How to return the money if the bank “burst” – where and what to contact

Due to the full-scale war with Russia and its serious consequences for the country’s financial system, some banks were on the verge of bankruptcy. One, in particular, has already “burst”. How can investors get their money back in this case?

The project of the National Bank Financial Literacy Ukraine explained where and with what documents to apply for the return of deposits.

Money will be paid through agent banks

Ukrainians who were depositors of liquidated banks entitled to receive compensation. They are paid by the Deposit Guarantee Fund for individuals through agent banks.

Therefore, in order to receive a refund, such customers need contact one of these agent banks:

• Kredobank;
• Pravex Bank;
• Ukrgasbank;
• FUIB;
• Taskombank;
• Idea Bank;
• Bank South;
• PrivatBank;
• Universal bank;
• Oschadbank;
• Bank of investments and savings.

You can contact both online and offline. To a branch of any of the listed banks you need to apply with a passport or other identity document. Individuals will be required to provide additional documents, namely those issued by the relevant regulatory authority, certifying their registration in the State Register of Individuals – Taxpayers.

Compensation can also be received by parents (adoptive parents) or guardians of a minor, guardians (custodians) of a person, as well as on the basis of a power of attorney or on the basis of a certificate of inheritance. Details of the required package of documents in such cases can be found at the link.

remotely you can contact not all, but only a few banks: PrivatBank, Ukrgasbank, Yuzhny Bank and FUIB.

“For the duration of martial law and three months after its completion, 100% guarantee on bank deposits individuals and FLP (together with interest, if it was a deposit). If during the period of validity of this norm the procedure for the withdrawal of any of the banks from the market begins, the Deposit Guarantee Fund for Individuals will reimburse depositors for the entire amount of the deposit, together with accrued interest. – explained in the NBU.

When will martial law end and three months after that the guaranteed amount on deposits will be UAH 600,000.

One of the banks burst in Ukraine

Earlier we said that the National Bank declared Megabank insolvent due to significant violations in terms of credit risk assessment, insider lending and failure to fulfill the capitalization plan.

Since June 21, his clients payments have already started. They are carried out in the full amount of the deposit, including interest accrued as of the end of the day on June 2, 2022. Deposits in foreign currency are reimbursed in hryvnia at the rate of the National Bank of Ukraine, which was on June 2.

We also wrote that the bankruptcy of “Megabank” caused fears in the market. Experts told whether there will be a new bank fall in Ukraine.

In addition, Segodnya said that Ukrainians were allowed to exchange hryvnias in another country, and they explained what inflation is and how it affects our expenses.