FAQ Deposit Guarantee Schemes

I have no idea what the word "guaranteed" sounds like on the radio.

I used the word guaranteed in my post - the words "get back" may well have been used by the speaker on the show.

Marion
 
ClubMan said:
As I mentioned in another post the main CU website www.creditunion.ie makes no mention of any €12.7K guarantee scheme!
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Clubman, pure speculation on my part, but I would imagine the reason the CU don't guarantee 12.7K per customer is because their protection fund does not cover this amount if every single customer of the CU required it. I would imagine it would be more accurate to say that the CU guarantee to pay out as much (or all) of the protection fund as is needed up to a maximum of 12.7K per customer. That's my guess anyway!
 
Brendan said:
No - a bank draft is simply a cheque written by a bank. The Central Bank has no involvement.

Presumably the person who paid you with the bank draft would still owe you the money.

Brendan
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I'm not sure this is correct, I thought a bank draft was as good as cash, as in if you were purchasing a house you could submit a bank draft as payment and it would be immediately accepted by the solicitor as versus a cheque which would not be as it would have to 'clear.' Also the person who submits the draft has already paid for the draft as in handed over the money.
 
In relation to the deposit guarantee scheme, is it like an insurance product? I'm not scaremongering but AIG nearly collapsed, but didn't, one should also look at how safe is the deposit guarantee scheme. I find it unbelievable that so many of us do not really know what goes on with our deposits/mortgages/current accounts etc and how one can or cannot be offset against the other. The good news is that the banks are starting to take over each other which gives one more reassurance. If these are not valid points in this discussion please delete.
 
Hi
Reading through the various threads I am still unsure on the basics of the deposit protection guarantee from the government and if it is fully in place yet.
Could someone please answer these questions??

1) Does the guarantee cover first 100k or if more, the full 100% of the deposit in the particular bank?

2) I believe banks are signing up for the protection scheme now. is it the 100% protection scheme they are signing up for?

2) What banks have signed up for this?

3) What guarantee covers banks who have not signed up for this?

THanks for your help with these questions!
 
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