Procedure for obtaining compensation

The payout of all types of deposit compensation claims (i.e. basic, institutional, and increased) is carried out by the so-called payout agent bank (Komerční banka, a.s.).

The start and end dates for the payout of each type of compensation can be found here.

The basic compensation (i.e. compensation up to the equivalent of EUR 100,000) can be paid out in one of the following ways:

On-line – by verifying your identity via Bank ID (or „KB klíč“) and providing the account number to which you wish the compensation to be sent
In person at one of the designated branches of the payout bank, listed here
By correspondence – by sending the “Compensation Transfer Request” form by post or via data box to the address of the payout bank
Using a power of attorney

Institutional compensation is paid out either at the branches of the payout bank or by correspondence directly to the payment institution, small-scale payment service provider, electronic money institution, small-scale electronic money issuer, investment firm, provider of services related to crypto-assets, crowdfunding service provider, non-performing loan servicer, or bailiff, who will then compensate their clients.

Increased compensation is paid out using all of the above-mentioned methods, just like the basic compensation. More detailed information on the conditions under which it is possible to obtain increased compensation for deposits (i.e. compensation for so-called ‘temporary high balances’) above the basic limit of EUR 100,000 can be found here.

On–line compensation payout

If you are a natural person residing in the Czech Republic and have an active Bank ID (or are a client of Komerční banka, a.s. with an active „KB klíč“), the easiest way to obtain your compensation is through the online compensation payout .

A link for identity verification and account number submission is available on the website of the payout bank.

After verifying your identity via Bank ID (or „KB klíč“), you will be requested to provide the account number to which you would like the compensation to be sent. Compensation can only be sent to accounts held in the Czech Republic using this method.

A financial limit for compensation paid via this method may apply.

Compensation payout at payout bank branches

You can also collect your compensation in person at the designated branches of the payout bank. The list of these branches is available here.

At the payout bank branch, the client must present a document entitling him/her to collect the deposit:

Natural person = citizen – valid proof of identity (an ID card, passport, Permanent Residence Permit).
Natural person = entrepreneur (self-employed person) – a valid identity document (an ID card, passport, Permanent Residence Permit) and an extract from the Trade Register.
Legal person (company, civic association, etc.) – othe original, an officially certified copy, or an electronically signed valid extract from the Commercial Register or from another public register not older than 3 months, and proof of identity for the individual acting on behalf of the legal person (an ID card, passport, Permanent Residence Permit). In the case of amounts exceeding the equivalent of EUR 15 000, other documents may also be required to verify the identity of the beneficial owner.
In the case of an heir or legal successor from another title, a document (the original or an officially certified copy) proving acquisition of the claim in question will be required.

You can download the complete list of required documents here, or in a docx format.

After verification of documents provided, you just choose the account onto which the compensation should be paid or, as the case may be, specify whether you would prefer your compensation to be paid out in cash.

If you choose payout at the payout bank branches, the compensation can also be sent to an account that is not held in the Czech Republic (can be used for accounts held within the EU) or to an account in a currency other than CZK. In such cases, the Guarantee System advises that correspondent banks may charge fees or currency conversion costs may apply. These costs are borne by the client.

The actual process for the transfer of funds to another bank takes place within standard deadlines for interbank payments, i.e. usually by the second business day.

If you would prefer to receive your deposit compensation in cash, we recommend you read the rules for cash transactions in force at the selected branch of the payout bank.

Payouts to legal entities will be made in non-cash form only.

Compensation payout by correspondence

You may also request a payout compensation by written correspondence. In such a case, the form „Compensation Transfer Request“ with an officially certified signature of the entitled person has to be sent to the payout bank´s address: Komerční banka, a.s., CKB department 2192, Nám. Junkových 2772/1, Praha 5 – Stodůlky, postcode 155 00.

Alternatively, the request can be sent in electronic form via a data box . The form must be signed with a personal electronic signature based on a qualified certificate. These certificates are generally provided by Postsignum Qualified (Česká pošta s.p.), První certifikační autorita, a.s., a eIdentity a.s. in the Czech Republic or by foreign providers.

A sample „Compensation Transfer Request for natural person“ and „Compensation Transfer Request for legal person“ can be downloaded here.

For legal entities, the application must be sent from the company´s data box and signed in accordance with the extract of the Commercial Register. At the same time, it must be accompanied by the original or officially certified copy or electronically signed valid extract from the Commercial Register or other public register not older than 3 months.

If the signature is certified outside the Czech Republic, the certification by an embassy of the Czech Republic, or certification of the signature by a foreign authority with the addition of an apostille clause or superlegalization is required. If an agreement on legal assistance has been concluded with the state in question, official certification of the signature by a foreign authority with the addition of an official translation into the Czech language is sufficient.

In the case of heirs or legal successors from another title, the request must also include a document (original or officially certified copy) proving the acquisition of the claim, i.e. a final decision on inheritance, etc.

Compensation by correspondence can be also used in cases when you wish the compensation to be sent to an account that is not held in the Czech Republic (applies for accounts held within the EU) or to an account in a currency other than CZK. In such cases, the Guarantee System advises that correspondent banks may charge fees or currency conversion costs may apply. These costs are borne by the client.

Compensation payout based on a power of attorney

If you are unable to collect the compensation using any of the methods mentioned above, you may authorize another person to collect it on your behalf based on an officially certified power of attorney. The power of attorney form is available here and can also be obtained at the branches of the payout bank.