If bank deposits becomes unavailable due to the failure of a member bank, the bank is obliged to provide the Norwegian Banks’ Guarantee Fund with lists of its clients’ positions. The Norwegian Banks’ Guarantee Fund will as soon as possible inform the depositors of the reimbursement process and how reimbursements will be made.

Covered deposits will be available within seven business days after the bank deposit became unavailable, provided that the depositor chooses a method of payment.

Natural persons over the age of 18 may use their BankID to log on to the online payment solution provided by the Norwegian Banks’ Guarantee Fund. In the payment solution, you can choose an account in another bank to transfer the money to. The account in the other bank must be owned by the depositor.

Corporations may use the online payment solution provided by the Norwegian Banks’ Guarantee Fund. The CEO or the chairman of the board may use their personal BankID and the organization number of the corporation. In the payment solution, you can choose an account in another bank to transfer the money to. The account must be owned by the corporation and be registered on the same organization number.

Depositors without BankID will receive a postal payment order. Depositors under the age of 18 will automatically receive the postal payment order. All other depositors without BankID must contact the Norwegian Banks’ Guarantee Fund for the postal payment order to be issued. 
The postal payment order may be cashed at the post office or in a bank. The receiver depositor will need to show a valid ID such as a passport to authorize the payment order. The depositor may:

(i) receive cash for amounts under NOK 100 000,
(ii) transfer the amount to an existing account held by the depositor in another bank, or
(iii)  the bank processing the cheque may open a newn account for the depositor which the money may then be transferred to.

Depositors without BankID who reside abroad are requested to contact the Norwegian Banks’ Guarantee Fund for alternative solutions.

Temporary high balances may in some cases be covered. For more information on temporary high balances, please visit this article. To apply for such coverreimbursement of temporary high balances, you must file an application to the Norwegian Banks’ Guarantee Fund. The application must contain the required documentation, please see Finansforetaksloven §19-4 (in Norwegian).

Claims that are not eligible under the guarantee may be made to the failing bank’s administration board as such claims are not part of the responsibility of the Norwegian Banks’ Guarantee Fund.

Complaints on the guarantee or reimbursements are handled by the Financial Supervisory Authority. Disputes regarding the guarantee and the Norwegian Banks’ Guarantee Fund’s decisions may be settled by court.