When I offered them my cash/term deposit to play with on the markets,I asked "how safe is this cash?". The look I got was if I had two heads."we are AAA".Then a couple of weeks ago(friday night) 3 big banks gets dropped a notch.No one at the bank has the answer for that when I returned.Then I asked "what is this banks exposure to US/European bonds?". Oh sir,we don't get access to that information at the branch level".Ok ,so I ask, "who at the administrative level can I speak to to ask how liquid you guys are,sought of like when I apply for a loan,where the ins and outs of my personal details splashed on a form for you lot to snub your nose at?" "Sir,we can divulge that information to you". "the way I see I am giving you a loan and want a little security". Maybe another institution may be a better option for you sir?". "No,you're all the bloody same!". Believe me HC,what I have learnt about the process if an institution goes down was quite revealing and the investigation eventually wound up at an angency called APRA.The bank deposit guarantee only cover a deposit of no greater than $250,000 per account holder per institution. Nice little back stop for banks knowing the taxpayer will backstop any bad debts if the SHTF!.I reckon they won't be able to handle the influx on D-Day..Yet they(banks) talk to you as if you can be squashed under the heel of a boot.I don't ever take these careing feely ads of fiction on the tube seriously. I wish they were as transparent as we are when dealing with them. Profits to all.BMD.
