If the National Bank declares a bank insolvent, the Deposit Insurance Fund for Individuals (DIF) will pay the guaranteed compensation to depositors. To recover funds, a depositor must review the official notice, determine the payment method, prepare identification documents, and, if necessary, file a claim as part of the bank’s liquidation proceedings.
Why a Bank Is Declared Insolvent
The National Bank declares a bank insolvent if it fails to meet capital or liquidity requirements or regularly violates the standards set by the NBU. The National Bank makes the decision, after which the Deposit Guarantee Fund places the bank under temporary administration.
Once temporary administration is imposed, the bank ceases most financial operations, and the institution’s future—whether it undergoes restructuring, is sold to an investor, or is liquidated—depends on the Fund’s decision. For depositors, what matters most is not the form of the subsequent procedure, but the fact that the bank has been declared insolvent, which triggers the guaranteed reimbursement mechanism.
Verifying Official Announcements
Information regarding the NBU’s decisions and the start of payouts must be verified on the official websites of the National Bank and the Deposit Guarantee Fund. Posts on social media or messaging apps are not sufficient grounds for providing personal or payment information.
The Fund publishes a list of banks being withdrawn from the market, the start dates for payments, and the procedure for depositors to file claims. This information is the primary source and takes precedence over any other channels of communication.
Deadlines for Filing Claims
A depositor has the right to file a claim for guaranteed reimbursement throughout the entire period of temporary administration, as well as after the start of the bank’s liquidation proceedings—until the deadline set by the Fund for that specific case. You can verify the deadlines for filing claims at the Deposit Insurance Fund’s Information and Advisory Center or on the relevant bank’s page on the Fund’s website.
If the term of the deposit agreement has not yet expired at the time temporary administration is imposed, the depositor can generally receive the guaranteed amount after the agreement’s term ends or under the conditions specified by the Fund for such cases.
How to Receive Funds
The Fund designates agent banks or remote channels through which compensation payments are made. The procedure may vary depending on the specific agent bank and the stage of the bank’s market exit process.
Depositors should check the Deposit Guarantee Fund’s website to determine which agent bank is handling payouts for a specific bank that has been declared insolvent, and which channels are available—agent bank branches or remote services.
Identification Requirements for Payouts
Depositor identification is required to receive funds. The specific list of documents or digital means of identity verification is determined by the selected payment method and the corresponding notice from the Fund.
Before contacting the agent bank, it is recommended to check the current identification requirements on the official website of the Deposit Guarantee Fund, as the list may vary depending on the channel used to receive funds.
Guaranteed Reimbursement Amount
Reimbursement is paid within the limits of the guarantees established by the Law of Ukraine “On the Deposit Guarantee System for Individuals.” For deposits in foreign currency, payment is made in hryvnia.
Starting April 13, 2022, for the duration of martial law and for three months following its repeal or termination, Ukraine will provide full (100%) reimbursement of funds for deposits held by individuals and individual entrepreneurs. After this three-month period ends, the maximum guaranteed reimbursement amount will be 600,000 UAH.
Claims Exceeding the Guaranteed Amount
If, after the special full-reimbursement regime ends, a depositor’s claims exceed the guaranteed amount or certain funds are not covered by the Fund’s guarantee, such claims are considered as part of the bank’s liquidation proceedings in accordance with the Law.
In this case, the depositor is included in the register of creditors’ claims, and claims are satisfied in the order established by law, as the bank’s liquidation estate is formed.
Loan Obligations at an Insolvent Bank
A bank’s declaration of insolvency does not terminate loan agreements. Borrowers are obligated to repay the principal amount of the debt and pay interest in the amounts and within the timeframes specified in the agreement, regardless of the bank’s status.
Details for loan repayment following the appointment of a temporary administrator are available on the Deposit Guarantee Fund’s website or directly from the agent bank serving the relevant bank.
Fraud Protection
A bank’s exit from the market is accompanied by an increase in fraudulent emails that masquerade as official notifications from the Deposit Insurance Fund or the agent bank. You can recognize such attempts by several signs:
a request to provide your PIN, CVV/CVC, online banking password, or one-time SMS code;
a link to “expedite” or “activate” a payment, sent via a messaging app or on social media;
a request to make an advance payment or pay a “fee” to receive the guaranteed reimbursement.
None of these actions are part of the legitimate payout procedure. The Deposit Guarantee Fund and agent banks obtain the data necessary for identification only through official channels—agent bank branches or remote services designated by the Fund, a list of which is published on the website fg.gov.ua.
What a depositor should do first
Check the bank’s status and the start date for payments on the NBU and DGF websites.
Find the agent bank designated for payments for that specific bank on the Fund’s website.
Prepare a document confirming your identity, in accordance with the requirements of the selected channel for receiving funds.
Contact the agent bank within the timeframe set by the Fund.
If you have claims exceeding the guaranteed amount, file them as part of the bank’s liquidation proceedings.
Each of these steps is carried out without third-party intermediaries and without disclosing payment details to third parties.
