In the good times we all expect to be able to access our money on demand. But in an emergency any problems with our banking, or local cash machines, can quickly turn a problem into a nightmare. These days, like most people, you probably rely on using your credit or debit cards to pay your way. But what will you do if you can’t access the money in your bank account?
This is exactly what happened to UK consumers on several occasions over the past few years.
- RBS to compensate customers hit by computer glitch
- Lloyds’ card and ATM problems caused by hardware failure
- Natwest and RBS apologise after customers left unable to withdraw money from cash machines
I remember being let down by Natwest not so long ago, along with loads of their customers, when their system went down and prevented any cash withrawals or card payments. I remember I was in the McDonalds Drive Thru at the time. It was no hardship to skip the fast food and head home, but it could have been a lot more inconvenient.
But, even when it’s not a big system failure, it might be that your local machine has been vandalised, or stolen, or some glitch with payments has simply pushed your account over the limit.
Whatever the cause, keeping some emergency cash in your home, in a safe and secure place, can bring peace of mind, and serve as an emergency back-up when other systems let us down.
Why take the chance when the solution is so simple?