09 august 2024, 17:42

FOS rules on appeal regarding bank liquidation

The Financial Ombudsman Service (FOS) received an appeal from a resident of Yekaterinburg with a claim for recovery of 55,070 rubles from a credit institution in connection with improper execution of a money transfer operation from the applicant’s bank account due to the liquidation of the bank.

The consumer had submitted an application for the transfer of funds, according to which an instruction was given to the credit institution that had opened the client’s account to transfer 55,070 rubles in favour of a travel company.

The transaction had been executed, which was confirmed by a receipt and an account statement. The credit institution stated that correspondent bank C, with which it had concluded a cooperation agreement, had been engaged to make the transfer.

In her appeal, the applicant stated that the amount of the transfer had not been credited to the travel company’s account.

According to the information provided by the State Corporation “Deposit Insurance Agency” (DIA), Qiwi Bank (JSC) and the beneficiary concluded an agreement on provision of information and technological services for transfers on behalf of individuals, in accordance with which the bank undertakes to provide services for collecting, processing and transmitting information on transfers on behalf of payers.

After the revocation of the banking licences of the above-mentioned credit institution, as well as of correspondent bank “C”, the client applied to the credit institution with an application requesting information on the status of the transfer and the return of funds. In response, she was informed that the transfer had been executed and the funds had been transferred in favour of the correspondent bank, which had engaged Qiwi Bank (JSC) to carry out the transaction.

In turn, the DIA informed that a payment in the amount of 55,070 rubles had been recorded in the systems of Qiwi Bank (JSC). Under the terms of the contract, the funds are transferred to the recipient’s current account on the following day, but due to the revocation of the licence, making settlements was limited.

Financial Ombudsman Tatyana Savitskaya reviewed the appeal and came to the conclusion that the credit institution had fulfilled the applicant’s order to transfer funds by transferring them to Qiwi Bank (JSC) through a correspondent bank.

However, the amount of the transfer was not credited to the travel company’s account because both Qiwi Bank (JSC) and the correspondent bank had had their licences revoked.

The Financial Ombudsman did not identify any violations of legislative requirements and terms and conditions of the complex banking service agreement, which resulted in violation of the applicant’s rights, in the actions of the credit institution, therefore her claim for recovery of funds due to improper execution of the transaction on transfer of funds from the account is not subject to satisfaction.

At the same time, the travel company has the right to submit a claim for a part of the transfer amount to be included in the register of creditors’ claims. Such claims will be satisfied during the liquidation of the bank as part of the third priority of the register of creditors’ claims.

In addition, according to the provisions of the Consumer Protection Law, the consumer’s obligations are deemed to be fulfilled to the extent of the deposited funds from the moment they are deposited with the credit institution. It follows that Qiwi Bank (JSC) has no monetary obligations to persons who paid for services through it.

“The client is not deprived of the right to apply to the travel company with a demand to provide the services she has paid for or to refund the money for the said services,” Tatyana Savitskaya commented.

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