What should a depositor know about early termination of a bank deposit? In recent years, Russians have been actively depositing money into banks, and time deposits have become the most popular way to save money and receive additional income. However, no one is immune from unforeseen situations. Money may be required at any time, and then there is a need to forcibly stop the signed agreement.

Today in the article we will look at:

The procedure for terminating the deposit agreement;
how to choose the right time deposit so as not to lose profits when withdrawing funds early;
what to do if the bank refuses to return the deposit.

Attention to the contract

The term of the deposit, as well as other conditions for placing a deposit, are specified in the agreement, which is concluded when placing money in the bank. The Civil Code states that the bank is obliged to return funds to the depositor upon request. The bank has the right to reduce the interest rate upon early termination of the contract, but the principal amount of the deposit is returned to the client in full. A credit institution does not have the right to levy fines for premature withdrawal of funds from a deposit account.

The conditions for termination are also described in the deposit agreement. You must familiarize yourself with them before making a deposit.

Note!

Many banks offer special interest rates in case of need for early withdrawal of funds

If there is a possibility that you will have to withdraw your money ahead of schedule, then pay special attention to the conditions relating to this issue. At the moment, credit institutions are trying to attract customers in various ways, including high interest rates when withdrawing money before the end of the term.

Each investor must determine for himself which clauses of the contract are the most important: the interest rate, termination conditions, the possibility of replenishing the account or withdrawing part of the funds. In some banks, in case of early withdrawal of funds, the actual deposit rate applies, sometimes 2/3 of it, or interest is recalculated at the “Demand” rate.

Interest rate

The maximum interest rate usually applies to deposits that are placed for a long term with interest paid at the end of the contract. Deposits with the ability to replenish and withdraw funds, as well as with preferential conditions for early termination, are not concluded on such favorable terms, but in this case you are insured against unforeseen situations.

Often the interest rate depends on the period the deposit is actually held in the bank. The longer the money was in the account before the contract was terminated, the higher the rate will be when recalculating interest in the event of closing the deposit. If the funds were kept in the bank for less than half of the term, then upon early termination the rate “On demand” applies, and then it gradually increases depending on the period the deposit is in the bank.

The bank does not have the right to change the current terms of the agreement unilaterally. Therefore, they often make references to their tariffs, rules and procedures for servicing individuals. In many cases, when withdrawing funds early, banks introduce hidden fees. For example, for transferring money to a current account and withdrawing cash, the depositor pays a commission.

Note!

In many cases, when withdrawing funds early, banks introduce hidden fees

If your deposit agreement stipulates that the bank can change the conditions unilaterally, you need to pay attention to the clauses that are subject to change. Credit institutions are required to warn about them in advance.

Procedure

In many cases, you can withdraw a deposit from the bank by informing the branch employee of your desire. However, if there is no response to the verbal request, then termination of the bank deposit agreement occurs at any time upon a written application from the client. The application can be written in free form, but it must contain all the basic information. You can ask for a sample document at the bank or find it on the Internet.

The bank employee accepting your application must put the date of acceptance and his signature on his copy. The second copy, certified by a bank employee, remains with the depositor. If the manager refuses to sign the application, then the document must be sent to the bank by registered mail with acknowledgment of receipt. Such documents must be registered.

Early termination of the contract does not imply an immediate refund to the client. The department may argue that the refusal to issue money is due to the fact that the cash desk does not have the required amount. Therefore, it is advisable to call the bank in advance and inform about your desire to withdraw the money, so that at the time of termination of the deposit the required amount is available at the cash desk.

The document usually specifies a period after submission of the application during which the client can withdraw the money. If the bank does not stipulate this point, then Article 859 of the Civil Code of the Russian Federation states that the credit institution is obliged to return funds from the deposit within seven days after receiving an application to terminate the deposit agreement. The method of refund is specified by the client. This may be a transfer to an individual's current account or a cash return.

The credit institution is obliged to return funds from the deposit within seven days after receiving an application for termination of the deposit agreement

If the bank does not return the deposit

If, after a written request, the credit institution does not return the money to the client, it is necessary to contact the Central Bank of the Russian Federation, which is the regulatory body. Along with the application for the bank’s refusal to return the deposit, copies of the application for the return of the deposit and a notice of delivery of the document are submitted.

