The ability to access bank accounts and use financial services is essential in today’s society. However, banking and finance are risky businesses. The general consensus is that banks and other credit institutions only fail in exceptional circumstances. This view seems to no longer be valid since the global financial crisis. Banks can stop their operations or even fail and account holders can lose their money. That is the harsh reality that creditors must consider these days.

Financial challenges and alleged regulatory breaches are the most common reasons for banks to fail. These failures come under normal circumstances at the expense of account holders and other creditors. As a consequence, credit institutions must provide an additional layer of insurance to protect the interests of creditors. Nevertheless, independent states define their own legal frameworks.  The result is that not all financial institutions participate in such deposit protection schemes and the scope, nature and responsibilities of individual schemes can vary.

The reasons for the closure of a bank and the underlying ownership of excessive risk taking and the unannounced regulatory intervention at the expense of hardworking and legitimate account holders can be discussed in the future. The bottom line at this stage is to secure your money and recover as much as we can. You can point fingers, abreact your frustration and even pursue legal action to the initial wrongdoer later. Right now, we should focus on the return of your money. And that… is what we will help you with!

Banks Fail for a Reason – Don’t Let This Become Your Problem

Financial markets do not act rational and regulatory intervention is not always fair. As a consequence, several financial institutions around the world close their doors each year. Thousands of creditors of these financial institutions and banks have been surrendered to local, often opaque, resolution frameworks. Most of these creditors have never experienced a bank failure or asset recovery procedure before. All is new for them, so erroneous assumptions and obnoxious mistakes can lead to dramatic consequences and severe financial loss.

Account holders and other creditors suffer financial hardship when their bank fails. Financial embarrassment, anger and other emotions must be set aside for now to look at the situation as it is. Failing banks are closed and rarely reopen. This is where a solution orientated strategic recovery plan can be formulated. Diverse actions lead to synergy and improved prospects for creditors and reduces risks while maximizing repayment potential. In general these asset and fund recovery procedures include statutory administration, deposit insurance, collective civil action and bank liquidation. These steps are important but alone are not always enough, as creditors owe it to themselves to avoid expensive experience by unnecessary loss of money and a write-down of other assets.

In the event that a bank fails or is likely to fail, the regulator appoints a statutory administrator. Access to account balances is restricted and most bank facilities are blocked. The objective of such external administration is to protect the critical functions of the financial institution and to safeguard the interests of account holders and other creditors. If resolution solutions are pending and a restart of the operations remains impossible, the local Deposit Protection Scheme is triggered. Deposit protection provides reassurance to eligible account holders and is considered an integral part of bank resolution.

Deposit Protection and the Filing of a Deposit Guarantee Claim

Financial regulators and central banks identify and mitigate the risk of contagion in systemic bank failure because the disruption and collapse of a local payment system has far-reaching consequences to the economy. Deposit insurance contributes to public confidence where retail deposits are separated from general resolution procedures and thus conditionally protected. It is for supervised and licensed credit institutions mandatory to participate in a deposit protection scheme. Local risk assessment and theoretic modelling leads to policy making. As such, there is no uniform application of deposit protection, and conditions for claim eligibility are impacted by local parameters and therefore may vary from country to country.

Deposit protection levels and coverage are determined by the size and scope of the local financial system, spending patterns, and economic development. Purchasing power parity often misguides international bank customers and creditors where foreigners often assume that regulatory, legal and financial coverage is similar to their home country. However, regulatory arbitrage and the advantages of international financial centers work both ways. Deposit protection is linked to the protection of the local financial system. Therefore, several Deposit Guarantee Schemes around the world only cover accounts in local currency. There are also other limitations to deposit protection, including the amount of coverage, the duration of the claim filing acceptance period, the payout conditions, and the exclusion of specific industries and activities. Ambiguity leading to false assumptions and improper claim filing is the main cause of creditor disqualification and rejection of individual claims for deposit protection.

Purchasing power parity often misguides international bank customers and creditors where foreigners often assume that regulatory, legal and financial coverage is similar to their home country. The benefits of international financial centers and regulatory arbitrage go both ways. The protection of bank deposits and the protection of the local financial system are intertwined. Therefore, several deposit guarantee schemes only cover local currency accounts. Other limitations to deposit protection exist as well. These include for example the level of coverage, the timeframe and duration of the claim acceptance period, the exclusion of specific activities or industries, and the conditions for payout. As a result, deposit guarantee claims are often rejected due to ambiguity that leads to incorrect assumptions and incomplete claim filing.

The term deposit insurance assumes a guaranteed and easy repayment program for bank account holders. However, the majority of jurisdictions restrict deposit protection, have inconvenient administrative processes, and include vague verification procedures. While deposit protection can minimize retail deposit losses, claim approval is not always as straightforward as it should be. Failure to follow the terms and conditions of the scheme will result in the permanent rejection of the claim. Therefore, claimants must understand their actions and the consequences of submitting a claim. For more than a decade, we have helped hundreds of bank account holders qualify for local deposit protection in more than a dozen different countries. Through this real-life, systemic, quantitative, and empirical experience, we are able to interpret local Deposit Guarantee Schemes and utilize them for your benefit.

Done With You Services

Global bank customers and investors benefit for years already from our expertise in recovering assets in international bank failures and cross-border investment fraud. Deposit protection and investor compensation are mission critical parts of these recovery procedures. Our objective is quite simple and straightforward: we want you to get your money back! This is your money. It is not relevant who you are and what you do, and whether you are a regular account holder, self-employed, or a high net worth individual. It also does not matter whether you are a local account holder, non-resident creditor or that you run a location independent business. You worked to be paid and gained wealth because of that. Therefore you should have access to your assets on demand. Period.

