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Dutch Deposit Guarantee

What is Dutch Deposit Guarantee?

Under the Financial Supervision Act (Wft), International Card Services BV (ICS) is subject to the Dutch Deposit Guarantee. This means that if ICS can no longer meet its financial obligations, Cardholders can have their balances refunded up to a certain maximum. All credit card products with a positive balance fall under the Dutch Deposit Guarantee.

> Information sheet Deposit Guarantee Scheme (DGS) (pdf)

Maximum compensation

The Dutch Deposit Guarantee reimburses a maximum amount of € 100,000 per Cardholder per banking institution. To calculate the compensation, all balances you have with ICS are added together. Amounts above the limit of € 100,000 do not fall under the Dutch Deposit Guarantee. An Extra Card is linked to the account of a Main Cardholder. In that case, only the Main Cardholder can claim compensation of the savings balance on the account, up to a maximum of € 100,000.

Example:

A Cardholder has two credit cards, one with a positive balance of € 50,000 and one with a positive balance of €70,000. Together, this is a claim of € 120,000. This Cardholder will receive the maximum compensation under the Dutch Deposit Guarantee of € 100,000.

Who is entitled to cover under the deposit guarantee scheme?

The Dutch Deposit Guarantee does not apply to every (legal) person and not to every balance. More information can be found at the website of De Nederlandsche Bank.
Global overview of (legal) persons who can rely on the Dutch Deposit Guarantee:

  • Private individuals: natural persons.
  • Sole traders: deposits of the sole proprietorship and the same person in private, are regarded as one person. So the balances are added together for calculating the maximum cover.
  • Legal entities regardless of size, i.e. both small businesses and large-business enterprises, can independently claim the guarantee scheme. Foundations and Associations also have an independent claim to the Dutch Deposit Guarantee Scheme
  • An Owners' Association (VvE) or a Limited Liability Company (VoF) usually has an independent claim under the Dutch Deposit Guarantee Scheme. If you have a share in a VvE or VoF, you do not have an independent right of claim with respect to this share.

Who is not entitled to protection of balances under the deposit guarantee scheme?

Global overview of (legal) persons who cannot rely on the Dutch Deposit Guarantee:

  • Banks
  • Financial institutions
  • Investment companies
  • (Re-)insurance companies
  • (Managers of) investment institutions, (managers of) UCITS
  • Pension funds
  • Public authorities (including municipalities)

Payment of compensation

In case a bank goes bankrupt, you will have your money at your disposal again within 7 working days thanks to the Dutch Deposit Guarantee. This protection is arranged automatically. De Nederlandsche Bank is the executor of the Dutch Deposit Guarantee on behalf of the government.
Also see the General Terms and Conditions of your Card.