Key Post Brendan Burgess explains: How to protect your deposits

Discussion in 'Deposits' started by Brendan Burgess, Nov 29, 2010.

  1. spreadsheet

    spreadsheet Frequent Poster

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  2. monagt

    monagt Frequent Poster

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    Hey thx SP ;)
     
  3. butterscotch

    butterscotch Frequent Poster

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    Excellent post.

    If there were a need to move money out of an Irish bank in a hurry, it would be handy to know what limits are placed on transfers out.

    For example, AIB would only allow me to move a maximum of €5000 per day.

    Is there a list of what transfer limits are applied by bank.
     
  4. bemmi

    bemmi Registered User

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    AIB limit of 5K is only for online transfers. You can do a transfer at a branch (same day if you want) for arbitrary amounts (take your passport / photo id with you as they seem to like to see that now).
     
  5. justforgroup

    justforgroup Registered User

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    For an ordinary deposit account with say €50k, can you just walk in and withdraw the cash? Do you have to give them notice first? Would they even give you that amount of cash!?

    People talk of putting all their money under the mattress, however if you have enough cash to live on monthly and the only restrictions applied to bank accounts/savings are limits in the amount you can transfer to foreign accounts or the amount you can take out in a day from an ATM, is there that much to worry really?
     
  6. 20pinter

    20pinter Guest

    Current account-v-Deposit account

    If one has funds in a Euro designated Current account in one of the Euro countries, are these funds safer (rank ahead) than funds in a Deposit account in the event of the bank going bust ?
     
  7. RedDevil

    RedDevil Frequent Poster

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    "For an ordinary deposit account with say €50k, can you just walk in and withdraw the cash? Do you have to give them notice first? Would they even give you that amount of cash!?"

    They have to give you your own money no matter what the amount is

    A Day's notice should be more than sufficient
     
  8. Time

    Time Frequent Poster

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    Expect a million and 1 questions though.
     
  9. CiaranT

    CiaranT .

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    There is no ranking of different types of deposit accounts in a liquidation.

    All deposits rank equally in a liquidation.

    Obviously, deposit guarantees are a different kettle of fish.
     
  10. CiaranT

    CiaranT .

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    "Should" being the key word there.

    Many banks require more than 1 days notice for a 'large' withdrawal.
     
  11. jph

    jph Frequent Poster

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    bank guarantees

    Can anyone explain re the bank guarantee? If there's more than 100k in the same account - is it better to put the excess in a different bank? Or any other thoughts re cash on deposit - bank, post office or other?

    Thanks
     
  12. CiaranT

    CiaranT .

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    The Irish government guarantee covers deposits up to an unlimited sum of money. There is no 100,000 EUR cap. The guarantee expires on December 31st 2011 but it is likely that the EU will extend it for another 6 months.