Bankruptcy of SVB, concerns around Credit Suisse… Recent news has brought its share of – legitimate – questions regarding the reliability of certain banking establishments. The opportunity to take stock of the guarantees available to savers, which vary according to the organizations and the products concerned. Remember, however, that for the time being, there is no question of banking contagion in France. So don’t panic!
In terms of bank funds, what would happen if your bank failed?
The Deposit and Resolution Guarantee Fund (FGDR) would partially cover your losses if this were the case. It covers deposits in bank accounts up to a maximum of 100,000 euros per depositor and per establishment, regardless of the number of accounts held within the same establishment. Good news: if you have a joint account with your spouse, you are considered separate depositors. You can then benefit from a guarantee of up to 200,000 euros.
What types of deposits are affected?
Current accounts, term accounts and bank books benefit from the guarantee. But also young people’s books, loans and housing savings plans (CEL and PEL) and even the cash account attached to a securities account or a PEA.
What regarding regulated savings accounts?
Savings placed in a passbook A, a sustainable development and solidarity passbook (LDDS), and a popular savings passbook (LEP), benefit from a full guarantee by the State separate from the deposit guarantee. The sums placed in these savings books, respectively capped at 22,950 euros, 12,000 euros and 7,700 euros, are therefore not deducted from the ceiling of 100,000 euros.
What guarantee for life insurance…
Like the FGDR guarantee, another guarantee exists for the funds paid into life insurance contracts: that of the Personal Insurance Guarantee Fund (FGAP). This is of a lesser amount: 70,000 euros per depositor and per insurance company, but it applies to both contracts in euros and multi-media.
… Sicavs and shares?
Finally, another guarantee, called financial securities and linked to the FGDR, covers shares, bonds, units of UCITS, Sicav, FCP and negotiable debt securities. And this, up to 70,000 euros per customer and per establishment. It should be noted that for the guarantee to be activated, the securities must have disappeared from the accounts, and the establishment holding the accounts must be in cessation of payment and not be able to return these securities or reimburse them.
Namely: an additional mechanism, with a ceiling raised to 500,000 euros, has been introduced for “exceptional and temporary deposits”. This covers the sale of a residential property, capital compensation for damage suffered, the capital payment of a retirement benefit, an inheritance, a bequest, a donation, and more a compensatory benefit or a transactional or contractual indemnity following the termination of an employment contract.
