Deposit guarantee scheme
International Card Services B.V. (ICS) falls under the scope of the Dutch Deposit Guarantee Scheme (DGS). Under this scheme, customers can have their credit balances reimbursed up to a specified maximum if ICS cannot meet its financial obligations anymore.
> Information sheet Deposit Guarantee Scheme (DGS) (pdf)
How much is reimbursed?
ICS is a banking institution with its own banking licence and therefore also participates in the Dutch Deposit Guarantee Scheme. The deposit guarantee scheme reimburses a maximum amount of € 100,000 per customer per banking institution, regardless of how many accounts you hold. To calculate the amount to be reimbursed, all the balances you have with ICS are added up. If you have multiple accounts, the total positive balance of all accounts combined will apply; no distinction is made between business and personal accounts.
Who is entitled to cover under the deposit guarantee scheme?
The deposit guarantee scheme does not apply to every natural or legal person, nor to every balance. For more information, please consult the website of the Dutch National Bank.
The following is a global overview of the natural and legal persons who can submit a claim under the deposit guarantee scheme:
- Private individuals: natural persons.
- Sole proprietorships Balances held in the name of the sole proprietorship and the same private individual are viewed as belonging to one person, so the balances are added up to calculate the maximum amount covered.
- Legal entities regardless of their size, which means that small companies as well as large corporations can submit independent claims under the guarantee scheme. Foundations and associations can also submit independent claims under the deposit guarantee scheme.
- An owners' association (Dutch abbreviation VvE) or a general partnership (Dutch abbreviation VoF) can generally submit an independent claim under the deposit guarantee scheme. If you have a share in a VvE or a VoF, you do not have the right to submit an independent claim with regard to your share.
Who is not entitled to protection of balances under the deposit guarantee scheme?
- Financial institutions
- Investment firms
- Insurance or reinsurance companies
- Investment institutions and their managers, UCITs and their managers
- Pension funds
- Government authorities, including municipalities
Which products fall within the scope of the deposit guarantee scheme?
All credit card products fall within the scope of the deposit guarantee scheme.
What cover applies if you have more than one account?
If a customer has more than one account , then all the balances are added together.
For example: a customer has two accounts , one with a credit balance of €50,000 and one with a credit balance of €70,000. Together, this represents a balance of €120,000. This customer receives the maximum reimbursement under the deposit guarantee scheme, which is €100,000.
Who do I have to contact for reimbursement under the deposit guarantee scheme?
On the website of the Dutch National Bank (DNB), you can find information on the reimbursement process and the time frame within which the DNB reimburses you.
How long does it take before I am reimbursed?
DNB is the agent for the scheme. This means that you can contact the DNB to submit a claim for a reimbursement under the deposit guarantee scheme. The reimbursement will be paid out within 10 working days from the day DNB opens the DGS. In a limited number of special cases, it may take longer.