Affecting millions of citizens: What should people do if their rights and receivables are subject to the statute of limitations?
Many people in the workforce change their salary bank when they change jobs. Generally, existing accounts are not closed when switching banks. These unclosed bank accounts become subject to the statute of limitations regardless of whether there is money in the account or not. So, what steps should people take if their rights and receivables are subject to the statute of limitations? Here is the answer...
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Banks in Turkey have issued an important announcement to customers, warning them about the statute of limitations.
"Notice to our account holders" In the announcements made under the heading, it was declared that the money of those who do not perform any transactions by June 15 will be transferred to the Savings Deposit Insurance Fund (TMSF).
According to Article 62 of the Banking Law No. 5411; deposits, participation funds, trusts, and receivables held at banks that have not been claimed within 10 years from the date of the account holder's last request, transaction, or any written instruction are subject to the statute of limitations.
As of 2023, the list of deposits, trusts, and receivables subject to the statute of limitations will be published on the banks' websites for a period of four months.
THEY MUST APPLY WITH AN ID
In order for the people whose names are on the lists to receive their money, they must apply to the relevant branch where their account is located with their valid identification documents by June 15, 2024, at the latest.
If no transaction is made by June 15, 2024, the deposits, participation funds, trusts, and receivables that are subject to the statute of limitations by law are transferred to the Savings Deposit Insurance Fund.
So, apart from deposits, what are the trusts, rights, and receivables held in banks?
Consumer Confederation (TÜKONFED) Banking Commission Chairman Hüseyin Ölmez stated the following:
"In transactions regarding 'Rights and Receivables', in accordance with Article 83 of the Capital Markets Law, all kinds of trusts and receivables arising from investment services and activities are transferred to the Investor Compensation Center in trust if they are not claimed and collected within ten years from the date of the last request, transaction, or any written instruction given by the account holder in any way.
In order to prevent this situation, the lists of our citizens whose investment accounts will be subject to the statute of limitations in 2024 are being published on the banks' websites.
Other elements in rights and receivables are expropriation payments deposited in the name of our citizens or their heirs... Deposits, participation funds, and other rights and receivables left by the deceased that have not been transferred. The unused portions of prepaid bank cards are also considered as receivables.
Banks are required to inform the rightful owners of deposits, participation funds, and other rights and receivables exceeding 25 million TL that have been forgotten in banks via registered mail with return receipt. For accounts opened in the name of minors and on the condition that payments are made only to them, the statute of limitations period begins on the date the minor reaches the age of majority.
WHAT SHOULD PEOPLE DO IF THEIR RIGHTS AND RECEIVABLES ARE SUBJECT TO THE STATUTE OF LIMITATIONS?
The person should first identify the deposit and participation accounts opened in their name via e-Government. This service is provided by the BRSA (BDDK) via e-Government.
In addition, rights and receivables that will be transferred to the BRSA (BDDK) this year from all banks can also be learned from the https://zamanasimisorgu.tmsf.org.tr website.