Frequently asked questions about DSB Bank

De Nederlandsche Bank is receiving many questions about DSB Bank and the deposit guarantee scheme. The responses to the most frequently asked questions are set out below. These FAQs will be updated regularly with new questions and information.

The questions are arranged by topic

  • Applications for compensation under the deposit guarantee scheme and an advance
  • Current account, payments and switching service
  • Mortgages, loans and insurance policies
  • Direct debit mandates and authorisations
  • Emergency regulations and liquidation of DSB Bank
  • Contact
Is your question not covered here? Please contact our Information Desk or consult the DSB website, www.dsb.nl.  

Applications for compensation under the deposit guarantee scheme 

How do I submit an application?
You can do so digitally. De Nederlandsche Bank will soon open a website for applying for compensation under the deposit guarantee scheme for account holders of DSB Bank. Adult retail account holders of the DSB Bank may access this site with DigiD with text message validation. The exact procedure is set out in the letter that account holders will shortly receive from DNB.

Some groups of account holders may not use DigiD to access the website for applying for compensation. These are:
• minors
• business account holders, such as firms, associations, foundations and limited companies
• account holders who are represented, for example by an administrator/liquidator
• non-residents who do not have a citizen service number (BSN).

These account holders may access the site with a special log-in code which they will receive by letter from DNB.

Finally, applications may also be submitted in writing. Circumstances may prevent some account holders from submitting an application by computer and/or by using DigiD. In that case there are two options. The account holder may request a special log-in code to access the website. Alternatively, applications may be made in writing. Please note: DNB requires more time to process written applications than digital ones. This means that you will have to wait longer for a decision on compensation. 

How do I submit an application in the case of a joint account?
If you have a joint account you and  your co-account holder(s) must each submit a separate application for compensation under the deposit guarantee scheme. Any one co-account holder may not submit an application on behalf of the other co-account holder(s). If a joint account is held by two persons, each may claim half of the savings balance. If held by three persons, each may claim one-third. Consequently, each co-account holder must submit an application for his share in the savings balance.

Examples of a proportional distribution:

Two partners have EUR 6,500 on account. Each will receive a maximum of EUR 3,250 in compensation.
One mother and two children have EUR 3,000 in a joint account: each will receive compensation of at maximum EUR 1,000.

Note: When submitting your application you must always state the total balance on the account, not just your share of it. Where co-account holders have demonstrably agreed on a different distribution, the proportional distribution will be deviated from.   

When will I be informed about the application procedure?
As of end-November account holders will receive an e-mail or letter from DNB  containing practical information on applying for compensation under the deposit guarantee scheme.
Please note that DNB will not send a letter to account holders who do not have a credit balance since they cannot claim compensation under the deposit guarantee scheme.  Account holders who have not received a letter from DNB by 14 December 2009 may still submit an application using DigiD with text message validation. If you cannot submit an application using DigiD and/or a computer, please contact the Information Desk of De Nederlandsche Bank: 0800 – 020 1068 (freephone) on working days from 08.00 to 21.00 hours or by e-mail: info@dnb.nl

I have not yet received a letter from DNB. What should I do?
Even if you have not yet received a letter you can still submit an application using DigiD with text message validation on the website www.dgs-dsb.nl.
In some cases, DNB may not have your correct home or postal address. Please enter your new address on the application form.

If you cannot submit an application using DigiD and/or a computer, please contact the Information Desk of De Nederlandsche Bank: 0800 – 020 1068 (freephone) on working days from 09.00 to 17.00 hours or by e-mail: info@dnb.nl

How long will it take for me to receive compensation under the deposit guarantee scheme?
Every effort will be made to effect the compensation payments as soon as possible, with most of the applications being honoured before Christmas.

Until what date may I submit a request for compensation under the deposit guarantee scheme?
You may submit an application to DNB up until Monday 22 March 2010. Applications received by DNB after this date will not be considered.

