Current accounts

15 November 2018

Charges and regulations

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Information and regulations
General information and regulations

Best Execution

The MiFID legislation will ensure even greater transparency and provision of information in relation to investments as of 3 January 2018. To achieve this goal, ING Belgium provides you with the following documents concerning the best execution of your orders which you can consult here below:

  • UBS
  • ING Equity Market
  • ING Luxembourg

These PDF files will be available in March 2018.

Deposit guarantee

Protection of deposits and financial instruments

Your deposits and financial instruments at ING are well protected. Subject to specific conditions and within certain constraints, you are entitled to repayment in the event that anything should go wrong.

Two funds have been set up for this purpose: the Guarantee Fund for Financial Services (the Guarantee Fund (FR)) and the Protection Fund for Deposits and Financial Instruments (the Protection Fund).

You will find a brief description of the scheme below.

You are entitled to compensation only:

  • if ING files for bankruptcy;
  • excluding bankruptcy, if the supervisory authority concludes that the bank, for reasons directly related to its financial position, is neither able to pay back the deposits or return the financial instruments at that point in time, nor appears to be capable of doing so for an indefinite period of time.

All private individuals and businesses, companies or associations are entitled to compensation.

Government bodies, credit and financial institutions, investment companies, etc. should not count on receiving compensation for their deposits.
Neither are depositors who have not identified themselves properly with the bank eligible for intervention.

The protection scheme applies for each customer individually, regardless of this customer's nationality, place of residence or registered office.

1. Deposits

All types of deposits in current accounts, savings accounts, term deposits, investment accounts (e.g. Green Savings Account, ING Lion Deposit, Fidelity Account and Long Term Account), the Cash certificates that were emitted by Record Bank, regardless of the currency.

ING eligible products for deposit protection
Current Accounts
ING Lion Account Bankruptcy Account
ING Green Account Consignment Account
ING go to 18 Account Third-party Lawyer's Account
ING Basic banking service Account Notary public practice Account
Account under administration Notary public sub-account
ING Corporate Plus Account Third-party Notary public Account
Third-party Real Estate Agent Account Third-party Bailiff Account
Case Account Legal Attachment Account
Mediation Account
Savings accounts
ING Green Savings Account ING Term Account
ING Orange Savings Account ING Long Term Account
ING Lion Deposit ING Fidelity Account
ING Lion Premium Savings Account ING Thematic Citizens’ Lending
ING Tempo Savings ING FlexiBonus Account
Investment account
ING Invest Account
Payment account
ING Business Account
Other account
ING Managed Current Account
Term Account linked to an ING Relax Plan
Cash certificates (ex Record Bank) registered on Securities Accounts

2. Financial instruments

All financial instruments (e.g. including shares, bonds, units in mutual investment funds, Beveks/Sicavs, etc. issued by other financial institutions or persons) insofar as they are lodged with the ING, are held in custody in a public financial institution or have been dematerialised.

These financial instruments are, however, not included in the assets subject of distribution if the bank goes bankrupt or is wound up. They are returned to customers directly.

If there are insufficient quantities of certain financial instruments to ensure redemption, financial instruments of the same type of which ING itself is the owner will be used to settle the redemption. This rule applies to everyone, natural persons and companies included.

In the unlikely event that ING is unable to deliver or return the financial instruments, the protection scheme will cover these financial instruments, regardless of the currency in which they are denominated.

The coverage does not apply to:

  • deposits arising from transactions in relation to which a criminal conviction has been pronounced for money laundering or terrorism;
  • all obligations entered into by ING on commercial paper, such as its own acceptances and promissory notes.

1. Deposits

The maximum repayment amount per customer is, principally speaking, EUR 100,000.

An increased protection up to a maximum of 500,000 EUR applies with regard to deposits related to the purchase/ sale of real estate for residential use that is the depositor / physical person.

There is also an increased protection up to a maximum of 500,000 EUR for deposits resulting of the payment of capital arising from retirement or death, severance or disability payments and insurance payments.
Sums acquired through an inheritance are not subject to this additional protection.

A time limit applies to this increased protection. She applies only to sums booked ton the account maximally 6 months before the default of the bank.

2. Financial instruments

The maximum repayment amount with regard to missing financial instruments per customer is EUR 20,000.

1. Deposits

No excess applies to this system.

To calculate the redemption amount, all assets belonging to one and the same holder are added up together. The customer's obligations or debts the vis-à-vis ING are deducted from this. This sum is therefore not calculated per product, but per holder of the deposits. Every member of a family will be taken into consideration individually with regard to the deposits of which he or she is a holder.

The sum total is subsequently converted into euros and, if applicable, limited to the amount of EUR 100,000.

The intervention takes place following deduction of any payable debts owed to ING.

What happens if there are multiple account holders?

If such an account is held by at least two persons, repayment will be granted proportionally for the assets held on those accounts based on the share to which each of the account holders is entitled individually. If no proof can be given of the contrary, the entitled parties will be deemed to be entitled to equal shares.

And what happens if there is an account to which different people can assert a right as members of an association, a group or joint ownership of the account without legal personality?

If the identity of these persons can be confirmed, the repayments will take place proportionately to the share to which each of them is entitled. If this share cannot be determined, each of the entitled parties is deemed to be entitled to an equal share. If the identity of these persons can, however, not be confirmed, the assets on the relevant account will be deemed as belonging to a single holder.

Further details related to deposit guarantee can be obtained on the website of the Guarantee Fund: (FR).

2. Financial instruments

When calculating the compensation for financial instruments that cannot be returned their value is determined at market value. The market value for listed financial instruments is determined on the basis of the average price on the last day on which they were listed prior to the day on which the institution is ascertained to be in default. If the market value is not known, the debt securities will be based on the repayment value, increased with the interest accrued. If neither the market nor the repayment value can be determined, the fund will base its calculation on the estimated recoverable amount. The value will always be calculated on the day preceding that on which the institution is ascertained to be in default. The account holder's obligations or debts vis-à-vis ING will be deducted from the total amount.

The rules that will apply in the event that the security accounts are held by multiple account holders are comparable to those applied to the compensation of deposits.

Further details on the protection of financial instruments can be obtained on the website of the Protection Fund:

1. Deposits

The compensation will be paid out by the Guarantee Fund for Financial Services (the Guarantee Fund), a special administrative unit of the Federal Public Service for Finance General Treasury Administration, Kunstlaan 30, 1040 Brussels.

2. Financial instruments

The compensation will be paid out by Protection Fund for Deposits and Financial Instruments (the Protection Fund), a public institution with legal status that was founded to facilitate the management of the protection scheme for deposits and financial instruments, and which is administrated by the General Treasury Administration, Handelsstraat 96, 1040 Brussels.

1. Deposits

Account holders wishing to claim compensation must provide the Guarantee Fund their account number(s), either via Myminfin or through a paper form that will be available for downloaded on the Guarantee Fund website from that point in time at which the bankruptcy or default has been ascertained onwards.

The Guarantee Fund will make automatic payment within 20 business days following your application. Starting in 2019, this term will be reduced to 7 business days on a step-by-step basis culminating on 1 January 2024.

2. Financial instruments

You will find contact information with regard to the redemption of financial instruments on security accounts on the website of the Guarantee Fund.