Nervous about deposits in Ulster Bank

Just wondering if, given the ongoing debacle in Ulster Bank, there is reason to be nervous about deposits there. Deposits in excess of 20K, that is. My mam and dad have money locked into a savings account there and they are starting to wonder if they should try and get it released so that they can move it to another bank. I'm not affected by the issue directly and didn't know where this money was banked so I haven't really been following the story very closely. Is the development of slight paranoia that 'there's something they're not telling us' justified?

I've money in savings with UB. Not really concerned... I suppose if your really concerned check the other posts to see what the guarantee is for UB. http://www.google.ie/search?hl=en&c...IQvwUoAQ&q=guarantee&spell=1&biw=1024&bih=629

Deposits in Ulster Bank are guaranteed by the UK FSA up to 100,000 EUR. Your deposits are safe. Very little to worry about from that perspective.

The problem, at the moment, is one of a lack of faith in Ulster Bank systems and in the way RBS has treated and de-prioritsed Ulster Bank.

Now is obviously not a time to be placing further deposits with Ulster Bank nor to be opening a new bank account with Ulster Bank.

Thanks CiaranT. That's good that deposits are guaranteed. Yes, I feel sorry for those caught in this mess. I really hope it's soon sorted out. It's difficult enough to keep head above water without being unsure of what payments are coming in or going out of an account.

If the electronic records of your deposit are lost or damaged and you have no concrete proof of how much was in your accounts then I would fear for your deposits.

RichInSpirit said:

If the electronic records of your deposit are lost or damaged and you have no concrete proof of how much was in your accounts then I would fear for your deposits.

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Absolutely. At this point, there is no clear reports that electronic records have totally disappeared beyond repair. Although, given what is going on at Ulster, it is far from inconceivable.

Can I ask why you would believe that that Ulster Banks problems are more likely to be as a result of liquidity issues that RBS may currently be having .

From my own reading I would have said that the current Ulster Bank difficulties were fully IT related as has been widely reporting in the media here and commented on by the Central Bank.

Sure it's worrying and a total mess but RBS is owned by the UK govt right? I find it hard to understand how people would think money is in danger if you don't have a record. Online banking and mini statements from ATMs are working so just get a copy of either showing latest balance. Whoever is paying in (employer) will also have their records

Conspiracy theories are fun but maybe wide of the mark. Anyway shouldn't the regulator regularly check IT systems as we now see they are just as important to consumers as liquidity

If your parents have documentation in terms of the source of funds going into Ulster Bank to their deposit/saving accounts, then it doesn't matter that the UB electronic record is not up-to-date/inaccurate. Surely there is a way of tracing all transactions into accounts in UB - whatever the source. Even cash deposits at Branches get receipts.