“The manager told him not to worry, saying the deposit insurance was per account, not per person. She added: ‘We just put your name on the account so your wife wouldn’t take money out without your consent.’ Remembering that in the 1980s his British building society had played down the risks of taking out an endowment mortgage, Demetriou asked if they were 100 per cent sure. He was told they were. The advice was 100 per cent wrong. The deposit insurance is per person, not per account. Soon afterwards, the banks closed for more than a week, and when they reopened, he’d been stripped of 44 per cent of his savings.”

http://www.lrb.co.uk/v35/n09/james-meek/the-depositor-haircut

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