If you are informed through the media or other sources of information that the bank or savings and credit association where you have placed your savings has been closed, you should not worry! It is enough to follow the media or visit our website to receive timely information regarding the procedure for the payment of your deposit compensation.
In accordance with the Law on Deposit Insurance, as soon as the Bank of Albania officially announces the decision that a financial institution (bank or savings and credit association) has been placed under compulsory liquidation and is therefore unable to fulfill its obligations to its depositors, the Deposit Insurance Agency (DIA) is required to initiate the payment of deposits within 90 working days. During this time, the Deposit Insurance Agency (DIA) will prepare the necessary funding resources, obtain the exact compensation amount for each depositor from the failed financial institution (bank or savings and credit association), and publish announcements with detailed information regarding:

According to the instructions provided in the DIA’s announcements, you must present yourself at the bank branches specified in the announcement, with your identification documents. There, you will receive an automatically generated document containing information about the exact amount of your compensation, based on the data provided by the failed financial institution (bank or savings and credit association). You must check the accuracy of the information, and if all the data is correct, you will sign the Certificate of Compensation Payment. Compensation is paid immediately once you sign the Certificate of Compensation Payment.
Compensation can be paid either via bank transfer or in cash. For security and efficiency reasons, the preferred method of compensation payment is by bank transfer.
The deadline for making compensation payments may be extended for deposits that require additional time to accurately determine the account holder and the deposit amount in cases such as appeal procedures, inheritance division, prevention of money laundering and terrorist financing, seizure issues, or enforcement of decisions by administrative and judicial authorities, etc.
If you do not agree with the information declared in the Compensation Form, you may initiate the appeal procedure. It is sufficient to complete the complaint form and submit it to the Agency, including your information, explanation, and the required supporting documents. The relevant department within the DIA will carry out verifications to determine the accuracy of the compensation amount as quickly as possible and will make a decision based on which the compensation will be paid.

Depositors have a time limit of 10 years to withdraw the compensation amount.

If the deposit is higher than the maximum level of deposit insurance, i.e. higher than 2,500,000 All for deposits in banks and 2,000,000 All for deposits in savings and credit associations, the overdue amount must be requested from the financial institution placed in bankruptcy or liquidation proceedings.

According to the law “On Deposit Insurance”, a regular and payable deposit is compensated, in case a financial institution, member of the insurance scheme, has not the financial disponibility to pay it. The compensation of the insured deposit is the monetary value recognized or paid to the depositor in case of the insurance event, in accordance with this law.

The Deposit Insurance Agency is the only institution that compensates the deposits of depositors of banks/Sca’s that carry out their activity in the territory of the Republic of Albania.
The compensation procedures begin immediately from the moment the Agency is officially notified in writing by the Supervisory Authority of the placement of the member institution of the deposit insurance scheme under compulsory liquidation. The Agency publishes a notice regarding the start of the compensation process and the place and time for the payment of deposits within 3 days after receiving written notification from the Bank of Albania about the placement of the institution under compulsory liquidation.
The depositor or their representative has the right to obtain this information directly at the premises of the institution placed under compulsory liquidation, at the SCA union, or at the agent bank. The agent bank or the SCA union that will carry out the compensation process is appointed by a decision of the Agency’s Board of Directors, in accordance with the selection criteria proposed by the Agency and approved by the Bank of Albania.
In accordance with the “Deposit Insurance” law, the Compensation Process ends no later than three months from the initiation date. After the legal term of the compensation process, any depositor, who for certain reasons, has not been compensated in accordance with the requirements of this law, can be presented within 10 years from the insured event to the Agency to claim the amount of compensation.

The Agency may compensate the insured deposit through one of the following ways:

Each depositor will be compensated for the amount of 2,500,000 ALL for each bank and 2,000,000 ALL for each saving and credit association. All deposits in foreign currency will be converted into All at the official currency exchange rate of the Bank of Albania, on the day the institution goes into liquidation. For Depositors who have overdue payments to the bank/Sca’s (arrears of loan installments, children’s pension, etc.), all sum will be deducted from the amount of the legal compensation.

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