The bank's refusal to return funds is a violation of your rights and is regulated by the Civil Code of the Russian Federation, in accordance with Article 11 of which the protection of citizens is carried out by a court of general jurisdiction. This means that the depositor can apply to the district court at the location of the bank with a statement of claim to recover from the credit institution the unpaid amount of the deposit and accrued interest. The lawsuit is filed simultaneously with the application to the Central Bank.

An appeal to the court is possible only after the bank has officially refused the depositor’s application for forced closure of the deposit or ignored it, but the client still has documents confirming the application to the credit institution.

Summary

Most often, early termination of a deposit agreement takes place without problems and is carried out at the time the client submits an application to the bank. The depositor may lose interest on the deposit, but he must receive the principal amount that was deposited in full. In order to make a profit while the money is in the credit institution, experts recommend thinking through all unforeseen situations in advance and choosing deposits with preferential conditions for early termination. At the moment, there are quite interesting offers on the market that allow you not to lose interest when withdrawing money from your account early.

When depositing money in a bank, clients cannot always predict when they will need funds. Unforeseen circumstances or mistakes made when planning a family budget may force investors to terminate the contract earlier than the deadline. There are many rumors associated with the process of early withdrawal of deposits from the bank: depositors are intimidated by “fines” and “non-return” of money. How is the procedure for terminating a contract at the initiative of a depositor actually carried out, and can the bank apply penalties? Let's look at these issues in more detail.

Features of early termination of the deposit

There is an unspoken rule in the banking industry: the stricter the terms of the deposit, the more profitable it is for the depositor. Credit institutions offer the maximum rates when placing funds for a period of 2 years or more, while it is not possible to replenish or withdraw funds from the account, and interest is paid at the end of the term or capitalized annually (quarterly). The least profitable option is to open a deposit with the ability to replenish and partially withdraw funds (within the minimum balance).

Depending on the conditions for placing funds in the deposit account, the bank establishes a procedure for early withdrawal of the entire deposit amount or part thereof:

• if the agreement provides for the possibility of partial withdrawal of funds, then the depositor can withdraw them without the bank applying penalties. In most cases, the contract specifies the minimum balance amount that must remain on the account. Also, under such agreements, a gradation of interest can be established (the rate depends on the amount in the account). If the depositor wants to withdraw the entire amount, including the minimum balance, the bank has the right to apply penalties. Both in case of full early termination and in case of partial withdrawal of funds, the depositor must notify the bank in advance of his intentions (usually 3-7 business days before the date of withdrawal of the deposit);
• If the agreement does not provide for the possibility of partial withdrawal, then in order to withdraw the entire amount or part of the funds from the account, the depositor will need to terminate the deposit ahead of schedule. The bank has the right to apply penalties and recalculate interest, regardless of whether they have already been paid to the depositor or not.

When withdrawing a deposit, you will need an identification document (passport), as well as the agreement itself or a passbook, in which a bank employee must put notes on termination. At the branch, the depositor writes an application to close the account, after which he receives funds at the bank’s cash desk (at the request of an individual, they can be transferred to a current or card account).

If the depositor does not want to withdraw the entire amount, but only a part, but partial withdrawal of funds is not provided for in the agreement, then he can deposit the remaining funds again by signing a new agreement (accordingly, the deposit amount will decrease).

In case of early termination, it is important to know what penalties banks can apply to depositors. More details about this.

The legality of applying penalties for early termination of deposits

According to Art. 837 of the Civil Code, the bank is obliged to return funds to the depositor upon his first request. Financial institutions have the right to ask the client to notify them in advance of his intention, but this is done only in order to prepare cash for withdrawal (the required amount of cash may not be available at the cash desk).

In case of early termination, the depositor must receive an amount no less than that which he initially deposited into the bank. Penalties applied in case of early termination of a deposit may apply only to accrued interest. Let us note that previously banks could set fines in the amount of 1-15% of the deposit amount, that is, having invested a certain amount in the bank, upon early termination, clients received back 1-15% less (they were also not accrued interest on the deposit amount).

