RECOVERY OF BOC CLIENTS FUNDS AFTER THE SUSPENSION OF COBALT’S OPERATIONS
Bank of Cyprus concludes next month the process of recovering money paid by its clients to travel with Cobalt before the airline suspended operations. The Bank has already settled 4000 card transactions of its clients and the money has been credited to the beneficiaries’ accounts.
The Bank has received thousands of claims related to credit card payments by its clients to Cobalt and still receives many new claims on a daily basis. The process of recovering money from such claims takes time. Nevertheless, we are confident and do our best to recover it before the end of next month.
Furthermore, the Bank acts in accordance to regulations and timelines set by the organizations Visa/MasterCard/Amex. Following a detailed evaluation of the transactions, in accordance to the above regulations, the Bank claims the money. Once recovered, the funds are credited to the beneficiaries’ accounts.
Once recovered and credited to their accounts, the beneficiaries will receive an sms on their mobile phones confirming the transaction.
Bank of Cyprus will keep its clients informed of any new development.