I have savings and other bank accounts: a four-step compensation process

When a bank is no longer able to return the sums entrusted to it by its customers, the ACPR notes the bank's failure and contacts the FGDR. The FGDR is initiated on the “unavailability date” and compensates customers in an amount of up to €100,000 per customer, per institution, as well as Livret type “A”, “LDDS” and “LEP” savings accounts guaranteed by the French government, within a maximum of seven working days. 

Step 1: initiation at the request of the ACPR

1. The process is initiated when the ACPR determines that the bank in question is no longer able to return its customers' funds. The deposits become “unavailable” on a date which the ACPR declares as the “unavailability date”. 

2. This is the date on which the bank is closed for all practical purposes, since customers lose free access to their accounts. The ACPR then contacts the FGDR to compensate the customers. 

3. The institution must immediately suspend all its activities and is then quickly declared as having failed. 

4. On this date, the final customer account statements are calculated. This date also marks the start of the seven working day period during which the FGDR must compensate customers for their savings and other accounts. 

Customers must have an account at another bank which can be used to receive their compensation and transfer their regular banking transactions. 
No more than seven working days after the unavailability date, the FGDR will open a “Secure Compensation i Area (SCA)” on this website for customers of the failed bank.

Step 2: preparation of compensation, customer account statement and forwarding of information to the FGDR

1. On the “unavailability date”, the bank prepares each customer’s account statement, which includes the transactions completed as of that date (for example, cheques, debit card transactions, etc.) as well as interest or remuneration due. 

2. It then sends this electronic file of the final customer account statement to the FGDR. The FGDR performs a technical verification of the files and, on that basis, determines the amounts to be compensated. 

3. It prints a final bank account statement and sends it to each customer. 

4. During this time, the FGDR informs the public of the status of the process on its website and answers questions via its call centre.
    

Customers are strongly advised to notify their bank whenever there are changes in their personal situation or contact information, such as name, postal address, email address and landline and mobile phone numbers. 
 
It is important to update this information at all institutions at which accounts are held in your name or that of your family members.
 
Compensation i sent by the FGDR to an old postal address may be returned to it, and the FGDR may be unable to contact the customer again in order to pay the compensation.

Step 3: availability and payment of compensation

1. Within a maximum of seven working days, the FGDR opens a “Secure Compensation i Area” on its website www.fonds-degarantie.com to provide compensation for each customer:

   • by bank transfer, if the customer enters the details of a new bank account in the Secure Compensation i Area; 

   • or by cheque with acknowledgement of receipt.

2. Regardless of the payment method chosen, the FGDR prints a compensation letter which includes: 

   • information about the customer's accounts;

   • a list of covered accounts and excluded accounts;

   • the compensation calculation;

   • the non-compensated amounts;

   • the payment (bank transfer or cheque), where applicable;  

   • a "Compensation i by the FGDR" information notice.

     - Customers who have provided their bank with an email address or mobile phone number will receive a personal message once the Secure Compensation i Area (SCA) is opened so that they can log on to it. 
     - Only customers who have provided their bank with an email address or a mobile or landline phone number will be able to access the SCA. 
     - Customers who have provided only their postal address will not be able to access the SCA. They will automatically be compensated by cheque without needing to take any other action. 

3. During this time, the FGDR's Call Centre is available to answer questions or contact customers.

4. This period may be extended only in cases where additional information or special processing is required.  

5. The customer then has two months to send the FGDR any requests for additional compensation on the basis of “Temporary High Balances” or to dispute their compensation, with the necessary supporting documents. 

Step 4: Special cases 

1. After the seven-day period during which most customers are compensated, the FGDR continues to process special cases, additional compensation and claims until they are completed. 
2. It opens a Processing Centre with operators trained in additional compensation procedures: 
   - claims relating to temporary high balances;
   - processing of accounts with beneficiaries to allow final recipients to receive compensation; 
   - processing of accounts of deceased individuals; 
   - etc.
3. Exchanges with customers continue through the Secure Compensation i Area via the secure messaging or document exchange function or by post. The telephone call centre remains available as necessary.