What products are covered by the deposit guarantee scheme for DSB Bank?
The following deposit products are, in principle, covered by the deposit guarantee scheme: Betaalrekening, E-savings, E-savings Extra, E-savings Zakelijk, E-savings Extra Zakelijk, Rekening Courant, Sparen, Topsparen, Topsparen Nieuw, Vaste Termijn Deposito Totaal, Vaste Termijn Deposito Totaal, Waaghalzen, Zakelijk Sparen and Zilvervloot. 

Please note: this list is not exhaustive. The name of the products may have changed over time. Subordinated deposits are not covered by the deposit guarantee scheme.
Retail customers are generally eligible for compensation as are small firms (firms entitled to publish abridged balance sheets).

De Nederlandsche Bank assesses each application for compensation and decides case by case  whether the applicant is eligible for compensation under the deposit guarantee scheme for DSB Bank.

Is a subordinated deposit covered by the deposit guarantee scheme?
No, the principal of a subordinated deposit is not covered by the deposit guarantee scheme. The interest accrued on the principal up to 12 October 2009 is, however, covered by the deposit guarantee scheme.

When did the deposit guarantee scheme for DSB Bank come into effect?
On Monday 19 October 2009. De Nederlandsche Bank publicised this on Thursday 22 October through newspaper advertisements and the DNB website, www.dnb.nl.

What is the deposit guarantee scheme?
The deposit guarantee scheme covers certain deposits of account holders if a bank is unable to pay, as in the case of liquidation. Subject to certain conditions, the scheme guarantees deposits on current and savings accounts up to a maximum of EUR 100,000 per account holder per bank, regardless of the number of accounts. In the case of joint accounts, each co-account holder must submit a separate application for compensation.

The account holder has recently died. What now?
If the account holder has died, an application for compensation under the deposit guarantee scheme may be submitted by: 

  • the beneficiaries according to the certificate of inheritance, or
  • the representative designated in the certificate on behalf of the beneficiaries, or
  • the administrator designated in the certificate.   

The authorised representative may complete the application form and send it to De Nederlandsche Bank. The form must be accompanied by a signed copy of the document showing the power of representation (for example a certificate of inheritance). A certificate of inheritance can be drawn up by a notary free of charge.

How do I authorise someone else?
You can authorise someone else by giving him or her power of attorney: a written document clearly stating that person’s authorisation to represent you. The power of attornery must be valid on the date that an application is submitted and it must be signed by the person issuing the authorisation. You could arrange for a notary or lawyer to draw up such a power of attorney but that is not a requirement.

The authorised representative should send the application to De Nederlandsche Bank accompaned by:

  • copies of the applicant’s and the representative’s identity documents, signed by the representative
  • a recent signed bank statement of the account to which any compensation should be paid.

How can I log in with DigiD with text message validation?
Start at the website for applying for compensation under the deposit guarantee scheme that will shortly be opened by DNB. You will be directed from there to the DigiD log-in page. Enter your DigiD user name and password. You will then be automatically redirected to the site with application forms. DNB will inform you of the website address and the details of the application procedure as soon as possible. 

When and how should I apply for or renew my DigiD with text message validation?
Account holders of the DSB Bank should apply or renew their DigiD in the following cases:

  • if you do not yet have a DigiD
  • you have entrusted your DigiD to someone else (e.g. your tax adviser)
  • you have not used your DigiD for the past eighteen months and it has consequently expired.
  • you have a DigiD without text message validation.

You can apply for a DigiD user name on the website www.digid.nl/burger. An activation code will be sent to you within five days. Remember to activate your DigiD within 21 days otherwise it will lapse.
Do you already have a DigiD but no text message validation. Apply immediately for this text message validation at www.digid.nl/burger.  Please bear in mind that it takes five days.

More information is available on the website www.digid.nl/burger.
I already have DigiP from the DSB Bank. Can I use that too?
No. DigiD should not be confused with DigiP. DigiD is your personal log-in code for government websites. DigiP is the code you received from DSB Bank for online banking.

Why submit an application with DigiD with text message validation?
DigiD is a quick and safe way to identify yourself in order to submit an application under the deposit guarantee scheme. De Nederlandsche Bank has decided to allow account holders to use DigiD with the added text message validation. DigiD is a safe and quick way to identify yourself online. The addition of the text message validation gives a higher level of security because it enables an extra check on the identity of account holders.

