Uralfinprombank admits limiting cash

Uralfinprombank admitted that the bank had introduced some limits on cashing their customers’ deposits in before the end of the deposit period. In order for the customer to cancel their deposit agreement and get the money back, they have to have some very grave reasons for doing so.

In the meantime, imposing any limitations on cashing one’s deposit before the end of the deposit period is actually illegal and is a violation of the country’s Civil Code which states customers must be able to get their money back within one day of the application.

‘Nevertheless, the hype generated among Uralfinprombank and other banks’ customers has led to our having to introduce some new rules. The deposits can be cashed in full as soon as the deposit period is over, in case you want to close down the deposit before the end of the period, you have to apply for the sum beforehand. The bank’s management then looks into all the applications and the decisions are made on the basis of general criteria (the sum in question, the deposit type, the amount of time left before the end of the deposit period, the social welfare benefits the customer might enjoy, and the time of application) as well as some specific ones, like the purposes the customers need the money for,’ the bank’s executives explained to an UrBC reporter.

The applications of customers willing to close down their deposits are reported to be ranked according to the reasons, among other things.

Uralfinprombank’s customers have been reporting recently that they are unable to cash in their bank deposits before the end of the deposit period. According to one of the depositors, the bank has been refusing them the money for two months already, claiming that this is happening because of the financial crisis and the circumstances beyond their control.

‘When I came into the office, I heard the tellers rejecting everyone’s requests for money. They suggested writing an application and stating the reason why they needed the money after all. In case the bank decided to accept this application, a customer could withdraw 50,000 RUR and transfer the remainder of the sum into another deposit. As it happens, it takes the bank at least two months to accept or reject the application, and I haven’t heard from the bank regarding my claim yet, even though I placed the first application with them as early as October 20, 2008,’ the unhappy customer says via on of the local online forums.

‘The person who posted this message on Banking Technologies forum is most likely to really be our customer,’ Uralfinprombank admitted. The bank’s management explained they came up with a few solutions for this customer, all of which he refused, insisting on closing the deposit down and getting all the accumulated interest capitalized.

‘Given that this person refused to explain his reasons for wanting the money or to cooperate with the bank, his isn’t going to be a first-rate emergency application,’ the management says.

However, the bank claims to be planning on paying this customer in full on December 1, 2008.


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