Questions about Banks

Does De Nederlandsche Bank provide ratings of Dutch banks?

Under the Act on the Supervision of the Credit System 1992 (Section 64), De Nederlandsche Bank (DNB) is not allowed to give opinions on the solidity of the institutions under its supervision. Hence DNB does not compile bank ratings. Commercial rating agencies, such as Moody’s Investors Service and Standard & Poor’s Corporation, do.

For how long must banks keep (account) data?

De Nederlandsche Bank (DNB) does not impose rules on the retention of (account) data by banks. However, the Civil Code, Volume 3, Section 15a puts the mandatory retention period at seven years.

Hoe weet ik of een financiële instelling een vergunning van de Nederlandsche Bank heeft?

Alle instellingen met een vergunning van de Nederlandsche Bank (DNB) zijn opgenomen in het Register WFT. DNB houdt toezicht uit hoofde van de Wet WFT en neemt alle vergunninghouders op in de registers. 

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How can I find out who is the legal successor of a certain institution?

For information on what institution is the legal succession of an institution which no longer exists, you may contact the supervision infodesk 'Toezichtslijn' of De Nederlandsche Bank (DNB).

Toezichtslijn
telephone: 0900 520 0 520 (0.35 euro per call) 
Send a message to DNB.

How can I find out whether a bank is supervised by De Nederlandsche Bank?

De Nederlandsche Bank (DNB) supervises all institutions which it has authorised to carry out banking activities. The so-termed ‘Register Wtk’ lists all authorised banks (in the Dutch language). DNB sees to it that the institutions under its supervision comply with the law and with regulations imposed by DNB. However, DNB cannot guarantee that an institution will never run into difficulties.

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How do I recover the balance on an old savings book from an institution which no longer exists?

The Information Desk can try to find out who is the legal successor of a particular institution. If you have an account number, you may also call Equens information service.

You may call the Information Desk Monday to Friday between 09:00 and 17:00 hours at number 0800 - 020 1068 (domestic calls only, free of charge). If you call from abroad please dial +31 20 524 91 11.
Email: info@dnb.nl

Equens informations 
Telephone: 0900 9380 (domestic calls)
Telephone: +31 88 283 88 88 (international calls)

How does DNB warn against fraud and embezzlement?

Fraud and embezzlement have always been a fact of life. Only the modes of operation change. In recent years, the Internet and email have become tried and tested channels. But crooks also search binliners for financial data, for instance, or pick mailboxes.

Identity theft

A rapidly growing type of fraud is identity theft. Criminals collect a person’s personal and financial data and subsequently abuse them for unlawful purposes. We recommend that you take proper care of your personal and financial data:

  • Never give your personal or financial data to strangers.
  • Don’t leave personal data such as sales slips or business cards lying around.
  • Destroy personal data before throwing them away. This applies to e.g. copies of passports, bank statements or any document bearing your signature.
  • Use only protected Internet sites to exchange personal or financial data.
  • Make sure your computer is adequately protected, also against viruses and spyware.
Embezzlement

Embezzlement over the Internet usually takes the form of criminals trying to talk people out of large sums of money with tearful stories or fantastic offers.

Tips

  • Always check whether a firm is under official supervision or operates under a proper licence.
  • Do not trust strangers, even if they present themselves with professional-looking websites or use existing addresses.
  • Never send money to parties you do not know.
  • If in doubt, you may contact the DNB Information Desk or the Netherlands Authority for the Financial Markets (AFM).

Below are two examples of common types of fraud:

  • African scam
    These usually take the form of requests by email or telephone to be of assistance in moving large sums of money. The money, usually claimed to belong to, for instance, (former) high-ranking African state officials or members of their family, allegedly needs to be transferred to a Dutch or foreign bank account. You are promised a large amount as a reward for your assistance. But first you are asked to advance certain cost items. If you comply, that usually is the last you see of either the counterparty or your money. By colluding in such practices you risk losing your money. DNB therefore warns against responding to such offers.
  • Inheritance scam
    Criminals may also approach you by e-mail or telephone to tell you about a large sum of money, millions of euros, which you have allegedly inherited from a distant relation. The criminals sound very official, using names of real banks and existing persons. An appointment is made and you are invited to come to a temporarily rented office where you are shown the cash inside a briefcase. Then you are told about a standard procedure requiring that a text printed on the banknotes for security reasons must be removed before the money is handed over. You are asked to pay for the expensive solvents that cost tens of thousands of euros. DO NOT accept the deal. It is a scam.
  • Lotteries
    You receive an email informing you that you have won a large sum of money in some lottery. In order to lay claim to your prize, you are asked to transfer a sum of money to a bank account. Sometimes, the names of well-known organisations are used. Usually, if you send the money, that is the last you see or hear of the matter.
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How does the Deposit Guarantee Scheme work.

