Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
All branches of non-EU banks operating in Greece participate in the deposit guarantee scheme of Greece.
Bank of America N.A. is a member of Hellenic Deposit and Investment Guarantee Fund (TEKE) and makes its contributions into it. In the case of Bank of America N.A. failure, eligible depositors having covered accounts in this bank will be paid out the following compensation: