| Basic information about the protection of your eligible deposits | |
|---|---|
| Eligible deposits in Monzo Bank Europe DAC are protected by: | The Deposit Guarantee Scheme (“DGS”) (1) |
| Limit of protection: | €100,000 per depositor per credit institution (2) |
| If you have more eligible deposits at the same credit institution: | All your eligible deposits at the same credit institution are 'aggregated' and the total is subject to the limit of €100,000 (2) |
| If you have a joint account with other person(s): | The limit of €100,000 applies to each depositor separately (3) |
| Reimbursement period in case of credit institution's failure: | 7 working days (4) |
| Currency of reimbursement: | Euro |
| To contact Monzo Bank Europe DAC for enquiries relating to your account: | Email: help@monzo.com. Phone: Toll free local number 1800849291 from anywhere in Ireland; and if you want to call us from outside Ireland, the number is +35312337650 Address: Monzo, Unit 1, Floor 4, One Central Plaza, Dame Street, Dublin 2, Ireland. |
| To contact the deposit guarantee scheme for further information on compensation: | Deposit Guarantee Scheme Central Bank of Ireland New Wapping Street North Wall Quay Dublin 1 Tel: 0818 681 681 Email: info@depositguarantee.ie |
| More information: | www.depositguarantee.ie |
| Acknowledgement of receipt by the depositor: | You acknowledge receipt of this information by opening a Monzo current account |
Additional information
Scheme responsible for the protection of your deposit. Your deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency should occur, your eligible deposits would be repaid up to €100,000.
General limit of protection If a covered deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a deposit guarantee scheme. This repayment covers at maximum €100,000 per credit institution. This means that all eligible deposits at the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with €90,000 and a current account with €20,000, he or she will only be repaid €100,000.
Limit of protection for joint accounts In case of joint accounts, the limit of €100,000 applies to each depositor. In some cases eligible deposits which are categorised as “temporary high balances” are protected above €100,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits relating to certain events which include:
certain transactions relating to the purchase, sale or equity release by the depositor in relation to a private residential property;
sums paid to the depositor in respect of insurance benefits, personal injuries, disability and incapacity benefits, wrongful conviction, unfair dismissal, redundancy, and retirement benefits;
the depositor’s marriage, judicial separation, dissolution of civil partnership, and divorce;
sums paid to the depositor in respect of benefits payable on death; claims for compensation in respect of a person’s death or a legacy or distribution from the estate of a deceased person. More information can be obtained under www.depositguarantee.ie
Reimbursement The responsible deposit guarantee scheme is Deposit Guarantee Scheme, Central Bank of Ireland, New Wapping Street, North Wall Quay, Dublin 1. Tel: 0818 681 681. Email: info@depositguarantee.ie. Website: www.depositguarantee.ie. It will repay your eligible deposits (up to €100,000) within 7 working days from 1 January 2024 onwards, save where specific exceptions apply. Where the repayable amount cannot be made available within seven working days depositors will be given access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request. Access to the appropriate amount will only be made on the basis of data provided by the credit institution. If you have not been repaid within these deadlines, you should contact the deposit guarantee scheme. If you have not been repaid within these deadlines, you should contact the deposit guarantee scheme. Further information can be obtained under www.depositguarantee.ie.
Other Important Information
In general, all retail depositors and businesses are covered by deposit guarantee schemes. Exceptions for certain deposits are stated on the website of the responsible deposit guarantee scheme. Your credit institution will also inform you on request whether certain products are covered or not. If deposits are eligible, the credit institution shall also confirm this on the statement of account.
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