What is a 'share account'?

[MysticX]

Hello all,
I have a Permanent TSB 'share account' which was opened way back by my parents when I was a kid. I never paid much attention to it, not even to the statements I still get (a rather terrible rate of credit interest which I should have done something about ages ago).

You can guess that the latest banking news has sort of kick started me into action and so...could someone help with the following:

(1) How does a Permanent TSB share account differ from a normal deposit account?

(2) Is there any damage done to this account with the latest news from the banking rescue in regards to Pernament TSB?

(3) Should one be any hastier in transferring the balance of this account to another bank in comparison to other Pernament TSB deposit accounts?

Thanks.

 

[Brendan Burgess]

Hi Mystic

When Irish Permanent was a mutual, a share account was a deposit account which made the depositor a member of the Irish Permanent. You were entitled to attend AGMs and you would have got ordinary shares in the flotation in the early 90s.

When it was floated, it became a deposit account and has the same rights and protections as any other deposit account.

Brendan

 

[ardmacha]

Fortunately, those of us with share accounts in the INBS and EBS are not being asked for our share of the losses.