Citadele Bank (Latvia)
Today, August 22nd, the guaranteed compensation disbursement process for PNB Banka clients began. To make the process more efficient and organise the flow of clients, each PNB Banka client group has its own process for receiving state-guaranteed compensation.
Some clients will not need to go anywhere today or in the near future: they will receive their compensation automatically. Citadele representatives also encourage remaining clients to plan their visits for the next few days or weeks if possible. Bearing in mind the application processing time and amount of clients involved whose priority is the receipt of SSIA payments, it is expected that the disbursement process will take at least one month.
The process by which PNB Banka clients can apply for state-guaranteed compensation:
Private persons, recipients of SSIA pensions and benefits with an existing Citadele account
Clients who were able to open a Citadele account before August 22nd will have their guaranteed compensation automatically transferred to their account. Clients do not need to go anywhere.
Private persons, recipients of SSIA pensions and benefits without a Citadele account
From today, you will be able to visit one of the PNB Branches processing compensation, taking along your passport or ID card to sign some necessary documents. Your pension or benefits will be transferred to your automatically-opened Citadele bank account or any other bank account.
Private persons with an existing Citadele account
These clients are asked not to go to a branch, instead submitting a free-form request through the online bank aksing for your guaranteed compensation to be sent to your Citadele account.
Private persons without a Citadele account
These clients will be able to receive their compensation after filling in an application at a Citadele branch, taking along their passport or ID card. Their money will be transferred to the account of their choosing.
Private persons who, due to physical impairments or restrictions, find it difficult or impossible to visit a bank branch
Clients with physical impairments are asked to set up a notarised power of attorney, or authorisation issued by the Orphan’s Court, in order to open a Citadele account. Powers of attorney drawn up by PNB Banka will not be valid. The Ministry of Welfare has approached local councils to request that they issue discounts and relief on notary services for preparing powers of attorney in a home setting.
Non-residents and legal clients will be served in a separate process; this can be viewed on the Citadele website and our infographic. All clients are asked to please observe the disbursement procedure and to bear in mind that the disbursement process involves an exchange of data between institutions, which may take up to three days. PNB Banka branches will operate for another month, and this may be extended if necessary, while clients can apply for compensation within five years.
We remind the public that 99.2% of PNB Banka clients will receive their deposits in full in the form of guaranteed compensation. All compensation sums up to 100,000 Euro will be covered by the Deposit Guarantee Fund (DGF), and will be paid to the named owners. Guaranteed compensation applies to wages, pensions, deposits and any interest accrued before August 15th, 2019.
PNB Banka branches where SSIA support recipients must apply from today:
More information for PNB Banka clients:
PNB Banka information line: 67041100
FCMC information line: 67774938
FCMC email for PNB clients: firstname.lastname@example.org
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