After the suspension of the activities of “Muganbank”, customers are confused about a number of issues. One of these issues is the fate of cash on plastic cards owned by a bank whose license has been revoked. I wonder what will happen to the money inside the plastic cards of the closed bank? Can the customer withdraw funds from his card from the ATMs of another bank?
Publika.az It is reported that in this regard, economist-expert Khalid Karimli explained the procedural rules in his statement to Ekonomiyyat.az.
He first mentioned that all operations of the bank in question have been stopped and the bank’s “application” is not working.
According to the expert, it does not seem realistic for the customer to get funds on the “Muganbank” card through the ATMs of other banks: “Because the card accounts of the canceled bank have also been frozen. Although the license of “Muganbank” has been revoked, the official statement that it is bankrupt has not yet been published. However, in all cases, the use of bank transactions is restricted.”
Touching on the fate of savings, the economist said that a person who has become a bank customer should apply to the Savings Insurance Fund. He said that after receiving the person’s documents, the Fund takes appropriate steps towards the recovery of deposits:
“According to the rules that came into force on April 5, 2021, deposits up to 100,000 manat in a local bank are considered insured. Funds above 20,000 manat in bank accounts opened by natural persons in connection with entrepreneurial activities are not considered protected deposits. The amount remaining in the customer’s current account is not returned by the Deposit Insurance Fund. According to the sequence existing at the time of cancellation, the amount remaining in the customer’s card account falls into the last sections as an unsecured liability and is likely to be non-refundable.
It should be noted that a few days ago, the license of “Muganbank” was canceled by the decision of the Central Bank (CBA).
