The deposit guarantee scheme covers guaranteed deposits.
On June 23 the Ministry of Finance decided that Optin Bank was liquidated under public administration (see press release for further information). Optin Bank was a member of the deposit guarantee scheme, covering deposits up to NOK 2 million per depositor, including accrued interests.
Optin Bank has less than 1,000 depositors. Their guaranteed deposits will be reimbursed within the legal deadline of seven working days.
When will the money be paid out?
Guaranteed deposits will be available to the customer within seven working days after the Ministry of Finance reached the decision to liquidate the bank under public administration, on June 23.
The payment solution will be made available as soon as possible, and at the latest by Friday July 2. A link to the payment portal will be made available through our web page bankenessikringsfond.no. To log on, depositors need a BankID or other Norwegian electronic ID.
What amount will be paid out?
Depositors may claim the balance on their account at Optin Bank, including accrued interest, as at June 23. The compensation is limited to NOK 2 million.
This limit also includes accounts with restrictions e.g. deposit accounts, custodial accounts etc. These deposits require additional processing and will be transferred to the customer’s new bank account at a later date. See https://www.bankenessikringsfond.no/?lang=en_GB for more information.
Certain life events may trigger temporary high balances in your bank account. In some cases, such temporary high balances are protected if the deposits were made no longer than twelve months before the failure of Optin Bank. We need to review evidence to check that there is a sufficient connection between the relevant life event and the amounts in the depositor’s account. You may apply at firstname.lastname@example.org if you wish to claim for a compensation exceeding NOK 2 million due to the following life events:
- Real estate transactions (relating to your main or holiday residence only)
- Benefits payable under an insurance policy
- Personal injury compensation
- Disability or incapacity
- Claim for compensation for wrongful conviction
- Claim for compensation for unfair dismissal
- Marriage or civil partnership
- Divorce or dissolution of their civil partnership
- Benefits payable on retirement
- Benefits payable on death, including inheritance
This list is not exhaustive. The evidence required will depend on the life event of your individual circumstances. If you provide the relevant supporting evidence, and it is accepted, we will pay the compensation within three months
How is the money paid out?
The Norwegian Banks’ Guarantee Fund has established a payment solution which will be made available through www.bankenessikringsfond.no. When the guaranteed deposits are ready for reimbursement, the customer will be able to transfer the money to an account in the customer’s possession at another bank. The Norwegian Banks’ Guarantee Fund will provide more information as soon as the payment solution is available. Customers of Optin Bank can log on to the payment solution and register their account number in another bank. The payment solution will be made available as soon as possible, and at the latest by Friday July 2.
What do you have to do as a depositor at Optin Bank to access your guaranteed deposits?
Customers can log on to the payment solution using “ID-porten” following the link at www.bankenessikringsfond.no, use their electronic ID (BankID, BankID on mobile, Buypass or Commfides) and enter the account number to which the guaranteed deposits are to be paid. Each customer chooses the bank to which they want to transfer the money. It is only possible to transfer to an account owned by the customer. After the customer has entered and confirmed the account number for the reimbursement, the deposit will be transferred to the new account within 1 to 2 working days.
The Norwegian Banks’ Guarantee Fund will publish more information on our website as soon as the payment solution is ready.
Customers with BankID or other electronic ID
- Customers who have BankID will normally be able to open an account with a new bank via the internet. If you already have an account with another bank, you can use this account.
- Customers who have used Optin Bank as their everyday bank will need to create a user account with a bank card (debit card). These customers should contact the bank they wish to use in the future as soon as possible (establish a new customer relationship) and order a new bank card.
- Once the payment solution is made available, customers who have BankID, BankID on mobile, Buypass or Commfides can go to www.bankenessikringsfond.no and proceed to the payment solution and register the account number to which they want the guaranteed deposit to be transferred. It is only possible to make the transfer to an account you are the owner of. If the account in question is newly opened, you must wait until the day after the account is opened to be able to transfer, see points 1 and 2 above.
Customers who do not have a BankID or other electronic ID
- Customers who do not have any banking relationship other than Optin Bank must establish a customer relationship, account and electronic ID with another bank.
- Once the electronic ID is established, the customer will be able to follow the procedures as indicated above and access the guaranteed deposits.
- Customers who cannot or do not wish to use the payment solution must contact The Norwegian Banks’ Guarantee Fund to receive a Giro payment which will be sent per mail. In order to redeem the Giro payment, the customer must visit a bank or post office and bring valid identification.
For further questions, please send us an e-mail at email@example.com or contact us by phone at +47 21 62 35 50.