Common use of General limits of coverage Clause in Contracts

General limits of coverage. If a customer cannot access his/her money because the bank cannot meet its financial obligations, the customer will be compensated by the deposit guarantee scheme. The maximum compensation is 100 000 EUR or the equivalent in another currency. This amount represents the sum of all the customer’s funds deposited at that bank. For example, if a customer holds 90 000 EUR in a savings account and 20 000 EUR in a current account, only 100 000 EUR will be paid out as compensation.

General limits of coverage. If a customer cannot access his/her money because the bank cannot meet its financial obligations, the customer will be compensated by the deposit guarantee scheme. The maximum compensation is 100 000 EUR or the equivalent in another currencyEUR. This amount represents the sum of all the customer’s funds deposited at that bank. For example, if a customer holds 90 000 EUR in a savings account and 20 000 EUR in a current account, only 100 000 EUR will be paid out as compensation. For accounts held in currencies other than Euro, amounts will be converted at the mean rate of exchange of the date on which the bank became insolvent.