Compensation Scheme of German Banks (EdB) issues warning about increasing numbers of fake e-mails in circulation requesting payments.
Information sheet for depositors
Once a year, your bank will send you what is known as the ‘information sheet for depositors’. This is a legally required notification that banks must send to their customers to inform them about the statutory protection of their deposits. No action is required!
Contents of the information sheet
The information sheet gives customers an overview of the Deposit Guarantee Scheme which is responsible for your bank. Among other things, it contains the following information:
- How much of your deposits are protected in the event of an insolvency
- In which currency the compensation is paid
- Within what timeframe the compensation is to be paid out
- Contact information for the respective Deposit Guarantee Scheme
Statutory protection (EdB)
The Compensation Scheme of German Private Banks (Entschädigungseinrichtung deutscher Banken GmbH, EdB) is responsible for private banks. It protects your deposits up to 100,000 euros per person and bank – and in certain exceptional cases, up to 500,000 euros.
Voluntary Deposit Protection Fund
In addition, your bank can also be a member of the voluntary Deposit Protection Fund of the Association of German Banks. It offers further protection – usually at least 438,000 euros per depositor. The maximum coverage level is 3 million euros for private customers and 30 million euros for businesses.
Further details are available at the website of the Einlagensicherungsfonds (German only).
Notes on the information sheet
The information contained in the sheet is required by law.
It does not change the extent to which your deposits are protected.
No action is required!
Contacting us in an emergency
The Deposit Guarantee Scheme (e.g. the EdB) is only responsible for resolving compensation events when a bank becomes insolvent. The Deposit Guarantee Scheme will only contact you directly in such cases. Initially, no action is required!
Please note:
The Deposit Guarantee Scheme does not hold any information about your account or your bank. If you have any questions about your account or your bank, you should address them to your bank directly.
Correspondence sent to the Deposit Guarantee Schemes will not be forwarded to your bank.