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Transfers Frequently asked questions about the Deposit Guarantee Fund
How does the Deposit Guarantee Fund work?
The Deposit Guarantee Fund will reimburse your deposits up to the limit of €100,000 within a maximum period of 7 working days. If you have not been reimbursed within this timeframe, it is advisable to contact the Deposit Guarantee Fund, as the period for claiming reimbursement may be limited. For more information, please visit www.fgd.pt/en.
The Deposit Guarantee Fund ensures the total reimbursement of your deposits in each credit institution, up to a maximum limit of €100,000 per depositor.
This guarantee is applicable on a per-credit-institution basis. Thus, if you have received reimbursement from the FGD due to unavailability of deposits at one institution, it does not impact the deposit guarantee at another institution, as long as both are participants in the FGD.
If you have a shared, joint, or solidarity account, and unless otherwise indicated, the reimbursement of balances is generally divided evenly among the account holders, unless stated otherwise. Each account holder is entitled to their respective share, with a maximum coverage of €100,000. However, when deposits are made into an account accessible to multiple individuals as members of an association or a special committee without legal entity, those deposits are aggregated as if they were made by a single depositor. In such cases, reimbursement is capped at €100,000.
Participating credit institutions must provide comprehensive information about the FGD, including exclusions and repayment timelines, before a deposit agreement is established. This info should be accessible at branches or electronically.
When promoting a deposit, these institutions must give depositors a Depositor Information Form (DIF) outlining deposit protection details and FGD coverage eligibility.
Additionally, these institutions must confirm DGSF coverage for your deposit, with this information included in your account statements. The Depositor Information Form should be provided at least once a year.