Conditions 

The conditions for reimbursement are among others:

  • You must be an accountholder within the terms of the Deposit Guarantee Scheme.
  • Your bank must be a participant in the Scheme.
  • The type of deposit must be covered by the scheme.

Accountholders of a failed bank may claim up to € 100,000 each. 

Who qualifies for reimbursement under the Deposit Guarantee Scheme? 

The Scheme is available to private individuals and small enterprises. Small enterprises are those that are permitted to publish a summary balance sheet. The Scheme is not available to certain private persons, including (i) the directors of the troubled bank, (ii) persons holding a 5% or higher equity stake in the bank and (iii) the nearest relatives of these people. Financial undertakings and public bodies are also excluded from repayment under the Scheme.

Is my bank covered by the Deposit Guarantee Scheme?

You may ask your bank if it is covered by the Scheme. You may also check the ‘Wft Register’ on this website [Wft = Wet op het Financieel Toezicht or Financial Supervision Act]. The Wft Register contains a complete list of banks that are covered by the Dutch Deposit Guarantee Scheme. If your bank is not in the Register, it is not covered by the Dutch Deposit Guarantee Scheme.

Please note that Rabobank branches, which are entered as separate licensed financial institutions in the Wft-register, currently are not listed in this overview. We are working hard to set this straight as soon as possible.

Electronic money institutions that are not banks as well, are not covered by the Scheme.

For banks from the European Union, Norway, Iceland or Liechtenstein different rules apply.
Foreign banks established in other Member States of the European Union, Liechtenstein, Norway or Iceland are covered by the Deposit Guarantee Scheme in their home country, not by the Dutch Deposit Guarantee Scheme. For this, too, you consult the 'Wft Register'. To do so, take the following steps:

  • www.dnb.nl
  • at the right-hand bottom of the page you see the heading 'getting started'
  • click on 'registers'
  • now click on 'consult register'
  • then click on 'credit institutions'
  • now you can conduct a search per bank.

Your bank is covered by a foreign Deposit Guarantee Scheme if the column on the left reads either

  • Bijkantoor bank uit EER (2:14) [Branch office of an EEA-established bank] or
  • Verrichten van diensten bank uit EER (2;18) [Provision of services by EEA-established bank]

Your bank can tell you more about the terms and conditions of the foreign Deposit Guarantee Scheme.  

What products are covered by the Deposit Guarantee Scheme?  

Nearly every payment or savings account, current account or term deposits is covered by the Scheme. Shares are not covered, nor are most bonds.

Clients’ account (derdenrekening) You may have funds in a so-called clients’ account A clients’ account is an account held on behalf of another or others. Examples of clients’ accounts are bank accounts held by an association of owner-occupants (VvE), a commercial partnership or by a solicitor or notary on behalf of heirs, home-buyers etc. Balances in such accounts may, on certain conditions, qualify for reimbursement under the Scheme. If it does, it will be included in the calculation of your claim.

What is the maximum cover?

The Deposit Guarantee Scheme covers amounts up to € 100,000 per accountholder per bank, regardless of the number of accounts held.

What is the cover for joint accounts?

If the account is held jointly by two (or more) persons (en/of-rekening), they are each eligible for reimbursement under the Scheme – provided all other conditions are met. Claims on joint account balances are divided equally among the accountholders: two accountholders, for example, may each claim half the balance, unless a different arrangement can be shown to apply. If the balance on a joint account is € 200,000, each accountholder can, in principle, claim € 100,000. But if either accountholder has more accounts with the same bank, the maximum reimbursement applies to all balances taken together.

Two examples:

  • An accountholder has two accounts, with balances of € 50,000 and € 70,000. Of his total claim of € 120,000, this accountholder will receive € 100,000 under the Scheme.
  • Two accountholders have a joint account with a balance of € 150,000. One of them holds another account with a balance of € 60,000. One accountholder will receive half of the joint account balance, i.e. € 75,000. The other has a total claim of € 135,000 (i.e. € 75,000 + € 60,000) and will receive € 100,000 back under the Scheme.   

I have a credit balance and a debt. What happens next?

For the deposit guarantee scheme only your deposits are taken into account. Under the deposit guarantee scheme, as an account holder you can file a claim for compensation to a maximum amount of EUR 100,000.  In order to qualify for this compensation, you will have to declare that you do not pursue a settlement (see below). This is prescribed by law. If you do not pursue a settlement, DNB can immediately award you compensation under the deposit guarantee scheme. Without this statement, DNB will not be able to pay out compensation.

As debts are not netted, your debt to the bankrupt bank will continue to exist. The receiver will deal with this.

The statement only relates to the amount that will be paid out to you as compensation under the deposit guarantee scheme. The maximum amount will be EUR 100,000.

How long will it take for me to receive compensation?  


The Financial Supervision Act [Wet op het Financieel Toezicht] sets a maximum term for reimbursement of three months. Under European rules, this term is to be reduced to 20 working days. DNB and the banks are working hard to make this possible. For that purpose, both the application procedure and the manner of reimbursement are being overhauled.

