Saturday, 23 June 2012

Economic melt down - latest RBS banking 'glitch'

We have all witnessed in the past 18 months or so the issues and problems facing many countries in North America, Europe and many other many know, it does not take much for a melt down in financial markets...
Let us take oil and fuel as an example...the slightest cut in supplies to transportation companies or to the end user results in total chaos down the line...did you know that the grocery supermarket chains for example, only have a turn around of 72 hours of food supplies! The slightest cut in this chain means disaster for the person on the street - no fuel, no tranpsort to re supply and stock the shelves of your local supermarket.
The rush would have been started in the first 24 hours - = empty shelves.

Another example has recently hit home to UK people with accounts in RBS associated banks, Nat-west etc, where they say a few days ago a 'technical glitch'; resulted in no balances, account holders unable to see if their pay has gone in or mortgages gone out, or indeed if any mony is in there a all.
This has resulted in many people being unable to withdraw money, unable to buy food or fuel and many people in the process of buying houses or moving...absolutely stuck in mid stream..

The banks have said they would help as far as they can and would take the unprecedent step of opening on sundays..tomorrow.
However, this has led to much panic in the streets, people trying to buy food and supplies etc...if they can..
Many believe, and I tend to agree, that this 'glitch' may have been sonme sort of Hack, and authorities afraid to admit it...whatever the cause, much concern and panic has hit the streets of UK this weekend..

Here is an article from Tech week Europe - with some comments from its readers

NatWest and RBS customers have been hit by a systems glitch that means many cannot make or receive payments, whilst a number of online services are down.
Customer account balances have not been updated, leaving many concerned over when they will receive funds they are due. NatWest and RBS are part of the same group and share IT infrastructure in various ways

Customer fears

Customers have flocked to Twitter to vent their fear and frustration over the technical fail. One told TechWeekEurope they were concerned about not being able to buy food.
“I rely on my money being there today as I was going to buy food! All we have is bread & cheese in this flat,” complained Heather Cranmer. “Plus, bills start coming out tomorrow. Is NatWest going to give me some food to tide me over? Are they going to pay the late fees on my bills as it’s their fault?”

As we all know, it only takes a hiccup or a sneeze before we all fall down...!

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