How does the Prescription Process work?
Banks are obliged to warn the beneficiaries of the deposits, participation funds, bailed goods and receivables, which barred by prescription in previous year and exceed TRY 50 or above, about “in case of no application, their accounts will be transferred to the Savings Deposit Insurance Fund (SDIF)” via registered letter with return receipt by the end of January of each year. The list of all kinds of deposits, participation funds, bailed goods and receivables, which will be transferred to the SDIF from the respective year, is simultaneously announced on the websites of banks, the SDIF, the Banks Association of Turkey and ,the Participation Banks Association of Turkey for a period of four months starting from February and ending in May. Also, banks declare the matter regarding announcement of the relevant lists on their own websites in two of first five newspapers, which publish 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.
The ones to whom letter is sent by banks or whose registered account is identified during the queries conducted between the first week of February and the last week of May, should carry out a transaction, which will end the prescription, by applying to the relevant bank.
Otherwise, all kinds of deposits, participation funds, bailed goods and receivables which are not requested by beneficiaries until June 15 following announcements made and are subject to prescription, are registered as revenue for the Fund and it is not possible to refund the said deposits, participation funds, bailed goods and receivables registered as revenue by means of transfer to the Fund, to beneficiaries.