How do I use DigiD in the case of a joint account?
In the case of joint accounts, each co-account holder must use his own DigiD to apply for compensation under the deposit guarantee scheme. Any one co-account holder may not submit an application on behalf of the other co-account holder(s). In the case of a joint account held by  adult and underage account holder(s), the procedure is as follows.

The adult must apply for compensation for his share in the savings balance using his own DigiD. The respresentative of the minor, usually the parent, must make a separate application for the minor’s share in the savings balance. The representative may not use DigiD but must apply for a log-in code for applying for compensation for the minor’s savings balance. Representatives will soon receive a letter from DNB containing the log-in data.

I have a savings balance and a debt. Will I receive compensation?
Under the rules of the deposit guarantee scheme, savings balances and debts will generally be netted against each other.  In the case of the DSB Bank it has been agreed that mortgages and loans will not be netted against savings.
Savings balances will be netted against:

  • any debit balances on credit cards or current accounts.
  • arrears on payments to the DSB Bank, such as interest payments and/or repayments of loans and mortgages.

Some examples of netting

  • balance of EUR 5,000 on a savings account and a debit position of EUR 1,000 on a current account. The net credit balance is EUR 4,000. You will be paid out EUR 4,000.*
  • balance of EUR 5,000 on a savings account and a mortgage of EUR 100,000. The net credit balance is EUR 5,000, because a mortgage debt is not netted against a savings balance. You will be paid out EUR 5,000.
  • balance of EUR 5,000 on a savings account and arrears on mortgage interest payments of EUR 1,500. The net credit balance is EUR 3,500. You will be paid out EUR 3,500.*
  • balance of EUR 5,000 on a subordinated deposit. This is not eligible for compensation.
  • balance of EUR 5,000 and you have taken an advance of EUR 3,000. The net credit balance is EUR 2,000. You will be paid out EUR 2,000.*

The netting is relatively straightforward in these examples. It could be more complicated, for example in the case of a joint account where one or more of the account holders has a debit position on another account. DNB will look at the method of netting on a case-by-case basis and determine the amount to be paid out.

* Account holders will only be paid compensation if they fulfil the conditions of the deposit guarantee scheme. A maximum of EUR 100,000 will be paid out per person.

How is my balance determined?
The starting point is the balance on your account on 11 October 2009. Next, any debit card transactions of 12, 13 and 14 October will be processed. If an account  holder has received an advance, that amount will be deducted from the balance. Example:

Account holder has EUR 5,000 on account on 11 October 2009, makes two debit payments for amounts of EUR 200 and receives an advance of EUR 1,000. That brings the balance to EUR 3,600. This amount will be paid to the account holder, provided he meets the conditions under the deposit guarantee scheme and has no debit positions or payment arrears.

Will I be compensated for any interest?
If you have a positive balance on your account the interest will be calculated up to 11 October 2009, the day on which the emergency regulations for the DSB Bank came into effect. The interest will be added to the balance on your account and will thus count towards any compensation under the deposit guarantee scheme. Although subordinated deposits are not eligible for compensation under the deposit guarantee scheme, the interest on the balance up to 11 October will be compensated.

Could I obtain an advance?
No, that is no longer possible. Account holders of DSB were able to apply for an advance of at maximum EUR 3,000, subject to certain conditions, from 21 October to 4 November 10.00 hours.   Any advance paid out will be deducted from a later compensation payment under the deposit guarantee scheme.  

Current account, payments and switching service

My current account at DSB Bank is the only one I hold. What should I do?
Especially if your salary (or benefits or pension) is paid into your DSB-account, it is important to quickly open an account elsewhere and to inform your employer (or benefits agency or pension fund).

My salary is paid into an account at DSB: what now?
Salaries can no longer be paid into your account. The payments will be blocked because payments orders into or out of DSB accounts are no longer being processed. Submitted orders will be returned with the message that they cannot be effected.
If your salary (or benefits or pension) is paid into your DSB-account, it is important to quickly open an account elsewhere and to inform your employer (or benefits agency or pension fund).