Now, with early termination of a deposit, banks can:

• recalculate interest from the first day of the agreement until its termination at the rate for demand deposits (as a rule, it is tenths of a percent per annum). If part of the interest has already been paid to the client, upon termination of the contract they will be deducted from the total amount of the deposit;
• recalculate interest at a special rate equal to, for example, 1/2 or 1/3 of the base rate;
• use a combined method. For example, for six months, calculate the amount of interest based on the base rate, and for the remaining time before the termination date - at the rate for demand deposits;
• establish “full periods” (most often quarters) for which the client receives interest at the current rate. For example, if the period is 3 months, the contract was concluded for a year, and the money was in the account for 8 months, then for 6 months (2 quarters) the bank will charge interest based on the base rate, and for 2 months (incomplete quarter) - at the rate for demand deposits.

In order to get the maximum benefit from cooperation with the bank, even in the event of early termination of the deposit, you need to remember some rules. Recommendations for investors - below.

When signing a deposit agreement, you must carefully study all its clauses, and in particular, pay attention to:

• terms of placement of funds;
• availability of a minimum balance on the deposit;
• possibility of partial withdrawal of funds;
• the procedure for calculating interest upon early termination of the contract;
• conditions for interest capitalization;
• terms of deposit extension;
• terms of termination (how many days before termination of the contract you need to notify the bank of your intention and the form of notification).

If you are not sure that your funds will remain in the account for the entire term, choose a deposit program with the possibility of partial withdrawal of funds or a shorter contract period. This way you will protect yourself from the risk of losing all interest income and will be able to get a small, but still guaranteed increase in your invested funds.

If we have a free amount of money, the best thing to do is to make it work and make a profit. They come to the rescue at a certain percentage: the money is in the account and its amount gradually increases. Unfortunately, sometimes we are forced to resort to early withdrawal of deposit. This is always connected with some emergency events in the economy or with problems for which we need money. Banks are reluctant to undertake such an operation, and depositors are looking for ways to withdraw their deposits wisely, without financial losses.

Conditions for early withdrawal of deposit

They always act in their own interests, therefore they offer the most profitable services only with strict and important conditions for themselves. This applies to both loans and deposits. The deposit term implies the actual possession of your money by the bank and the ability to use it. Therefore, deposits with the highest interest rates almost always contain conditions to limit early termination of the deposit.

You can withdraw money from your deposit in two forms:

• withdraw money partially, leaving some amount;
• withdraw all money and completely close the deposit.

You can withdraw part of the money without losing interest only if you have such an option stipulated in your deposit agreement. But even in this case, banks usually include a clause in the agreement stating what minimum amount should always be on the deposit. And if the agreement does not provide for the possibility of withdrawing part of the money at all, then the bank has every right to apply its penalties to you, which are also usually prescribed in the agreement.

If you want to completely withdraw all the money and terminate the deposit agreement early, first of all you must also look at what kind of agreement was concluded with you and what kind of deposit you have.

All contributions can be divided into two large groups:

• time deposits, which specifically define the period for which you place your money in the bank and before which you cannot withdraw the money without consequences;
• demand deposits, which imply the opportunity to receive your money at any time without penalties.

The first group of deposits always refers to more favorable deposits in terms of the terms offered and accrued interest, because the bank takes from you some obligation that it will definitely own your funds for a specific time.

As for demand deposits, in this case the bank no longer has such a guarantee, so it sets very low interest rates. This applies to all deposits with the possibility of early termination, which is spelled out immediately in the agreement.

If you have a time deposit, then the bank will apply penalties for early withdrawal of all money and its closure.

Fortunately, at present, the issue of penalties for early closure of a deposit is strictly regulated by federal law, and banks cannot completely independently regulate this important issue.

According to regulatory documents, banks, when withdrawing a deposit early, can apply only those penalties that relate to the reduction of interest on the deposit. They do not have the right to return to the client an amount less than the original deposit amount.

