two new televisions at home as a reward for his financial “disloyalty” -now he is considering whether to sell them on Wallapop- and another person who has carried out a 1×5 bank ‘split’ in barely a month. Pablo Hernandez de Cos. He now charges interest on 4 accounts, while in December it was on none. He is better paid, you have diversified his savings and, in theory, spread his risk.
With the turbulence that we have seen with the bankruptcies of banks in the United States and the rescue of Credit Suisse by UBS, there has been talk again that in moments of tension clients tend to transfer money from small to large banks; but the reality is that when the setback comes, it is given by both the systemic ones and the regional ones. And that they are resolved, rescued or sold on the weekend; with the offices closed, operations and the financial ones, more limited, which in itself is a soft ‘corralito’ for its clients. In the SEPA environment in which we operate in Spain, transfers are executed in one business day and Saturdays and Sundays are not. In addition, it is normal for banks to have daily operating limits, for example, for Internet transfers or cash withdrawals at ATMs, so that emptying an account with a relevant balance is not done in 24 or 48 hours.
Taking into account that the theoretical coverage is linked to the amount and not to the size, without leaving the ‘Spanish guarantee fund insurance’, you and I have numerous entities in which to invest up to 100,000 euros per owner and account, due to profitability and to do it without the need to ‘chop’ and hire a monetary fund or a treasure fund, if that is really not what interests us.
Even more, if we pay attention to recent history, not even in bank settlements have depositors of more than 100,000 euros lost savings. Silicon Valley Bank is one example, and despite Janet Yellen’s refusal to ensure that all depositors will be bailed out (public appreciation of risk and the political cost of insuring $18 trillion in deposits), the reality is that Savings from more and less wealthy clients and companies have so far been respected and everything seems to indicate that the model to be followed will not be very different. It is difficult to let depositors fall, because this would create an episode of financial panic and generalized impoverishment that it would be difficult for any government to accept. The United States knows this well because it created it after the crash of 1929 and it did so with that objective.
On this side of the Atlantic, it also seems difficult that the ECB, the SRB or the EBA, so quick to differentiate the bank settlement model of Credit Suisse and that of the euro zone, would be willing to calm the market with the COCO scare. to sacrifice the deposits of companies or European savers with more than 100,000 euros when the time comes to face a liquidation. Banco Popular is the closest practical example.
