FAQ
Frequently asked questions
It is a guarantee scheme that protects the money on accounts at banks, savings funds and credit unions licensed to operate in Curaçao by the Centrale Bank van Curaçao en Sint Maarten (CBCS). Up to a maximum of Cg 50,000 per person per bank or savings fund, or up to a maximum of Cg 25,000 per person per credit union.
Nothing. You do not need to register or sign up. You are automatically protected if you have money at a bank, savings fund and credit union in Curaçao.
You can check this on the page Which banks, savings funds and credit unions? If in doubt, ask your own institution whether your money is protected by the DGS Curaçao. International banks are excluded from the protection of the deposit guarantee of Curaçao.
The Centrale Bank van Curaçao en Sint Maarten (CBCS) together with the foundation Deposit Guarantee Fund (DGF) implement the DGS Curaçao.
The deposit guarantee scheme applies to all account holders, such as adults and minors, individuals and firms, foundations, and other non-profit organizations. The only exceptions are the accounts of financial institutions, who are not protected by the DGS Curaçao.
Yes, the protection also applies to accounts of companies. See the brochure for this.
Yes, the deposit guarantee scheme applies per person per bank, savings fund, or credit union, regardless of age. So, the money of children in accounts at banks, savings funds and credit unions are also covered by the DGS Curaçao.
The DGS Curaçao protects the following deposits: money on current and savings accounts, term deposits and positive balances on credit cards – at banks, savings funds, and credit unions licensed to operate in Curaçao by the CBCS.
For banks and savings funds, the deposit guarantee protects up to Cg 50,000 per person per bank or savings fund. For credit unions, the deposit guarantee protects up to Cg 25,000 per person per credit union. This is regardless of how many accounts you have at the institution and including the interest in your account – up to the day of the bankruptcy of the bank, savings fund or credit union. The maximum protected amount applies to your money in all accounts combined at the same institution.
If the account is not only in your name but (also) in someone else’s name – such as a joint account – you will each receive a proportional share.
Example: if the amount in your joint account is Cg 100,000, you will both receive Cg 50,000. If you have multiple accounts, the maximum protected amount of Cg 50,000 per person applies to the money in all your own accounts together.
When a bank, savings fund or credit union goes bankrupt, the CBCS reviews the client administration of the bankrupt institution to determine which accounts are covered by the DGS Curaçao. The CBCS will use the exchange rate as published on its website on the date the DGS Curaçao was activated.
Your debt at the bankrupt institution is not deducted from the DGS repayment you will receive. Example: You have a personal loan of Cg 5,000 and a savings account with Cg 50,000 at an institution covered by the DGS Curaçao. If your institution goes bankrupt, you will receive a DGS repayment of Cg 50,000. You can ask the trustee handling the bankruptcy what will happen to your debt of Cg 5,000.
Based on the maximum protection of Cg 50,000, more than 90 percent of all customers will get all their money back. With this, the DGS Curaçao complies with the international standards for an effective deposit guarantee scheme set out by the International Association of Deposit Insurers (IADI).
Based on the maximum protection of Cg 25,000, more than 90 percent of all the customers will get all their money back. With this, the DGS Curaçao complies with the international standards for an effective deposit guarantee scheme set out by the International Association of Deposit Insurers (IADI).
If a bank, savings fund, or credit union goes bankrupt, the CBCS will activate the DGS Curaçao as soon as possible, and no later than within 14 calendar days. The DGS Curaçao is activated for a bankrupt institution will be announced in local media, both on the DGS and CBCS website, and in the Landscourant.
– If a bank, savings fund or credit union is no longer able to repay the money in customers’ accounts, the CBCS has 14 calendar days from that moment to decide whether to activate the DGS Curaçao.
– After a court ruling that prevents customers from accessing the money on their accounts. The bankruptcy of a bank, savings fund and credit union is an example of such a ruling.
For detailed information on the terms for activation of the deposit guarantee scheme, see the Legislation
If the DGS Curaçao is activated, the CBCS will announce this on both the website of the CBCS and DGS Curaçao, in the Landscourant, and through local media. The CBCS will provide instructions on how you can apply for repayment up to the maximum guaranteed amount.
You have one year to submit your application after the DGS Curaçao is activated. If you apply after this deadline, the CBCS will process your application provided you can prove that the delay was not your fault.
Once the CBCS has received your application, the following will be reviewed:
– whether you have one or more accounts with the bankrupt bank, savings fund or credit union;
– whether your account(s) are protected by DGS Curaçao;
– the total amount of money in all your accounts at the same institution.
For more information, see the factsheet
The CBCS primarily uses the client administration of the bank, savings fund or credit union. If the CBCS cannot find out whether you have an account or if required information is missing, you will be asked to provide additional information/documentation.
To ensure you get your DGS repayment in time, it is important that your personal information is correct and up to date with your bank, savings fund or credit union. If you are not sure whether your details are up to date, we recommend contacting your institution to update your information as soon as possible.
As soon as possible, and within 20 working days after the date of your application.
If you have a joint account, you will each receive a proportional share. Each of you must apply for your own DGS repayment.
The protection provided by the DGS Curaçao is to be funded by the covered banks, savings funds, and credit unions. For this purpose, a fund is being established and managed by the Foundation Deposit Guarantee Fund (DGF). Each year, all covered institutions must contribute to the fund until it reaches the full amount needed to protect people’s money. The target size of the DGF is 7% of the total protected deposits at all covered institutions.
You can read the Brochure and Factsheet for customers for further explanation of what DGS Curaçao means for you.
If you have any further questions or need more information about the protection by the DGS Curaçao, feel free to contact the Information Desk of the CBCS. Call us at +599 (9) 434-5500 on working days from 9:00 to 17:00 or email us at [email protected]. You can contact us in Papiamentu, Dutch and English.
Is your question not in the FAQ?
Please contact the Information Desk of the CBCS. E-mail us at [email protected] or call us at +599 (9) 434-5500 on working days from 9:00 to 17:00 in Papiamentu, Dutch or English.