How to apply for reimbursement? 

When a bank fails, the Deposit Guarantee Scheme is activated. Right away, DNB will announce on its website and in newspaper advertisements how to apply for reimbursement under the Scheme.
Who pays for the Deposit Guarantee Scheme and who manages the Scheme?

In principle, the banks jointly pay for the Scheme. DNB manages the Scheme. This means that for reimbursement under the Scheme, you must apply with DNB. DNB determines the size of you claim on the basis of the failed bank’s administrative records, and makes the payment. Afterwards, DNB will apportion the costs across the banks participating in the Scheme.

Who funds the Dutch Deposit Guarantee Scheme? Who implements the Scheme?

In principle, the banks jointly pay for the Scheme. DNB manages the Scheme. This means that for reimbursement under the Scheme, you must apply with DNB.
At present, the DGS is based on ex-post funding. Banks only pay if the scheme is invoked, i.e., if a bank is declared insolvent.

As of 1 July 2012, banks will be required to pay a quarterly contribution into a fund for the deposit guarantee scheme. If the scheme is invoked, the fund will pay out. If the fund is insufficient, the remaining costs will be apportioned among the banks in line with the present system.

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For up-to-date information read the press release issued by de Nederlandsche Bank on 7 October 2008.

Rules inpayment orders?
Inpayment orders are a form of payment whereby the payor authorises the beneficiary to order a single payment or regular payments to be charged to the payor’s bank account.

There are several different types of inpayment order: single; single for charity fund-raising; with permanent authorisation (general); with permanent authorisation (corporate); and with permanent authorisation for lotteries. More specialised products are guaranteed inpayment authorisation and construction inpayment authorisation.

As of 1 July 2002, creditors may obtain authorisation by telephone for specific types of inpayment: single, with permanent authorisation (general), and with permanent authorisation for lotteries. Otherwise, written authorisation is required. Authorisation by telephone requires a prior additional contract between the beneficiary and its bank.

Reversal of inpayment transfers

Banks have put checks and balances in place to prevent unauthorised inpayment orders from being carried out. Unauthorised inpayment transfers may be reversed by the payor at all times. Moreover, an authorised inpayment transfer may be reversed with within 30 calendar days at the request of the payor.

You may withdraw your authorisation of specific creditors by notifying your bank.

The reversal of inpayment transfers and the withdrawal of authorisation are subject to certain conditions:

  • Single authorisations cannot be withdrawn. This implies that payment is always made for goods received.
  • Reversal of payments under a permanent authorisation for lotteries is limited. Reversal after the game is, for instance, not possible.
  • A donation made to a charity under a single authorisation, as in the case of a fund-raising drive for disaster victims, may be reversed within 56 days.
  • Payments under permanent authorisations for corporations or lotteries, and under written single authorisations may be reversed within five working days (i.e. Monday through Friday). for single authorisations by telephone the term is 56 calendar days.           

Here are some examples to explain the concept of inpayment authorisation.

  • You may authorise a creditor by signing an inpayment authorisation form or a statement to the same effect as part of, e.g., a purchasing contract.
  • Once you have authorised your creditor to have a payment, or periodic payments, transferred from your bank account, your part of the deal is finished: no more overdue payments to forget about, and your creditor is almost certain to receive payment(s) in time.           
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What to do if I have a complaint about a bank?

If you have a complaint about a bank under the supervision of De Nederlandsche Bank (DNB), you may take the following steps:

  • Contact the bank in question and ask them to explain their complaint procedure.
  • Put your complaint in writing and send it to the complaints department of the bank in question.
  • If you’re not satisfied with the outcome, decide whether to take further steps.
  • Consider taking the matter to the appropriate arbitration board or to a court of law.
  • You may wish to send a copy of your complaint to DNB for its information. 

De Nederlandsche Bank cannot be party to differences between banks and their customers

What is the difference between a transfer date and a value date?

The processing of customer payments by a bank involves costs, part of which the bank tries to recover through value dating. Value dating is a method to set the date from which, or up to which, a credit or debit item is counted for interest calculation.

Entry date vs. value date
In calculating interest on an account, a bank distinguishes between the entry date and the value date. The entry date is the date the balance in an account is changed, while the value date is the date from which, or up to which, the change counts for the calculation of interest.

Example:
Suppose that an amount is credited to an account on Wednesday, the entry date; however, the account statement mentions Thursday as the value date. This means that any interest paid (on a positive balance) is calculated on the old balance up to and including Wednesday, while interest on the new, higher balance is calculated as of Thursday.

More information

Your bank will be able to inform you on whether it practices value dating and on the number of days involved. This is a matter of the banks own policy. You may also wish to read the flyer ‘Valutering, de kosten van het betalingsverkeer’ (Value dating, the cost of payment processing’) published by the NVB Netherlands Banking Association.

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