2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Very often we hear the phrase in commercials: “Deposits are insured”. But not every one of us understands this topic and its specifics in the Russian market. Giving your hard-earned money to the bank, you should find out in advance what you can count on if it loses its license (bankruptcy), as well as how to minimize your losses. In this case, there is a deposit insurance system (DIS), which is a mechanism for protecting the interests and legal rights of individuals regarding the funds placed by them in bank deposits. Let's go back in time and find out how this system appeared.
History
For the first time, insurance of deposits of the population appeared in 1933 in the USA. The reason for the emergence of DIS was the economic crisis of the 1930s. The maximum amount of insurance compensation was $5,000. Over time, the limit increased to 100,000, and in 2008 it reached $250,000. Deposit insurance is mandatory for all EU countries. In general, more than 100 states have their own CERs.
Deposit insurance in Russia
Are there CERs in Russia? We confidently say yes. In 2003, a corresponding law appeared, and a year later an agency was opened, the main function of which is to ensure the optimal operation of the insurance system. It maintains a register of banks registered in the system, pays compensation, forms an insurance fund, etc. Any bank operating in the territory of the Russian Federation and accepting deposits from the population participates in DIS. And without fail. If we consider deposit insurance in 2013, then the total number of banks providing this service is 891 (according to the CER register).
What is not covered by CERs?
- On deposits in branches outside the territory of the Russian Federation.
- To accounts used for business activities.
- Bearer deposits.
- Accounts of notaries, lawyers, etc., opened for professional purposes.
- Electronic money.
- Metal bills.
Amount of insurance compensation
If an insured situation occurs, then depositors receive back all invested funds (but not more than 700 thousand rubles). The foreign currency deposit is recalculated into rubles at the rate of the Central Bank on the day of the occurrence of the insured situation. If the depositor had more than one account in the bank, then the amount of compensation will be calculated according to the total amount, but not higher than the established limit. Separately, I would like to say about deposit insurance in several organizations at once. Suppose a person has accounts in 2 different banks. Can you get insurancecompensation in one of them affect the amount of insurance compensation in the other? Of course not. In each case, a separate calculation will be made. By the way, since the spring of 2013, the government of the Russian Federation has legally approved deposit insurance up to 1 million rubles. That is, 300 thousand were added to the previous limit.
Get compensation
To receive compensation, the depositor (or his representative with a power of attorney) must contact the agent bank or the appropriate agency that is authorized to make payments and write an application. The term for its submission starts from the time of the onset of the insured situation and lasts until the end of the bank bankruptcy process.
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