Implementation of the Dutch Deposit Guarantee
A Deposit Guarantee scheme applies to the Netherlands and the Caribbean Netherlands (Bonaire, Saba and Sint Eustatius), which aims to compensate account holders if DNB considers that a bank can no longer meet its obligations arising from claims on deposits or court orders (Article 3:260 of the Wft). We are responsible for implementing the Dutch Deposit Guarantee.
In order to implement the Dutch Deposit Guarantee, we receive personal data of account holders from banks.
If we decide to activate the Deposit Guarantee, it is important that we are able to determine quickly and accurately whether you, as a bank’s account holder, are entitled to compensation. For this purpose, we need the data of a banks’ account holders. Banks provide these data to us.
Insofar as possible, we will decide by automatic means whether you are entitled to compensation and what the compensation amount will be. We make this assessment on the basis of the data received and the Deposit Guarantee regulations. This decision is automated so that in most cases you will receive your money quickly. We may ask for additional information before we can make a decision, for example if your bank has flagged your account. Each decision will contain a rationale. If you do not agree with a decision, you can object to it.
Personal data categories
- Personal data to establish the account holder’s identity
- A comprehensive specification of an account holder’s accounts and deposits
- Markings indicating whether a specific account or account holder is eligible under the Dutch Deposit Guarantee
- Additional data required for payment; if an account has been blocked or flagged by the bank, we will receive the reason for this (which may be a criminal record, such as a conviction for money laundering) The data may be supplemented by means of enquiries with the Judicial Information Service.
We need the personal data to be able to carry out our statutory task as Deposit Guarantee holder in the public interest (Article 6(1)(e) of the GDPR).
Your data and third parties
Your personal data are shared with the Deposit Guarantee Fund. This fund handles the financing of your claim and takes over the claim you have on the bankrupt bank for the same amount. Outside the times when the Dutch Deposit Guarantee is activated, we receive data from banks to assess the accuracy of the data.