If the deposit insurance scheme is activated, the Debt Office will contact you to ensure that you receive your compensation. We will make the repayable amount available within seven working days from the date on which the deposit guarantee took effect.
The compensation is paid out by a transfer to an account or you can receive a payment advice. If you live abroad, you will receive a cheque instead.
Payment for dormant accounts
Compensation will not be paid out for some accounts that have a balance of less than SEK 25. Under the Deposit Insurance Act, compensation shall not be paid out if the cost of making the payment is higher than the account balance and there have been no transactions in the account in the 24 months prior to the deposit insurance scheme taking effect (dormant accounts).
Compensation to customers in foreign banks or institutions
If you have money in an account in the branch of a Swedish institution in another EU country, the compensation amount in the branch country applies and is paid out in that country’s local currency.
If you have money in a foreign branch in Sweden, the institution’s home country is responsible for paying the deposit insurance. In this case, you will be reimbursed in accordance with the applicable deposit insurance rules in that country.
If you have more than SEK 950,000 deposited at the same bank or institution, you may be entitled to an additional amount up to a maximum of SEK 5 million for deposits from transactions serving certain social purposes.
This may, for example, apply to transactions in your account relating to:
- sale of a private residential property
- insurance benefits
- compensation for criminal injuries or wrongful conviction
You may apply to the Debt Office for an additional amount only after the deposit insurance scheme has been activated. In the application, you must show that the deposit is for an event that entitles you to an additional amount and that the transaction was made within the last 12 months.