Terms and Conditions
General Business Conditions
In 1998, the institution “Entschädigungseinrichtung deutscher Banken GmbH” was set up as the legal compensation scheme for private banks and home loan and savings associations domiciled in Germany. The protection ceiling for deposits of this scheme, in which Commerzbank Aktiengesellschaft also participates, currently amounts to EUR 100,000 per depositor, regardless of the currency in which the deposits are denominated. If the deposits are related to certain life events, such as the sale of a private residential property, a marriage or a severance package for employees, the protection ceiling for each depositor is EUR 500.000 for at least 6 months after the deposit.
In addition, Commerzbank Aktiengesellschaft is a member of the Deposit Protection Fund of “Bundesverband deutscher Banken e.V.” (Federal Association of German Banks) in Berlin, a private-bank scheme under private law which is not subject to state supervision. The Deposit Protection Fund functions as a follow-up cover scheme for the statutory compensation scheme up to the protection ceiling regulated in its by-laws.
Both the statutory compensation scheme and the Deposit Protection Fund also secure deposits at branches of Commerzbank Aktiengesellschaft abroad.
The Deposit Protection Fund secures all liabilities which are to be reported in the balance-sheet item “liabilities to customers”. These comprise sight deposits, term deposits and savings deposits, including registered securities, like e.g. registered bonds, registered savings bonds and registered certificates of indebtedness (auf den Namen lautende Schuldscheindarlehen) regardless of the currency. Bearer bonds, bearer certificates of deposit, participating certificates, subordinated liabilities and liabilities to banks are not protected. Furthermore, all redelivery obligations arising from securities lending transactions which are reported as liabilities and liabilities arising from securities repurchase (repo) transactions are not protected.
The protection ceiling for each creditor is 20% until 31 December 2019, 15 % until 31 December 2024, and 8.75% as of 1 January 2025, of own funds according to article 72 CRR. Deposits established or renewed after 31 December 2011 shall be subject to the respective new protection ceilings as of the aforementioned dates, irrespective of the time when the deposits are established. Deposits established before 31 December 2011 shall be subject to the old protection ceilings until maturity or until the next possible withdrawal date.
The applicable protection ceiling shall be notified to the Customer by the Bank on request. It is also available on the Internet at the Bundesverband deutscher Banken e.V.: www.bankenverband.de.
Up to this amount, secured liabilities are protected by the Deposit Protection Fund for each legitimate customer.
Further details of the scope of protection are contained in Section 6 of the By-laws of the Deposit Protection Fund. Detailed information regarding the Deposit Protection Fund, especially frequently asked questions can be found on the website of the Bundesverband deutscher Banken e.V.: www.bdb.de. On this website you can also request directly the prevailing protection ceiling and the By-laws of the Deposit Protection Fund.