The Norwegian Banks’ Guarantee Fund utilizes different reimbursement tools when reimbursing depositors in case of a member bank failure.
The reimbursement deadline is seven days after the member bank was set under public administration.
If the Financial Supervisory Authority of Norway decides on public administration of a failing member bank, the bank in questions is obligated to provide the Norwegian Banks’ Guarantee Fund with lists of its’ clients positions.
The Norwegian Banks’ Guarantee Fund will inform the depositors of the reimbursement process and methods as soon as possible.
Natural persons over the age of 18 may use their BankID to log on to the reimbursement web provided by the Norwegian Banks’ Guarantee Fund's electronic payout solution.
Natural persons under the age of 18 and corporations will receive a postal cheque which may be cashed at the post office or in a bank. The receiver will need the depositor’s identification to authorize the cheque. 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 an account
Depositors without BankID who reside abroad are requested to contact the Norwegian Banks’ Guarantee Fund.
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.