The bank only has the ability to manipulate interest rates, so penalties may look like this:

• the toughest way is that the bank actually changes the type of deposit and recalculates all interest for the entire period from opening to closing not at the rates of time deposits, but at the rates of demand deposits, and then deducts the difference from the total amount of the deposit;
• the bank can simply reduce the current rate on time deposits by half, by a third, etc., and then also recalculate all interest;
• the method of combining the rate on time deposits for a certain period (for example, a year) and the rate on demand deposits for the remaining period before the date of termination of the contract can be applied;
• the bank can establish some reporting periods (for example, 3 months), during which the rate on time deposits will apply, and in the last period, which is less than the reporting period, the rate on demand deposits.

The most important conclusion for all depositors is that the bank, in any case, is obliged, at your request, to give you all the money from the deposit, and does not have the right to apply sanctions that reduce the original amount of your deposit.

Before closing your deposit early, carefully study the following clauses of the agreement:

• for what period did you place your money, and how much time do you still have until it ends;
• whether partial withdrawals are allowed and whether there is a minimum account balance rule;
• how the bank will charge interest if you declare early closure of the deposit (what sanctions will be imposed);
• general conditions of termination (term, documents, etc.).

Typically, banks always require that clients notify the bank 2-3 business days before the actual withdrawal of money from the deposit in order to prepare the required amount.

After this, you need to go to a bank branch with a passport and a deposit agreement, write an application for early withdrawal of the deposit, and then receive your money at the cash desk or ask to have it credited to your card.

In any case, before opening a deposit, try to soberly assess your capabilities and not immediately choose time deposits with long terms, but start with at least short-term deposits or with the possibility of partial withdrawal of funds in emergency cases.

“I’ll buy a deposit with a 25% discount or exchange it for an apartment in Brovary.” On the Ukrainian Deposit Exchange, created several months ago, there are already more than 3.5 thousand similar advertisements. There are more and more bank depositors trying in vain to withdraw money from their deposit accounts.

“I’ll buy a deposit with a 25% discount or exchange it for an apartment in Brovary.” On the Ukrainian Deposit Exchange, created a few months ago, there are already more than 3.5 thousand similar advertisements. There are more and more bank depositors trying in vain to withdraw money from their deposit accounts: at the end of 2008, financial institutions did not issue deposits ahead of schedule, now they refuse to return expired ones deposits and money from current accounts. It is especially difficult (more precisely, expensive) to get money out of a bank with a temporary administration. However, clients of successful financial institutions are ready to sell the deposit at a discount in order to receive cash as quickly as possible. Contracts figured out how to use legal and illegal methods to get back money stuck in the bank.

Court
The cheapest way to return money from a deposit and current account

Maria Bereznyuk's deposit expired on March 1. She kept money in one of the large banks, now there is a temporary administration in this financial institution. “The deposit amount is $30 thousand. I still haven’t received even part of this money,” says the depositor. The bank employees flatly refuse to tell her the date of payment of funds and the money return scheme.

Selling deposit Average discount on deposits

Maria Bereznyuk wrote an application for the return of the deposit addressed to the head of the bank branch. “The application must be drawn up in two copies: the depositor keeps one for himself, and gives the second to the bank. The documents must be signed by a branch employee confirming the acceptance of the application, dated and stamped by the financial institution,” comments Yuri Krainyak, managing partner of the law firm Jurimex. The bank's stamp on the depositor's application is mandatory - banks often deny the fact of receiving any written demands from clients, delaying the return of money. Maria Bereznyuk had to send the document by registered mail - bank employees refused to stamp the application, citing the busyness of the manager in charge of the seal. During legal proceedings, notification of the bank's receipt of a registered letter will replace the financial institution's seal on the document.

After receiving the application, the bank is obliged to review it and respond within a month. According to Maria Bereznyuk, the deadline has not yet expired and the bank has not yet notified her of its decision. If the financial institution refuses to resolve the matter peacefully, the depositor intends to go to court.

Before submitting documents to the court, the investor must prepare a package of the following documents:

Bank deposit agreement;

Receipts for depositing money into a deposit account;

Statement of demand

return money;

Confirmation of receipt of this letter by the bank;

The bank's response to the letter regarding the early return of the deposit (if there was one).

