What would happen if a building society went bust and you have three joint accounts?

B

Bessa

Registered User
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157
Hi,

Does anybody know what the situation would be if a building society went bust and you have three joint accounts with €20,000 in each, in the same building society.

Is the compensation determined by the total amount of €60,000 or is it per account.

I cannot seem to find an answer to this.
 
Re: Compensation

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The maximum amount payable to any depositor is 90 per cent. of the aggregate deposits held by that depositor subject to a maximum compensation payment of €20,000.
Click to expand...

All of this might be academic - I read somewhere that the fund is a fraction of what it would need to pay out if any major financial institution failed.

It's not clear whether the government would step in and foot the bill (basically with tax payers money) in these circumstances?
 
Re: What would happen if a building society went bust and you have three joint accoun

Thank you rmelly for the clarification
 
Re: What would happen if a building society went bust and you have three joint accoun

In building societies technically speaking depositors rank behind senior debt holders depositors are effectively akin to an equity shareholder. So technically you would stand behind the senior debt holders in the cue for money. However you have the safety net of the deposit protection as outlined above.
 
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