Procedure for obtaining compensation

To exercise a claim for the payout of basic compensation for insured deposits, it is not necessary to fill in any form or to contact or register with the Financial Market Guarantee System. The same applies to claims for the payout of institutional compensation for deposits. Once the Financial Market Guarantee System starts to disburse compensation for deposits through the payout bank (specific data for individual institutions can be found here: Payouts in progress), you can collect your compensation at List of the payout bank branches. The only thing you have to do is present a document entitling you to collect the compensation (for deposits kept for natural persons, you must present a valid proof of identity - an ID card or passport) and 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.

In case you cannot collect the compensation at the payout bank branches in person, you may also request a payout by written correspondence. In such a case, a written instruction 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, Václavské náměstí 42, Prague 1, postcode 114 07. A sample “Compensation Transfer Request for natural person” as well as “Compensation Transfer Request for legal person” are available on the Documents required to obtain compensation page. If the signature is certified outside the Czech Republic, the certification must be performed by an embassy of the Czech Republic.

  • If you do not have another account onto which you want the funds paid, you can open an account at a counter of the payout bank. 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.
  • According to the Act on Banks, the payout of basic compensation for deposits will take place over a period of 3 years - the specific dates when payouts for each institution will be terminated can be found here: Payouts in progress
  • Clients of a failed financial institution will be informed about the start of deposit compensation payout by letter that will describe the method of payment and state the amount of basic compensation to which the client is entitled.

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.