Protecting ourselves against a cash-flow problem outside our control

M

Marion

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In light of the problems surrounding Ulster Bank customers I am wondering how best we could protect ourselves in the future.

I am not a current UB customer. But I fully empathise with people who are as I personally carry very little cash and rely on my credit card (I realise many people may not be fortunate to have a credit card) to make purchases and Direct Debits through my bank a/c to make payments on practically all of my bills. And I am a paypath employee

Perhaps a top tips on how to protect ourselves might be useful? We could collate this later when all ideas are listed.


I'll start.

1. keep an emergency sum of money - perhaps to buy essentials - food and petrol/diesel in a different bank a/c that can be accessed if needed urgently.
 
Hi Marion

I think that this is such a unique and one-off occurrence that people do not really need to prepare for it. There are much bigger risks to protect against e.g. losing your ATM card; having cash stolen from your home; Ireland leaving the euro.

Ulster Bank customers may be so concerned and let down by this that they may choose to move to another bank.

Employers, family and friends should probably help out UB customers by providing them with cash until the problem is sorted.
 
Even if you weren't a UB customer you might have been affected, as they were the conduit for Social Welfare payments etc.

2. Keep a stock of food to enable you to scratch together meals for a week: rice, tinned fish etc. Also enough toiletry items to last a few days.

3. Have a gift card / voucher topped up with €100 or so.
 
Hi Gervan

3. Have a gift card / voucher topped up with €100 or so.


What type of gift card/voucher would you suggest?

Marion
 
Hi Cashier

Is your emergency supply in another a/c in a different bank?

Marion
 
Hi Brendan

Some people might feel uncomfortable to ask family and or friends to help them out in the short term.

I have read elsewhere of people having to leave their shopping at the cash desk of the grocery store because they could not access funds using their bank card. This is an event that many of us could not have foreseen.

This is a thread to help people survive a cash flow problem in the short-term

Marion
 
4. Have your salary paid twice monthly if possible. My own salary is paid monthly. I must check and see if I can change this ASAP.
 
Marion said:
Some people might feel uncomfortable to ask family and or friends to help them out in the short term.
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I think that most people would feel uncomfortable borrowing money because they are broke.

But if I was an UB customer and had no cash for the weekend, I would not have had the slightest hesitation in asking a friend for money for a few days until UB sorts it out.
 
2. Keep a stock of food to enable you to scratch together meals for a week: rice, tinned fish etc. Also enough toiletry items to last a few days.
Click to expand...

I think we need to get a bit of perspective on things here.

This is the first major glitch in payments of which I am aware. If it becomes a feature of Irish banking, by all means take these steps.

But this is akin to wearing a crash helmet while out walking in case a tree falls on you.

Brendan
 
I think the only reasonable suggestion is to have access to cash elsewhere. I don't see this as a solution just for the current problem, I think everyone should have this in place.

1) Another bank account with an ATM card
2) Another account which can be accessed e.g. Credit Union, Post Office
3) Cash hidden in home in somewhere unusual (In a book, in the bread bin etc)
4) Credit card for emergencies
5) All of the above
 
Brendan, there may be low income households depending on one account in UB, and as per Marions post I have seen people saying similar in other places.

For those people who operate off one account, on a shoestring (which is an ever increasing number) then having a topped up card or food stash could be required to run a family home.

It really depends on people's circumstances.
 
I would have thought that most people have at least one account in a different bank, post office or credit union, and some small amount of emergency spare cash somewhere.
 
Marion asked
What type of gift card/voucher would you suggest?
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Not connected with Dunnes at all, but I have a card from there that can hold up to €250 I think. Marks and Spencer is another option, if you want your groceries more upmarket.
I haven't used them but cards like One 4 All which can be used in a variety of shops.
There are prepaid debit cards that can be topped up now and again. Maybe these can be used for petrol?

I think we should all have something spare like this. What if a single parent is sick and unable to get out to collect money from the ATM? At least an older child could be sent to get in bread and milk with one of these cards.
 
You can get Blanch center voucher which covers I assume all the shops. Same with other centers I assume also.

That said a bit of cash, won't expire, and is more useful for more things.
 
Brendan Burgess said:
...this is akin to wearing a crash helmet while out walking in case a tree falls on you.
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This thread has just prompted me to look inside the lining of my motorbike helmet, to find a £20 note I stashed there years ago in case I ever ran out of petrol...!

Given that we switched to the euro twelve years ago, I should probably buy a new helmet.
 
This thread has just prompted me to look inside the lining of my motorbike helmet, to find a £20 note I stashed there years ago in case I ever ran out of petrol...!
Click to expand...

I believe you can still cash this for euros in the Central Bank. Should be worth about €25.


Marion
 
...or about ¥200, if I give it another few years.

Maybe I should keep it for "luck". A mechanic once told me it would double the value of my bike, if I ever put it up for sale...
 
AlbacoreA said:
You can get Blanch center voucher which covers I assume all the shops. Same with other centers I assume also.
Click to expand...

Leave them unused for a year and watch the money disappear as terms and conditions kick in,I hate these type of cards with a passion,my sister in law gets me one every Christmas,I spend every last cent on it within a week of getting it.
 
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