How does the switching service work?
Customers with a current account at DSB may use the switching service until 21 November 2009. They may open a new account at another bank and have their payment transactions redirected to this new account number. If you already hold a current account at another bank you may ask that bank to redirect your payment transactions to this existing account.
You may apply for the switching service at your new bank. The switching service provides for the automatic redirection of credits to and direct debit payments from your new account. You must apply for new bank cards, credit cards and online banking yourself. And it is your responsibility to inform your employer (or benefits agency or pension fund) of your new current account.
More information on the switching service can be found on the website www.overstapservice.nl.

Can I still transfer a large amount?
No, that is no longer possible from your DSB account.

Can I still draw down from my loan?
No, you can not take out any more funds. Nor can you apply for a new loan from DSB or raise your credit limit.

I don’t know the balance on my account? What should I do?
According to the liquidators of DSB Bank, it is not technically possible to retrieve information on customers’ bank balances at present. More information will follow as soon as possible.

Until what date will the interest be paid?
Until 12 October 2009: the date on which the emergency regulations were declared applicable.

What is the status of my payment orders of 11 or 12 October?
These payments have probably not been carried out because the emergency regulations were declared applicable to DSB Bank on the morning of Monday 12 October 2009.
You could ask the receiving party if the payment has arrived. If not, you can assume that the payment has not been processed. In that case, the amount has not been debited from your account. This amount will hence not be deducted from your balance for the purposes of fixing any compensation under the deposit guarantee scheme.

Do I need to cancel my automatic transfers myself?
No, automatic transfers cannot be carried out.

Will direct debits still be processed?
No, direct debits cannot be processed. 

Mortgages, loans and insurance policies

Will my mortgage loan be taken over?
That is not yet clear. Following the liquidation of DSB Bank, the liquidators are now examining the possibilities for accommodating the mortgage loans elsewhere.

Must I continue to pay interest on my mortgage?
Yes. The liquidation of DSB Bank does not affect your obligation to pay interest on your mortgage.

Must I continue to repay my loan?
Yes. The liquidation of DSB Bank does not affect your obligation to repay loans.

How do I now pay my mortgage interest or other liabilities to DSB Bank?
In a press release of 29 October the liquidators state that they will send a letter to everyone who has taken out a loan or a mortgage from DSB Bank. The liquidators point out that the liquidation has no bearing on the liabilities of people who have a loan or mortgage at DSB Bank. This means that you must keep up your mortgage or other loan repayments, paying them into the same account number as before. The press release from the liquidators of DSB Bank states that the bank account for these repayments has been reopened. Please note: your own current account at DSB Bank has not been reopened. In order to pay your mortgage interest or other liabilities, you must hence use another current account. Payments out of this bank account will not be carried out automatically. The first transfer of your mortgage or other loan repayment to the reopened bank account number (the same number as before) must be arranged through your new bank.

What will happen with my building deposit account?
Owing to the liquidation, transfers from a building deposit account are not possible at the moment. The liquidators of DSB Bank have not yet taken any decision on the use of the building deposit accounts. More information will follow by letter or on the website www.dsb.nl.

What will happen to my insurance policies?
Insurance policies will continue, including the attached rights and obligations. Any compensation will be paid out under the terms of the policy.

Direct debit mandates and authorisations
Questions and answers in this section are derived from the DSB Bank’s website, www.dsb.nl, where more information is available.

Will my direct debit mandates still be processed?
No, direct debit mandates cannot be processed.

I received the letter from the liquidators about the resumption of the direct debit mandate several times, should I return an authorisation in each case?
According to the liquidators, it was not possible to send just one letter for administrative reasons. For the same reason, you need to return each of the authorisation forms you receive. The monthly amounts will then be automatically deducted.

I have several contracts with DSB Bank. Can I transfer all the amounts at the same time?
No. You should pay the monthly instalment for each contract separately, quoting the valid contract number for that specific product. The separate transfer of the instalments is required in order to process all payments in the correct manner.

What happens if I have returned the authorisation after the normal payment collection date?
If the authorisation is not received in time and no automatic collection has thus taken place, you should manually transfer the amount to the DSB Bank. You should transfer the monthly instalment of each financial product separately, quoting your contract number. 

