Frequently Asked Questions For Prescription

1.

When are the deposits, participation funds, bailed goods and receivables subject to prescription?

 

According to the article 8 of the “Regulation on the Principles and Procedures related to the Acceptance, Withdrawal of the Deposit and Participation Fund and the Prescribed Deposits, Participation Funds, Escrows and Receivables”, introduced in the Official Gazette No. 26333 of 11.01.2006, and the sub-clause 1 of the article 62 of the Banking Law No. 5411, all kinds of deposits, participation funds, bailed goods and receivables are subject to prescription in the event they are not requested within ten years following the latest request, transaction or written instruction of the beneficiary in any form.

The prescription period starts on the date when the one under age reaches maturity for the accounts opened on behalf of minor and only for making payment to them, and the prescription period starts on the date of maturity for the savings accounts.

2.

When does the prescription period start for the blocked accounts and assets in the safety deposit boxes?

 

In accordance with the article 9 of the “Regulation on Procedures and Principles Pertaining to Acceptance and Withdrawal of Deposit and Participation Funds, and to Prescribed Deposits, Participation Funds, Bailed Goods and Receivables”, the prescription for the assets in the safety deposit boxes starts on the most recent date when the hire amount for the safety deposit box is collected or the safety deposit box is opened. 

On the other hand, the prescription period for the accounts blocked by the competent authorities stops on the date when the account is blocked, and starts on the date when the account is opened.

3.

Does the credit institution warn the beneficiary before the deposits, participation funds,bailed goods and receivables are subject to the prescription?  

 

In accordance with the sub-clause 2 of the article 8 of the “Regulation on Procedures and Principles Pertaining to Acceptance and Withdrawal of Deposit and Participation Funds, and to Prescribed Deposits, Participation Funds, Bailed Goods and Receivables” Banks are obliged to warn the beneficiaries of all kinds of the deposits, participation funds, bailed goods and receivables, which are in the amount of TRY 50 or above and subject to the prescription within a calendar year, regarding their accounts being transferred to the SDIF unless they apply, via a registered letter with return receipt by the end of January of the following year. The respective deposits, participation funds, bailed goods and receivables as well as all kinds of the deposits, participation funds, bailed goods and receivables under TRY 50 are announced in the form of list on the websites of banks for a period of four months, starting from February. Banks declare the matter regarding announcement of the relevant lists on their own websites in two of first five newspapers, which are published across the country until the day fifteenth of February, and have the highest triage in the list of the Press Announcement Institution, for a period of two days via the Press Announcement Institution. Also, the lists announced on the websites are simultaneously submitted to the Associations of Institutions and the Fund by banks. The Associations of Institutions and the Fund publish these list on their own websites in a consolidated way until the end of May.

4.

What happens in the event that the credit institution cannot receive reply from the beneficiary of the deposit, participation funds, bailed goods and receivables in spite of written notification?

 

All kinds of the prescribed deposit, participation funds, bailed goods and receivables, which are not requested by the beneficiary or its successors within fifteen days in June, are transferred to the SDIF along with their interests and dividends by the end of June and are registered as revenue by the SDIF as of transfer date.

5.

Are prescribed deposit, participation funds, bailed goods and receivables refundable?

 

The deposit, participation funds, bailed goods and receivables registered as revenue for the SDIF are not refundable, except for the ones transferred to the SDIF by mistake.

6.

Are the deposit, participation funds, bailed goods and receivables in banks subject to the prescription?

 

The prescription procedures are regulated in the article 62 of the Banking Law No. 5411 and all kinds of the deposit, participation funds, bailed goods and receivables, which are not requested within ten years following the latest request, transaction, any written instruction of the beneficiary, are subject to the prescription along with their interests and dividends and the respective assets are transferred to the Fund by the last day of June following the end of the year when the prescription period expires.  

7.

What are the obligations of Bank during the deposit prescription period?

 

Banks are obliged to warn the beneficiaries of the deposit, participation funds, bailed goods and receivables, which dropped due to prescription within a calendar year and exceed TRY 50 (Fifty Turkish Liras) or above, about “in case of no application, their accounts will be transferred to the Fund” via    registered letter with return receipt by the end of January of the following calendar year. The respective deposit, participation funds, bailed goods and receivables as well as all kinds of the deposit, participation funds, bailed goods and receivables under TRY 50 (Fifty Turkish Liras) are announced in the form of list on the website of bank for a period of four months, starting from February.   Bank declares the matter regarding announcement of the relevant lists on their own websites in two of first five newspapers, which are published across the country until the fifteenth day of February, and have the highest triage in the list of the Press Announcement Institution, for a period of two days via the Press Announcement Institution. Also, the lists announced on the websites are simultaneously submitted to the Associations of Institutions and the Fund by banks. The Associations of Institutions and the Fund publish these list on their own websites in a consolidated way until the end of May.

8.

Where to receive information about result of the accounts opened in banks?

 

In order for receiving information regarding result of the accounts opened in banks, it is required to apply in written to the General Directorate of bank in which the account is opened, with the legal identity certificate as well as documents related to the account.

9.

When does the prescription period start for the accounts opened on behalf the ones under age?

 

The prescription period starts on the date when the one under age reaches maturity for the accounts opened on behalf of minor and only for making payment to them.

10.

Until when can the deposits, participation funds, bailed goods and receivables, which are announced for the prescription, be received?

 

All kinds of prescribed deposits, participation funds, bailed goods and receivables, which are announced by banks for the prescription, are need to be paid to the beneficiaries or their successors until the fifteenth day of June following announcement date or transaction is need to be carried out by the beneficiaries or their successors on the account. The accounts, which are not processed as stated by the fifteenth day of June, are transferred to the Savings Deposit Insurance Fund by the end of June.

11.

Are the deposits, participation funds, bailed goods and receivables transferred to the Fund upon dropping due to prescription refundable?

 

The deposits transferred to the Savings Deposit Insurance Fund (Fund) due to prescription are registered as revenue for the Fund in accordance with the article 62 of the Banking Law No. 5411 and all kinds of the deposits, participation funds, bailed goods and receivables registered as revenue for the Fund are not refunded to the beneficiaries, except for the ones transferred to the Fund by mistake.

12.

How are the accounts transferred to the Savings Deposit Insurance Fund by mistake for the prescription refunded to their beneficiaries?

 

It is required to apply in written to the General Directorate of the respective bank with the documents proving that transaction is made in bank during the account prescription period, as well as copies of the legal identity certificates.

13.

How does the prescription process work for the accounts blocked by the competent authorities?

 

The prescription period for the accounts blocked by the competent authorities stops on the date when the account gets blocked. The prescription period starts again upon the account is unblocked.