The guarantees available to savers vary according to their bank and the products concerned. It is therefore important to take stock.
What happens if your bank fails?
Recently, a lot of news has sent shivers down the spines of savers. It started with the bankruptcy of SVB. Then, that was followed by a host of worries about Credit Suisse. Let’s not even talk about the current climate at the level of the banks, which makes us doubt their transparency as well as their efficiency. This leads us to question the reliability as well as the legitimacy of our own banking establishment.
Fortunately, in case of failure of the latter, nothing is lost. In effect, in principle, the Deposit Guarantee and Resolution Fund (FGDR) partially covers your losses. Indeed, this guarantee 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.
The specific case of regulated savings accounts
You should know that the deposits concerned by this guarantee are as follows. First, there are current and term accounts. Then there are bank books and young people’s books. Then, loans and housing savings plans are also included. Finally, we have the cash account attached to a securities account or a PEA. Now let’s talk about regulated savings books.
Savings placed on a passbook A as well as the sustainable and solidarity development passbook (LDDS), and the popular savings passbook (LEP), all benefit from a full guarantee by the State separate from the deposit guarantee. . These booklets are therefore not deducted from the ceiling of 100,000 euros. Moreover, regardless of your banking institution, the ceiling of these three booklets are respectively 22,950 euros, 12,000 euros and 7,700 euros.
What about other repositories?
Life insurance contracts follow a system other than that of the FGDR. In effect, regardless of your banking institution, this contract has its own guarantee. This is the Personal Insurance Guarantee Fund (FGAP). It has a ceiling of 70,000 euros per depositor and per insurance company.
But you should know that this guarantee applies to both contracts in euros and multi-media. As for Sicavs and shares, these two belong to the same guarantee. It is that of financial securities. It is linked to the FGDR, covers shares, bonds, units of UCITS, Sicav, FCP and negotiable debt securities.