Compensation procedure

Compensation Procedure
Deposit Guarantee
INITIATION
D
Unavailability

The Autorité de Contrôle Prudentiel et de Résolution (ACPR) determines that the deposits of the troubled bank's customers are "unavailable".

The ACPR then triggers the intervention of the FGDR, which is responsible for paying compensation for deposits of up
to €100,000 per depositor, per institution within 20 working days.

Compensation for other financial products or products from insurance companies is covered by other guarantee schemes.

The “deposit unavailability date” is, practically speaking, the date on which the bank is closed and customers lose free access to their accounts. It is also as of this date that customers' account balances and compensation amounts are calculated.

Customers do not need to take any action other than opening an account at another bank.

PREPARATION
FROM D1 TO D+5
From D1 to D+5

The bank has five working days to settle each customer's accounts by including all outstanding transactions (cheques, credit card deferred debits, etc.) and interest or
remuneration due.

The bank identifies the customers, accounts and amounts to be compensated under the deposit guarantee scheme.

The bank sends the computer files to the FGDR and indicates the settlement of each customer's accounts and the calculation of his/her compensation.

Information au public

During this time, the FGDR informs the public of the compensation procedure on its website or via the media. The message:

« What institution is involved, what are the compensation steps, how long does it take, where to get information, etc.? »

The FGDR answers customers' general questions via its call centre and the website. It communicates with the media.

The FGDR answers customers' general questions

PAYMENT
D+5 TO D+20
Lettre recommandée

The FGDR receives the computer files identifying the customers and their accounts from the bank.
It performs a technical verification of the files and confirms the amounts to be compensated up to a maximum of €100,000 per person, per institution.

The FGDR prints a compensation letter containing the following information and sends it to each customer by registered letter with return receipt:

  • the customer and account information,
  • the accounts that fall within the scope of the guarantee scheme and those excluded,
  • the compensation amount paid,
  • the amount for which compensation is not paid (for example, the portion above €100,000),
  • the compensation cheque, if any,
  • information notice about the compensation rules and procedure.

 

During this time, the bank prints a final bank account statement for each of the customer's accounts in the usual format and sends it to the customer. This statement is the document used to calculate the compensation.

Most depositors receive compensation in less than 20 working days.

Some complex situations may require a longer processing time, such as improper customer identification, incorrect address, customer moved without providing a new address or recent death of the customer with settlement of the estate pending.

During this period, the FGDR's call centre is available to answer questions or contact customers as needed.

The FGDR answers customers' questions

THE FOLLOWING DAYS
Traitement des cas particuliers

The FGDR continues to handle special cases and complex situations.

The FGDR continues to handle special cases and complex situations.

It also handles any complaints.

The FGDR draws up an assessment of the compensation.

THE FGDR'S ADVICE FOR DEPOSITORS
Le conseil du FGDR
  • Keep your bank informed immediately of changes in your personal situation or that of your children.
  • Keep your bank informed of address, telephone number and e-mail address changes.
  • Meet with your account manager on a regular basis.