Terms and Conditions
Madrid Branch / Barcelona Branch
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.
The statutory compensation scheme also secures deposits at branches of Commerzbank Aktiengesellschaft abroad.
To the extent that the “Entschädigungseinrichtung deutscher Banken GmbH” or its mandatory makes payments to a customer, the respective amount of the customer's claims against Commerzbank Aktiengesellschaft, together with all subsidiary rights, will be transferred simultaneously to the “Entschädigungseinrichtung deutscher Banken GmbH”.
Commerzbank Aktiengesellschaft is entitled to disclose to the “Entschädigungseinrichtung deutscher Banken GmbH” or to its mandatory all necessary information, and to place any document at their disposal.