Monday, February 10, 2014

GLOBAL ECONOMIC MELTDOWN: Precursors To A Global Financial Collapse - Danske Bank Locks 10,000 Customers Out Of Their Accounts And 27,000 Customer Data Stolen At Barclays Bank!

February 10, 2014 - GLOBAL ECONOMY - The global financial stability has been shaken and the world is facing a growing economic crisis that could make the 1930s look like “good times.” The U.S. banking system is on the verge of disaster, as banks have recorded over $100 billion in losses, with hundreds of billions more forecasted.

Here a two more precursors of the coming collapse, as these institutions spiral into a financial abyss.

Danske Bank Locks 10,000 Customers Out Of Their Accounts
A man walks past Danske bank branch

Thousands of customers of Danske Bank are set to be denied access to their money after the bank said it was closing their current accounts from today.

The bank has confirmed that 15,000 current accounts are to be "terminated" and the majority of customers who hold these accounts have yet to shut them down and switch to a new one.

Up to 10,000 people could find their funds frozen as they have failed to set up a new account with another bank. Danske said in October that it was closing its retail operations here.

Large numbers of those who have already started the switching process are also set to be locked out of their accounts before the new accounts can be set up.

A spokeswoman for the bank said: "Yes, some will be locked out of their accounts."

The bank said it was closing the current accounts today but it later conceded that it would allow these customers to use their debit/ATM cards over the weekend.

But by Monday, the accounts will no longer operate.

Customers who contacted the Irish Independent claimed the whole shut-down of Danske's retail operations was being handled in a "chaotic and shambolic" fashion.

Permanent TSB, to which large numbers are switching, is so worried about it that it is making arrangements to hand out €500 to each customer who has already signed up to switch from Danske but have chosen a date later this month for the tranfer to take effect.

Executives at Permanent TSB fear customers moving from Danske will have their funds and accounts frozen before the switches take place.

Under Central Bank rules, consumers are supposed to be able to agree a date for the transfer of accounts with their old and new banks and not to have it imposed upon them.

But banking sources accused Danske of imposing the shut-down for the first tranche of current accounts too hastily, even though many customers had nominated different dates for the transfer.

Irate customers said Danske was not answering phones, with others claiming the shut-down of its retail operations was being badly handled.

Customers complained that the letters they received about the closure deadlines arrived in December and the Christmas period, making it difficult to put new banking arrangements in place.

And they accused the bank of not doing any TV, radio or newspaper advertising to remind people of the various close-down deadlines.

Another customer claimed that Danske had initially given a longer period for customers to shut their accounts and find new banks when it first announced its intention to close its personal banking operation here last October.


Danske, whose parent company in Denmark yesterday reported profits before tax from core activities of €1.5bn for last year, defended its handling of the shut-down.

It said it had written to customers in tranches, setting out when accounts would be closed.

"The first tranche of letters issued in early December to customers with only a single product with Danske, ie a current account, a savings account or a credit card," a spokeswoman said.

She said customers with current accounts and savings accounts were given two months' notice of the closure of their account, with a deadline of February 7 set for the first tranche of terminations.

Another set of customers has until Friday, February 21, to put alternative banking arrangements in place. Customers with credit cards have until March 7.

The spokeswoman added: "Where a customer has not yet taken action, their accounts will be terminated on February 7 in accordance with the terms of the account."

The bank confirmed that it had 15,000 current account customers, but 9,000 people had yet to close their accounts.

"We encourage customers to note the timelines referred to in their individual letters to ensure that they have sufficient time to effect their preferred option of closing or transferring their accounts to alternative institution," the bank said.

The Central Bank said Danske had given the notice to customers that it was required to provide. - Independent.

27,000 Customer Data Stolen At Barclays Bank
As many as 27,000 Barclays Plc customer files containing personal and financial information were taken, the Mail on Sunday reported today, citing an unidentified whistle-blower.  Photographer: Simon Dawson/Bloomberg

Investigations are underway following reports that confidential files relating to customers of Britain’s second-largest bank, Barclays, have been stolen and sold to brokers.

The Information Commissioner’s Office (ICO) launched the investigation after The Mail newspaper revealed that a database of information on up to 27,000 customers has been sold to “unscrupulous brokers.”

According to the British paper, the database reportedly covered money and health matters and attitude to risk, national insurance and passport numbers.

The Mail added that the leak was exposed by an unnamed whistleblower who handed the paper a memory stick containing personal data belonging to 2,000 customers.

The whistleblower said data belonging to a further 25,000 was on sale for £50 per customer.

The weekly claimed that such information is valuable on the black market because it allows individuals to be targeted in investment frauds.

The whistleblower estimated that up to 1,000 people could have been “scammed.”

Barclays said it is taking all necessary steps to contact and advise its affected customers to ensure the safety of their personal data.

An ICO spokesperson described protecting personal information as “crucial,” saying that the office will be working with police and the newspaper “to get further details of what has happened.”

The ICO can slap fines of up to 500,000 pounds on organizations that fail to protect private data.

In July 2012, Barclays was hit with 290 million pounds in fines for a serious widespread role in manipulating the London Interbank Offered Rate (Libor) and the cost of borrowing. - Press TV.

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