Maria will win her case in court - banks do not have the right to delay the issuance of deposits and funds from current accounts, even if a financial institution has introduced a moratorium on satisfying creditor claims (today - in all banks with temporary administration). This ban does not apply to bank depositors, but exclusively to persons who issued a loan to a financial institution. Bankers, of course, claim otherwise, but most depositors win cases for the return of deposits in the courts. At the same time, the moratorium on early withdrawal of funds from deposit accounts also does not apply (for more details, see “Was there a moratorium?”). Therefore, a depositor who goes to court demanding that the bank return the money will win the case.

The cost of legal services in court proceedings depends on the rank of the law firm’s specialist (an ordinary lawyer or a partner of the firm), the firm’s popularity in the market, the specifics of the case (the amount of the deposit, the bank in which the money is stuck, the terms of the deposit agreement). For example, the larger the deposit amount, the lower the commission percentage for the transaction intermediaries charge. In any case, most lawyers prefer a mixed payment scheme for their work: partly for results (as a percentage of the contribution amount), partly for conducting a case (that is, hourly). On average, the cost of returning a deposit through the court accompanied by a lawyer will cost a bank client 3–5% of the deposit amount.

Debit cards and offsets
A relatively inexpensive way to return money from a deposit and current account

Even with temporary administrations, it is not profitable for banks to sue depositors - in this case, their reputation suffers, and the money will have to be given back under any circumstances. Therefore, financial institutions often agree to return deposits to depositors in small parts, for example, by issuing a debit card in the client's name. The disadvantage of this option for returning funds for the depositor is limited access to the deposit amount: most banks allow you to withdraw from cards no more than 2.5 thousand UAH per day, problematic financial institutions even allow you to receive only 500–700 UAH per day from an ATM. And if you have to use ATMs of partner financial institutions, the client also loses on fees for withdrawing funds (from 2% to 5% of the amount). Financial institutions that are ready to pay the owner of a foreign currency deposit and finally make money on it offer to transfer money from the deposit account to the card account. For a financial institution, such an operation is beneficial, but for depositors it is not: the bank exchange rate for such an exchange can be much lower than the market one.

Another option for receiving deposit funds is to transfer money to the client’s current account in another bank. However, even in this case, the depositor loses on commissions for opening an account and transferring money from the deposit.

Actual piece of paper How to write an application for the return of a deposit in a bank (sample)

The most popular method of returning money from a bank deposit is to offset the loan and deposit. If the depositor has a loan from the bank where the deposit is placed, he can ask the financial institution to offset these funds towards repayment of the loan. To do this, you need to write an application to the credit committee. You can repay with a deposit the debt of another person in the same bank by receiving cash from the borrower. However, in this case, the depositor will not return the entire amount of the deposit, but only part of it (and, of course, without interest on the deposit). Bank borrowers who want to repay the loan ahead of schedule, as a rule, have on hand only part of the amount necessary to repay the bank debt. Typically, when offsetting, clients of banks without temporary administration receive 80–95% of the deposit amount from borrowers, and with temporary administration - 65–70%.

- I will help you return the deposit

The Law on Banking Activity does not prohibit mutual offsets and, according to some lawyers, should even occur automatically, without the participation of the bank. However, the financial institution may refuse to repay the loan through offset to the borrower who purchased the deposit. “Before buying a deposit, it is better to consult with banking specialists and enlist their support. It’s even better to draw up a tripartite agreement with the participation of the borrower, the depositor and the bank itself,” says Denis Drozd, head of the Ukrainian Deposit Exchange. According to him, offset schemes are beneficial to financial institutions only when repaying a problem loan, when the borrower repays the loan at the wrong time, with incomplete payments. But the bank may refuse to transfer the deposit towards the regularly repaid debt, since in the event of early repayment of the loan, the financial institution loses interest on the loan.

One type of offset is the receipt by the depositor of collateral seized by the bank to repay the deposit. Such an operation is possible if the deposit amount is equal to or exceeds the cost, for example, of a mortgaged apartment. However, banks try to avoid such transactions: they are more likely to sell property for real money than to give it away to repay a deposit.

