Do We Need Retail Banks?
There was another cash machine fiasco last night, when Lloyds and Halifax had a big computer system failure. Read about it here in the Daily Mail.
This problem hit so many people, as they didn’t really plan their day out properly.
I’ve never been hit by one of these periodic cash point failures, as probably more by luck than judgement, Nationwide haven’t had a problem.
But one thing I do, is make sure when I’m down to my last twenty or so in my wallet, is get a cash injection. But then in places where I spend money, there are lots of cash machines. Take yesterday on my trip to Notting Hill. I passed machines in Kings Cross station, just outside Notting Hill station and close to Otto. But then I didn’t need any money.
So although yesterday’s failure was disastrous for some, with a bit of planning, it could have been avoided.
On the other hand, I’ve heard of people queuing on pay day by cash machines, so they can draw their money out to get some cigarettes.
These failures will do one good thing and that is get customers to look at how they keep and use money.
More and more we’ll question, whether we need to have a retail bank at all.
What is really needed for most of us, is a simple bank account to hold our working capital, accept our salary or pension, pay our standing orders and other bills, and tell cashpoint machines that we have money to withdraw.
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The Anonymous Widower 
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