Independent bank customers who see their account facilities frozen, often expect that DGS claim filing procedures are easy and the outcome is guaranteed. Unfortunately, there is in every bank failure and corporate liquidation a percentage of claims that gets rejected. That is, even though it probably feels unfair to hire someone to regain access to your own money, the reason we provide Done With You Services for DGS claim filing procedures. The service means that we help you to comply with the requirements of the DGS administration, make sure that your claim firm and the supporting documents are filed in the correct format and increase the chances of a successful recovery. The best part for our customers is that we can provide this services on the basis of no cure, no pay which means that you only pay us our fees after the DGS claim is submitted and the insured account balance paid out to you. In short: we take you by the hand and help you build your case to file a flawless claim so you can get paid. Simple as that!

You might ask why we accept payment upon success? The answer is simpler than you probably expect. Over the years, we worked in many different countries with peculiar legal systems and distinct DGS claim filing procedures. The rules were tightened, our viewpoints have changed, and knowledge was expanded. This means that a deposit guarantee claim is not just an idea, theory or even a philosophy. It is a consistent, reliable and predictable route for asset recovery. Those account holders with deposits that exceed the insured DGS limit, often fund their remaining recovery procedures and legal action out of the proceeds of the DGS payment. Unfortunately, a successful DGS claim for most members of this group is a vital necessity.

So What’s Next…

Before we discuss what to do next in filing a deposit guarantee claim, it is good to know who we are, what we do, and who we work for. Our firm is named Legal Floris LLC and is incorporated in the USA. The location of this corporate registration holds no limitations since we work in a global setting and follow bank failures and investment fraud where these events occur. As a result, the firm was involved in asset and fund recovery procedures for individuals and companies in most offshore financial centers, the European Union, UK, the Caribbean and the USA. Our experience with deposit protection, investor compensation and further collective action on behalf of our customers is based on the combination of academic theory and real-life, empirical events. Like other boutique firms in other industries, we don’t do anything else than help bank customers and investors to get their money returned and ensure that this won’t happen to them again in the future.

It should be clear by now that we offer a complete Done With You Recovery Package for creditors of failing financial institutions. Deposit Guarantee Claim is used as a means for further recovery. The multiple side of entry approach allows us to deliver the strongest position for our clients in the repayment procedures. But why should you hire us? Well, a simple answer: you don’t have to. There are plenty of claimants who succeed without us. On the contrary, there are also a number of rejections of DGS claims that could have been avoided. But what we hear most from the hundreds of clients that we already served is that they got peace of mind because of our help. Administrative preparations are made for them, compliance is warranted and the claim review process by the DGS administration seems a formality. The service is therefore an efficient time saver aimed towards results. What you’re buying from us is speed, efficiency and accuracy. But most of all, you hire us to get results.

Why do you need to act now? There are time constraints imposed on claimants by the DGS administration. The structure of almost all deposit insurance funds requires the fund to participate in the resolution or liquidation of the financial institution. As such, restructuring and dissolution can only happen after all eligible DGS claims are settled. Most funds therefore except claims for one or two years, and in exceptional circumstances this can be five years. Failure to submit a claim with the DGS administration within this timeframe waves the ‘right’ to deposit insurance. There are no exceptions for individual creditors since further actions are paused while the DGS is active, and the interest of other stakeholders of the bank must be considered as well.

The clock is ticking and every day you postpone starting the claim filing process is a lost day. In particular because the administrative requirements may take some time to arrange. It cannot be stressed enough, but there are in general no second chances for claimants in the overall bank resolution plans. Don’t know where to start? Do you have too little time to go through the minefield of administrative requirements? Feeling emotionally low because of the wrongs done to you by the bank or regulator? Or is there anything else that keeps you away from moving forward? Don’t worry then, we will do 95% of the work for you. So, if this sounds like a burden is lifted off your shoulders, then this Done With You Service Pack is for you… There are four ways to find out more, unconditionally and without any obligation to retain our services:

1. 1. Visit: www.depositguaranteeclaim.com/free-case-evaluation
   2. Call: 00357 25 057 544 or 001 646 513 2855
   3. Email: [email protected]
   4. Complete the contact form: www.depositguaranteeclaim.com/contact-us/

There are limitations to the number of creditors we can help with the filing of their DGS claim and the recovery of their remaining assets. We focus on international bank failures with a total asset value between one and fifteen billion USD. Most suitable financial institutions for our service have ties to offshore financial centers and manage a global, non-resident clientele. Typically, the cases we work on contain between 3.000 and 25.000 DGS eligible international creditors. Due to the time constraint, such numbers are impossible for us to handle while maintaining high quality service levels with a predictable outcome. That is why we have to carefully choose and accept our clientele.

We don’t work for the bank or the regulator, we work for the creditors of a failed financial institution! Non-resident private and corporate account holders benefit most from our services. For this group of customers it is often difficult to understand and comply with foreign rules and regulation that is common practice for locals. So if you are an international client caught by the recent closure of your bank and would like to discuss your options to reclaim your assets, clear your mind and sort out your thoughts, then do not hesitate to contact us. Depending on the prospects of your case you can retain our services immediately or decide to do so at a later moment. If you change your mind and we still have availability, you can upgrade and still participate in our no nonsense No Cure No Pay, Done With You Recovery Package.