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Deposit Insurance

(Deposit Insurance Agency)


What is the role of Deposit Insurance Agency?

The Deposit Insurance Agency of a country has the role that every citizen who has a deposit in the bank guarantees the return of money in the event of bankruptcy or liquidation of the bank.

Who is protected?

This type of insurance refers to:

- Natural persons (residents and non-residents)

- Entrepreneurs

- Micro legal entities

- Small legal entities

- Central legal entities

The subject of protection?

The subject of protection is:

- Cash deposit

- Savings

- Current account deposit

- And other money accounts

Like all other depositor funds


In the event of bankruptcy, who pays money to the depositor?


The answer is the bank. The client has to submit a written request for payment. Client of the bank must submit an application within the appropriate time. The period varying depending on the country in which you are located.
In addition to the written request to be handed over to the bank, the depositor must submit for inspection:

- Term deposit contract

- Contract on opening a current account

- Savings book

- Solution to inheritance, etc.


How is the insured amount paid?


Within 3 to 7 days from the date of issuance of a resolution on bankruptcy or bank liquidity, depositors are informed publicly on the website of the Deposit Insurance Agency on their rights and obligations, place and date of payment. In order to begin the payment in a short period of time after the decision of the competent court on the bankruptcy or liquidation procedure.


Who guarantees the payment of money to the user (depositor)?


The payment of the insured amount is guaranteed by the state.


Example


The Deposit Insurance Agency guarantees a sum of money for each bank in the amount of $ 100,000

The user 1 has $ 130000 on his account

The bank is in liquidation

User 1 to this amount should receive interest for a certain period of $ 700

The bank guarantees that the sum of $ 100,000 will be returned to the user 1, while the rest of the money of $ 30,700 will be demanded by the depositor from the bank and the bankruptcy or liquidation of the bank assets, for which he is submitting a claim to the Court conducting the liquidity / bankruptcy procedure against that bank.

For example, countries who guaranty the amount to be given back to the depositor.

- Canada 100,000 Canadian dollars

- United State 250,000 dollars

- France 100,000 euro

- Germany 100,000 euro

- Greece 100,000 euro

- Hungary 100,000 euro

- Denmark 750,000 DKK

- Sweden 950,000 SEK

- United Kingdom 85,000 GBP

- Belarus 100% of all deposits