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Serbia’s central bank revoked Alta Bank’s license on October 30, freezing accounts at a lender used by many Russian emigrants. The authorities have promised deposit protection of up to €50,000, but customers with larger balances do not yet know how much they can recover or when they can access it.
Serbia’s central bank revoked Alta Bank’s license on October 30, freezing customer accounts at a lender that many Russian emigrants had used to receive salaries, make payments and hold savings. Authorities have promised to return up to €50,000 in covered deposits, but the fate and timing of any money above that limit remain unclear.
In a report published November 2, Meduza spoke with Russian customers who said they could not withdraw or transfer money after the license revocation. One customer, identified as Anton, told the outlet that his wife’s account held about €70,000, including proceeds from selling an apartment in Russia. The family tried an ATM and a branch, but neither provided access; Anton also said the bank’s app would not load.
Anton said the family had moved to Serbia and used the account after being told that monthly transfers of up to €10,000 from a Kazakh bank would not require documents about the money’s origin. He said their last transfer to Alta was made on October 26. The family had other funds in Serbia and Kazakhstan, so the frozen balance was not their only source of money.
Other customers described more immediate financial pressure. Meduza quoted an emigrant who said, “I have two days until the food in my fridge runs out.” The report also interviewed Dmitry, a Russian entrepreneur who said he had collected documents for a sole-proprietor business account the day before the bank closed. He used Alta for daily purchases and account records connected to his Serbian residence application.
Frozen Savings and Daily Costs
The closure has left customers without ordinary access to money they had placed in a Serbian bank. For people relying on those accounts for rent, food, salaries or business transactions, the freeze can create immediate problems even if some funds are eventually repaid.
The promised €50,000 protection cap may cover part or all of some customers’ deposits, but it does not resolve the situation for people with larger balances. The report includes Anton’s account of a €70,000 balance, while other customers said their circumstances were more severe. Their individual balances and eligibility have not been independently detailed in the source material.
For emigrants who have moved money across borders and built their lives in Serbia, the disruption also affects plans such as applying for residence permits, operating a small business or saving for housing. The immediate question is not only how much is protected, but how quickly customers can make a claim and regain access to any covered funds.
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Why Russians Used Alta
Meduza described Alta as one of the few Serbian banks where Russians could relatively easily open accounts. The outlet’s interviewees said options for non-residents were limited, and some customers valued Alta’s app and its handling of foreign transfers. They used accounts for everyday card payments, online purchases, salary receipts and business activity.
Anton told Meduza that his family sold an apartment in the Moscow region in 2023, before leaving Russia, and later held some of the proceeds in Kazakhstan. His wife opened an Alta account in the summer of 2025, according to his account. He said they transferred the money gradually rather than move it all at once.
Dmitry told the outlet that he and his wife had left Russia in 2022 and had lived in Serbia for about a year and a half. He said he opened an Alta account roughly six months after arriving. The interviews show how customers used the bank in different ways; they do not establish how many Russian emigrants banked there or what share of Alta’s customers they represented.
““I have two days until the food in my fridge runs out.””
— A customer quoted by Meduza
Repayment Details Still Pending
The full repayment process and timetable were not yet available in the report. Anton said customers were waiting for Serbia’s Deposit Insurance Agency to publish instructions covering where to apply and which documents to submit. The stated protection limit is up to €50,000, but the source does not explain how claims will be assessed, when payments will be made or whether all customers will qualify for the full amount.
It also remains unclear how much customers with deposits above the cap may recover through bankruptcy proceedings, or how long that process could take. Meduza’s interviews provide individual accounts, not a complete picture of the number of affected customers, the total funds frozen or the bank’s financial position. Those details should not be inferred from the reported cases.
Claims and Bankruptcy Proceedings
Customers were waiting for the Deposit Insurance Agency’s instructions, which Anton expected to be published the following Monday. He told Meduza that several affected people planned to consult lawyers and share what they learned with others in customer chats.
After receiving the guidance, Anton said his family would work out how to submit a claim for the covered amount and consider joining legal action within the bankruptcy process to seek any remaining funds. The next clear milestones are publication of the official claims procedure and further information about how the bank’s insolvency will be handled. The timing and outcome of those steps have not been established in the report.
Key Questions
Why were Alta Bank accounts frozen?
Serbia’s central bank revoked Alta Bank’s license on October 30. Meduza reported that customers’ accounts were frozen after the decision.
How much of an Alta deposit is protected?
Authorities promised repayment of up to €50,000 in covered deposits. The report did not provide the full claims procedure or clarify how individual eligibility will be determined.
Will customers recover money above €50,000?
That remains unclear. Customers may seek additional funds through bankruptcy proceedings, but the report gave no estimate of possible recoveries or the time required.
When can customers apply for repayment?
At the time of Meduza’s report, customers were waiting for Serbia’s Deposit Insurance Agency to publish instructions on where to apply and what documents to provide. A confirmed payment date was not reported.
Source: meduza.io
