There’s no doubt that prepping is a good idea. Not only does it better prepare you for the unexpected, it also allows you to make it through times like those in the United Kingdom are experiencing right now.
Millions of bank accounts frozen in UKhttps://t.co/Jw7chXQ8im
Millions.
— l E T 17 (@Inevitable_ET) July 1, 2020
Millions of people are unable to access their own money due to a freeze put into place by the UK’s Financial Conduct Authority (FCA). On Friday, June 26, the FCA put an almost immediate suspension on Wirecard Card Solutions (WCS) Limited. The freeze came after WCS’s parent company admitted to financial fraud and entered bankruptcy.
This suspension resulted in dozens of services being frozen with millions of users being affected. The FCA claims its main objective is to protect Wirecard users’ money and interests. Even still, this event undoubtedly brings no comfort to the millions of users who can’t access their funds.
The Emerging Payments Association (EPA), which represents some of the companies affected, stated that the FCA needs to quickly reverse the suspension. The EPA added that fintech firms are facing irreparable damage to their reputations. Members are strongly urging the FCA to unfreeze the Wirecard accounts for the sake of the users, companies, and the UK’s current and future fintech prospects.
Meanwhile, people are unable to buy food or to pay their bills. Some are only minorly inconvenienced, while others are facing emotional distress as well as trauma. Who knows what consequences to their well-being and health will be, especially if this keeps up for much longer.
Events like this just emphasize the need to prep. Not only should you keep a stash of cash, but food and other supplies as well. This way, you still have the ability to go out and buy the items you need and not be 100% tied to your bank account at any given moment. If it can happen overseas, chances are it could happen here as well.
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