Sense of justice Banks without temporary administrations are afraid to sue depositors

In principle, it is quite possible to prepare for mutual settlement - to find a client interested in purchasing a deposit, to organize a transaction - independently, that is, for free (not counting the discount on the sale). Settlement under the supervision of lawyers will cost 1–1.5% of the deposit amount, the total cost of returning the deposit is from 4% to 35–40% of the amount (including the discount on the sale of the deposit). The entire procedure from submitting an advertisement on a stock exchange or other Internet resource to mutual settlement and receipt of money by the investor takes 1.5–2 weeks.

Payment for fictitious services
The most expensive way to return money from a deposit and current account

Intermediary companies officially involved in the mutual settlement of deposits and loans usually use both semi-legal and super-risky schemes for returning money stuck in the bank. For example, the owner of a current account at a problematic financial institution is denied money. A representative of the intermediary company - usually a lawyer, a former bank employee who has connections in banks and is able to motivate the necessary employees of financial institutions - offers to transfer money to the account of the intermediary company for fictitious services. Next, the intermediary, having received 100% of the money from the account in the problem bank, returns the agreed part of the received amount to another account of the customer. Depending on the amount in the current account, the fictitious intermediary will keep from 10% (more than UAH 1 million) to 30% (up to UAH 500 thousand) of the current account amount. This scheme is very risky for the account holder, since there is a high probability of not receiving the transfer of part of the amount from the intermediary company.

Click to enlarge

The cost of services of intermediaries for the return of deposits depends on the problem of the bank and the amount, on average ranging from 12–15% of the deposit amount to 40–50% (deposit return in Nadra Bank, Prominvestbank, Ukrprombank costs 30–40% of the deposit amount). One of the intermediary firms estimates their services at 12% of the deposit in any bank (deposit amount does not exceed 100 thousand UAH) or 11% (more than 100 thousand UAH). “Payment is made only after the deposit has been paid,” assures a company employee. - If the client makes an advance payment of 1.5 thousand UAH, the cost of services is reduced to 9.8% for a deposit up to 100 thousand UAH and to 8.5% for over 100 thousand UAH. The client pays the balance after returning his deposit.” However, lawyers do not advise giving an advance to such intermediaries or contacting them at all. A shell company can disappear with all the money received from investors, and then no one will help return the deposit.

The fund guarantees
How to get a deposit in the Deposit Guarantee Fund if the bank goes bankrupt

At the end of February 2009, the assets of the Deposit Guarantee Fund amounted to UAH 3.2 billion. As of March 16, 2009, 179 financial institutions were permanent members of the Fund.

The fund pays compensation only to depositors of failed banks. Since October 31, 2008, the maximum amount of compensation from the Deposit Guarantee Fund is UAH 150 thousand (for owners of burnt deposit accounts worth less than UAH 150 thousand, the Fund repays deposits in full, for more than UAH 150 thousand - the maximum guarantee amount is paid). Deposits in foreign currency are repaid in hryvnia at the NBU exchange rate on the day the bank liquidator is appointed.

Payment begins within 50 days after the decision to liquidate the bank is made; its clients can receive money within three months from the Fund’s agent banks (usually large financial institutions), after which - from the Fund itself. However, according to an employee of the Deposit Guarantee Fund, at least six months usually pass from the date of bankruptcy of the financial structure until the depositor receives compensation.

To receive compensation for a deposit, you must have your passport and its copies, a certificate of assignment of an identification code and an application for receiving funds. There is no need to provide the Fund with a deposit agreement - the organization maintains its own database of depositors who have not received their deposits from bankrupt financial institutions.

Over the entire history of its existence, the Fund has paid out just over UAH 500 million to depositors of such banks as OLBank Ukraine, Slavyansky, Our Bank, Rostok Bank, Allonge, Premier Bank, and Garant. Currently, the Fund pays compensation to clients of Intercontinentbank, Kyiv Universal Bank, and the European Development and Savings Bank.

Was there a moratorium?

Banks refuse depositors early return of deposits based on the NBU telegram dated December 6, 2008 (No. 22–310/946–17250), which clarified the National Bank Resolution No. 413 dated December 4, 2008. “According to Article 1060 of the Civil Code of Ukraine, the bank is obliged to issue a deposit or part of it upon the first request of the depositor,” says Yuriy Krainyak, managing partner of the law firm Jurimex. According to him, by refusing to issue money ahead of schedule, bankers act contrary to the requirements of the Civil Code of Ukraine.

