Text alternative for video "What to do in case of institution failure? - general information"
The Financial Market Guarantee System protects your savings.
Deposits in banks, cooperative credit unions and building savings banks are insured by law. This applies especially to deposits on current, savings and term accounts, and savings books.
The Financial Market Guarantee System provides information both on the failure of an institution and also the proper way to go about collecting your compensation.
You will find all the basic information you need, including a description of the proper way to go about collecting your compensation, on the Financial Market Guarantee System website. The Financial Market Guarantee System will inform you both about the failure of an institution and the organisation of the payment of deposit compensation.
Compensation of up to EUR 100,000 will be ready within 7 business days of the failure. Simply go to a branch of the payout bank, show proof of your identity or documentation about your business, and you will have your savings back.