wait
Maakt u gebruik van onze website , dan gaat u akkoord met deze cookies. Akkoord

Deposit guarantee scheme

Under the Netherlands Financial Markets Supervision Act (Wft), International Card Services B.V. (ICS) falls under the scope of the deposit guarantee scheme. The deposit guarantee scheme ensures that if ICS can no longer meet its financial obligations, cardholders can be reimbursed for their balances up to a certain maximum.

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

How much is reimbursed?

The deposit guarantee scheme reimburses a maximum amount of €100,000 per cardholder per banking institution. ICS is a banking institution with its own banking licence and therefore also participates in the deposit guarantee scheme. For the calculation of the reimbursement, all the balances that you hold with ICS are added up. If you have more than one card, the total credit balance of all your cards combined serves as the basis for the calculation. Balances over and above the maximum limit of €100,000 are not covered by the deposit guarantee scheme. A balance is paid out only to the principal cardholder.

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?

  • Banks
  • 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 with a credit balance fall within the scope of the deposit guarantee scheme.

What cover applies if you have more than one credit card?

If a cardholder has more than one credit card, then all the balances are added together.

For example: a cardholder has two credit cards, one with a credit balance of €50,000 and one with a credit balance of €70,000. Added together, this represents a claim of €120,000. This cardholder receives the maximum reimbursement under the deposit guarantee scheme, which is €100,000.

What is the cover for additional cards?

An additional card is linked to the account of a principal cardholder. Only the principal cardholder is entitled to a reimbursement of the savings balance on this account, up to a maximum amount of €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 20 working days. This period can be extended by 10 working days, but only once. This period will be incrementally reduced in the coming years.