NBU Resolution No. 413 and the telegram do not directly instruct banks not to issue deposits early. Paragraph 5 of clause 2 of this resolution states: “Banks are obliged to implement all necessary methods to ensure positive dynamics in increasing the volume of deposits (primarily in the national currency of Ukraine) in order to prevent the early return of money placed by depositors.” In its telegram, the regulator drew the attention of bankers to the fact that “by Resolution No. 413 (paragraph 5 of clause 2), banks are prohibited from early return of deposits, since they are invested in long-term loans and other assets.” “The National Bank’s resolution does not contain a ban on early return of deposits,” says Yuri Krainyak. “The regulator just indicated that banks must do everything possible to raise funds.”

The lawyer reminds that the telegram is not a regulatory document that can oblige financial institutions not to issue money to investors. In this case, Resolution No. 413 is generally invalid. Such a document can come into force only 10 days after its registration with the Ministry of Justice of Ukraine (according to Article 56 of the Law on the National Bank of Ukraine), but the document was never registered with the Ministry of Justice.

Full set

A set of documents required to submit an application to the court

1. Statement of claim

2. Bank deposit agreement

3. Payment document confirming that the depositor has deposited money

4. Letter to the bank demanding the return of the deposit

5. Postal notification of delivery of a letter to the bank

6. Bank's response (if any)

7. Receipt for payment of expenses for information and technical support and court fees (1% of the amount of the claim, but not more than 1700 UAH)

8. Copies of all documents.

Who is not happy about the fact that they have a deposit account in a bank, into which, perhaps in small amounts, additional money grows? And even though banks now offer rates that barely cover inflationary processes, for many of us even a small deposit account is already a reason to consider ourselves an investor, albeit a beginner. True, most of these accounts are urgent, that is, with a specific validity period. Our realities are such that the deferred money may be needed before this period expires.

What does the law say?

Even such relationships between banks and ordinary citizens are regulated by the Civil Code. Its second part (Chapter 44) describes all possible options and difficulties that may arise in the relationship between the depositor and the bank. Having initially determined that in such a situation the depositor is the least protected party, the law obliges the bank to return the funds borrowed from the depositor immediately as he requested. In this case, the type of deposit will not matter - whether it was opened or opened “on demand”. True, the consequences of such a withdrawal remain entirely on the conscience of the bank, which it will certainly take advantage of. There will be three options for these consequences - they may give you your money in the same amount in which you deposited it in the bank, you may be charged much less interest than you were originally entitled to under the agreement, or they may even impose a fine.

Deadlines

The good news is that, having stipulated the obligation for banks to return funds to depositors on demand, the law did not leave the timing of fulfillment of these obligations at the discretion of the banks - they would certainly take advantage of such a legislative loophole. However, in Chapter 45 of the Civil Code, banks prescribe very specific deadlines for the return of deposit funds to their depositors - they do not exceed seven days. At the same time, you have the right to terminate the deposit agreement at any time, and the money must be returned to you within the deadline, the countdown of which will begin with your submission of the corresponding application to the bank. At the same time, you can receive the money that will be returned to you either in cash at a bank cash desk or in non-cash form by transferring it to an account in another bank.

If you have an immediate need for funds you have set aside, you will need to notify your bank. To do this, you will have to visit the branch where you opened the deposit account and contact the bank employees. However, they usually do not react in any way to verbal requests, and they may also begin to persuade you not to terminate the contract (in the hope that you will change your mind). If your decision is firm and final, then write a statement that you want to terminate the bank deposit agreement early. The form of this agreement can be free, however, due to the fact that each bank has its own procedures, it is worth asking if your financial organization has any internally established templates. We write the application in two copies, leaving one for the bank employees, and the second (with registration marks) for ourselves. By the way, often in such cases you can encounter a persistent reluctance of bank employees to register or sign anything. Then we send them our application by mail - be sure to request notification of its receipt. By the way, if this does not help, you can always turn to the Central Bank or directly to the court for help.