What happens if I have transferred an instalment myself and the same instalment has been collected by DSB Bank? Will I be reimbursed for an instalment?
In this case, one instalment will be regarded as an extra repayment of the loan.

Can I make extra repayments besides my ongoing monthly liabilities?
You can make extra repayments. These should be transferred to DSB Bank separately from your monthly payments.

Does the normal collection date apply as of November 2009?
Yes, the collection date is the same as before.

When will I receive a statement of my loan or current account?
The liquidators have said that every effort is being made to inform you in the usual way as soon as possible.

My loan or mortgage is collected from my DSB current account, what should I do?
You can no longer use your current account at DSB Bank. You must pay from another current account at another bank in the Netherlands. The liquidators point out that you must enter the number of your new current account on the authorisation form that you send to DSB Bank.

If the authorisation form arrives at DSB Bank after 4 November 2009, is my direct debit mandate still valid?
The liquidators confirm that your mandate is still valid. However, if the form arrives after the collection date for the monthly instalment, you should then transfer the monthly instalment manually to DSB Bank. The following monthly instalment will be collected via the direct debit mandate.

What happens if I don’t pay?
The liquidators state that if you no longer fulfil your payment obligations, you will have payment arrears. This could result in a negative report in the National Credit Register. This has far-reaching consequences. In order to avoid finding yourself in this position, we advise you to return the authorisation before 4 November 2009.

Which direct debit amounts should I now transfer to DSB Bank myself?
The liquidators have announced that you should transfer to DSB Bank the amounts that you owe over the month October and that were not collected because of the liquidation.

Emergency regulations and liquidation of DSB Bank

When did the emergency regulations for DSB Bank come into effect?
The District Court of Amsterdam declared the emergency regulations applicable to DSB Bank on 12 October 2009. DNB had submitted a petition to that effect to the Court.
On 19 October 2009 the Court issued an order for the liquidation of DSB Bank, at which moment the emergency regulations ceased to apply.

Why did DNB request the emergency regulations?
DNB requested the emergency regulations because the liquidity and solvency of DSB were jeopardised. When attempts to negotiate a takeover of DSB Bank by other banks failed, DNB decided to request the emergency regulations for DSB Bank.

What do the emergency regulations for DSB Bank involve?
As soon as the emergency regulations are applied, all of a bank’s assets and liabilities are frozen. In other words: not another euro comes in and not another euro goes out. At the same time, administrators are appointed, meaning that the Management Board of DSB Bank no longer has independent control.
As a result of the emergency regulations, account holders at DSB Bank are temporarily unable to access their funds. They also entail that DSB Bank need no longer meet its liabilities.

What is the administrators’ task?
The Court declared the emergency regulations applicable to DSB Bank on 12 October 2009 and appointed R. Schimmelpenninck and J. Kuiper as administrators.
The administrators were given the mandate to explore the possibilities for selling (parts of) DSB Bank. Should that prove impossible, liquidation generally follows.
On 19 October 2009 the Court issued an order for the liquidation of DSB and the administrators were appointed as liquidators.

When was the order for the liquidation of DSB Bank issued?
The Court issued an order for the liquidation of DSB Bank on Monday 19 October 2009.

What is the liquidators’ task?
The Court issued an order for the liquidation of DSB Bank on 19 October 2009, at which moment the emergency regulations ceased to apply. The Court thereby appointed R. Schimmelpenninck and J. Kuiper, who had previously been appointed as administrators, as liquidators. The liquidators will phase out DSB’s activities. They will represent the interests of the creditors as equally as possible. The deposit guarantee scheme has been activated for current and savings account holders. 

Contact

With De Nederlandsche Bank
Any questions on the deposit guarantee scheme may be referred to the Information Desk of De Nederlandsche Bank.
Freephone: 0800 020 10 68 on working days from 9.00 to 17.00 hours
E-mail: info@dnb.nl
Post: DNB
Postbus 98
1000 AB Amsterdam

With the liquidators of DSB Bank
Post: DSB Bank
Attn. the liquidators
Postbus 70
1687 ZH Wognum
E-mail: curatoren@dsbbank.nl