Undoubtedly, deposits are an excellent investment in order to further increase them. However, global instability sometimes makes you think about the fate of their savings. And this happens against the background of closing banks and other financial organizations. But what if, for some reason, your guarantor decided to curtail his business or suddenly declared himself bankrupt? The Investor Protection Fund will help you solve the problem. What kind of organization is this? Where is she located? And by what principle does it work?
Company Information
After the referendum in Crimea, many Ukrainian banks were forced to close and leave their native land. There are several reasons for this, mainly due to the fact that a new political wind blew.
On the same occasion, thousands of Ukrainian depositors were left with nothing. Confused, they did not know where to turn to and in what way to return their money. They came to the aid of the non-profit autonomous organization “Depositor Protection Fund”.
Fund Overview: Foundation
The fund is a non-profit organization organized in early April 2014. This company was created on the basis of the federal law “On the Peculiarities of the Functioning of the Financial System of the Republic of Crimea and the City of Federal Significance of Sevastopol for the Transitional Period”.
The founder of this company was a state organization, better known as the "Deposit Insurance Agency". It was she who took the Investor Protection Fund in Crimea under her warm parental wing. Alexander Nikitovich Kuznetsov was appointed executive director of the company.
Goals and objectives of the organization
Since the foundation of the fund, it has been confronted with one main task - to pay cash compensation for deposits that were previously opened in Ukrainian banks. It is worth noting that not all credit organizations fell under this procedure, but only those that acted on the territory of the republic on March 16, 2014 under the license of the NBU, but were forced to stop their work.
It is noteworthy that the non-profit organization “Depositor Protection Fund” issued compensations only for those investments that were made before the beginning of April 2014. Among the main goals of the company, of course, was to eliminate panic and restore calm among the bewildered population.
What are the refunds?
According to the current Russian legislation, the amount of compensation for deposits was not more than 700,000 rubles, taking into account one bank and a client. It is noteworthy that the fund itself also had limited funds for the payment of compensation. According to preliminary data, this amount did not exceed 60 billion rubles. According to the fund, in 2015, about 25.8 billion rubles were issued.
Additional compensation for investors
After some of the depositors received compensation for the money invested, many citizens were dissatisfied. The thing is that a certain percentage of the republic's residents had deposits in dollars, and their amount was significantly higher than the minimum established by the fund.
In order to eliminate discontent among the masses, it was decided to allocate an additional 245.738 million rubles. Moreover, this amount, according to the fund, was collected from the so-called second property contribution of the Autonomous Republic of Crimea. However, only those investors who managed to submit an application to the organization before June 8, 2015 could count on an additional payment.
Which banks pay compensation?
It is worth noting that not all banks in Crimea cooperate with representatives of the fund and, accordingly, pay compensation payments to the population. The press service of the organization for the protection of the rights of depositors mentioned only three credit institutions authorized to make payments. These include the following banks:
- CBRD ("Black Sea Development and Reconstruction Bank").
- RNKB (Russian National Commercial Bank).
- "Genebank".
Future plans and the foundation’s work today
Currently, 201 branches of the fund are operating in the territory of Crimea. All of them are present in 22 cities of the republic. Among them there are also such as Yalta, Sevastopol, Simferopol and others. For example, in Simferopol, the representative office of the fund is located at the following address: st. Rubtsova, d. 44 / A. In Sevastopol, there is a similar branch on Heroes of Brest Street, 116. It is noteworthy that almost all departments work from Monday to Thursday from 9 a.m. to 6 p.m., and on Fridays - from nine to 16:45. In addition, the organization has an official website fzvklad.ru.
According to preliminary information, the “Depositor Protection Fund” in Sevastopol and other cities will operate for no more than three years.
When does the right to pay arise?
Each depositor is entitled to payments. However, this is possible subject to certain conditions. One of them is the timely submission of an application within a strictly specified time. The second important point is the decision of the Bank of Russia regarding the closure of a banking organization or its branch in the republic.
Which banks may receive compensation?
Currently, former investors of the following banks can expect to receive compensation:
- Asset Bank.
- Privatbank.
- Brokbusinessbank.
- Raiffeisen Bank Aval.
- Terra Bank.
- Ukrgasbank.
- Ukrsotsbank.
- UkrSibbank.
- "Deltabank".
- Oschadbank.
Therefore, citizens who were previously registered as depositors in these banks can safely apply to the “Depositor Protection Fund” for compensation.
Where can I get information about the start of payments?
Before receiving compensation on payments, former depositors of Ukrainian banks should periodically review summaries of the following publications:
- "Crimean news".
- "Crimean truth."
- "Glory to Sevastopol."
- "Sevastopol News".
Also, those who had deposits in dollars and hryvnias should periodically look at the official website of the organization, because it is in these sources that the proposal of the Deposit Protection Fund proposes to acquire claims or rights on deposits.
After what time can I apply?
After the publication of the announcement, a countdown of 90 days begins, during which investors can come to the nearest reception point and submit an appropriate application. Or there is an option to send a request by mail. If instead of the depositor documents are submitted by his relative, then, in addition to the main package of documents, the foundation must be provided with a notarized power of attorney.
What documents are needed to apply?
Addressing the “Depositors and Shareholders Protection Fund”, the depositor will have to submit the following documents:
- original passport or any other identification document;
- original contract or passbook, on the basis of which the deposit was opened;
- the original of the document, according to which the contribution was previously opened;
- original identification code;
- original of other documents giving the right to demand compensation for deposits.
The depositor missed the deadline for submitting an application: what to do?
If the depositor missed the deadline for filing an application for a compensation payment, he must contact the protection fund. At his request, the deadline for paperwork can be renewed. However, this is only possible if the aforementioned deadlines are missed for good reason. For example, due to a serious illness, injury, etc.
When is the decision to issue compensation made?
The decision on refusal or permission to pay the “Depositor Protection Fund”, as a rule, takes within 10 days from the date of filing and fixing the application. However, according to the organization’s press service, representatives of the fund may not invest in these terms. For example, the reason for this may be a lack of information.
A depositor can be informed of a positive or negative decision on compensation by one of two possible methods: by e-mail or by phone.
What happens after a positive response on the application?
After the fund has approved the application of the depositor, he needs to visit a financial organization that maintains contacts with a non-profit company. What banks work with her in Crimea, we described above. Here it is also necessary to draw up an agreement for the assignment of claims or rights for frozen deposits. And then it remains only to wait for the receipt of the amount of compensation. Moreover, you can get it either in cash or in an account opened in this bank.
What is the payment term for the deposit?
Compensation is paid no later than 15 business days from the date the application was recorded. After that, the depositor has the full right to apply to the bank for receiving payments.
In a word, do not miss the publication in the press and website. Write the application in time and receive the promised payment from the Depositor Protection Fund.