InsingerGilissen Bankiers N.V. is subject to the Deposit Guarantee Scheme and the Investors Guarantee Scheme. If you keep an account or accounts with us, the Deposit Guarantee Scheme guarantees that you will still get your money if we can no longer meet our obligations.
Under the Deposit Guarantee Scheme an amount of EUR 100,000 (current accounts, savings accounts and deposit accounts) will be paid to each (legal) person holding accounts with us. That means that it does not matter how many accounts you hold, you will receive EUR 100,000 maximum.
You are eligible for reimbursement under the Deposit Guarantee Scheme if:
• Your money can be reimbursed under the rules of the Deposit Guarantee Scheme; and
• You are an account holder to whom compensation can be paid under the rules of the Deposit Guarantee Scheme.
Temporarily Higher Guarantee upon the Purchase and Sale of Residential Property:
Do you have money in your account that is related directly to the purchase or sale of residential property? In that case the Deposit Guarantee Scheme guarantees repayment to you of EUR 500,000 of that amount. Please note that this is a temporary guarantee, which is valid for three months maximum after the money related to the purchase or sale of your property has been paid into your account.
FREQUENTLY ASKED QUESTIONS
Deposit Guarantee Scheme
1. What is the deposit guarantee scheme?
The deposit guarantee scheme aims at protecting account holders. If InsingerGilissen were to go bankrupt, the scheme protects account holders up to a maximum amount.
2. Who is protected?
The deposit guarantee scheme applies to almost all individuals and businesses holding deposits with InsingerGilissen. The deposit guarantee scheme applies regardless of place of residence or domicile, nationality or age. This means that the scheme applies to adults and minors alike.
3. Who are not protected?
Individuals and legal entities not covered by the scheme include financial institutions (such as investment companies and pension funds), public authorities, and individuals who have not identified themselves in accordance with Article 4.1 of the Money Laundering and Terrorist Financing (Prevention) Act.
Companies without legal personality are not covered by the scheme either. The individuals then receive autonomous protection under the DGS.
4. What is the maximum compensation?
The deposit guarantee scheme covers balances up to EUR 100,000. This maximum amount applies per individual or legal person per bank, regardless of the number of accounts they hold. This means that if a client holds several accounts with InsingerGilissen, the maximum cover applies to the total balance of all those accounts.
5. Which products/accounts are covered by the scheme?
All payment and savings accounts, current accounts and term deposits offered by InsingerGilissen are covered by the scheme.
6. Which products/accounts are not covered?
Investments in bonds, shares, options, and other financial instruments or in life insurance, pensions and annuities are not covered by the scheme
This applies also to subordinated deposits, debt securities issued by InsingerGilissen, virtual currency and instruments covered by the definition of ‘own funds’ in the Capital Requirements Regulation.
7. Am I protected if I hold several accounts with InsingerGilissen?
The deposit guarantee scheme applies per person per bank, not per account. This means that if you hold several accounts with InsingerGilissen, whose balanced add up to more than EUR 100,000 in total, you are entitled to EUR 100,000 maximum in compensation under the scheme.
An account holder has two accounts with InsingerGilissen, in which the balance is EUR 50,000 and EUR 70,000 respectively, i.e. EUR 120,000 in total. If InsingerGilissen were to go bankrupt, this account holder would receive EUR 100,000 in compensation. For the remaining EUR 20,000 the account holder can file a claim with the receiver against the estate of the bankrupt bank.
8. How does the deposit guarantee scheme apply to joint accounts?
If accounts are registered in the name of more than one individual, each of these account holders individually is eligible for compensation under the scheme. The guarantee applies proportionally, unless otherwise agreed contractually. If a joint account is held by two account holders each is in principle entitled to half of the balance to a maximum of EUR 100,000.
Two account holders have a joint account with a balance of EUR 150,000. One of the account holders also has another account with InsingerGilissen, with a balance of EUR 60,000. Under the deposit guarantee scheme, the first account holder receives compensation up to one half of EUR 150,000 (i.e. EUR 75,000). The second account holder has a claim of EUR 135,000 in total (i.e. one half of the balance in the joint account plus the balance in the other account – EUR 75,000 + EUR 60,000). However, under the scheme this account holder is eligible for compensation of EUR 100,000 maximum.
9. How does the scheme apply in case of representation?
If legal representatives, such as parents of minors, legal guardians or administrators hold accounts for their charges, the guarantee does not apply to the representative but to the rightful claimant, on condition that InsingerGilissen knows the claimant’s identity.
A released deceased’s account has its own right to compensation under the deposit guarantee scheme, up to EUR 100,000 regardless of the number of heirs. Compensation is paid in the name of the deceased’s heirs.
10. How do I appeal to the scheme?
As soon as InsingerGilissen goes bankrupt, the deposit guarantee scheme takes effect. De Nederlandsche Bank (DNB) will then publish in Staatscourant [Government Gazette] how and when account holders who believe they are eligible for compensation can apply for compensation.
Account holders must then file an application for compensation under the DGS within three months, designating the account into which the compensation should be paid.
If an account holder applies for compensation and indeed qualifies, DNB will in principle pay the compensation within 15 working days. Account holders applying as the legal representatives, guardians or administrators of rightful claimants will receive the compensation within three months.
If DNB cannot pay the compensation within seven working days DNB will pay an appropriate amount for maintenance. This maintenance payment will be deducted from the DGS compensation.
11. Will debts and balances be netted?
Any debit balance (overdraft) of (payment) accounts will not be set off against balances with InsingerGilissen. Claims of InsingerGilissen against account holders, such as mortgage debts, are in principle not set off against the amount to be paid to the account holder. An exception is the savings-based mortgage. However, savings accounts for home purchase loans are set off against the mortgage debt for that home.
For more information on the Deposit Guarantee Scheme and the exceptions, please go to the website of De Nederlandsche Bank (Deposit guarantee scheme).