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 or Permanent Residence Permit) 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. Payouts to legal entities will be made in non-cash form only.

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, Nám. Junkových 2772/1, Praha 5 – Stodůlky, postcode 155 00. Alternatively, the request can be sent in electronic form via a data box. In this case, instruction 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., and eIdentity a.s. in the Czech Republic or by foreign providers). In the case of authorised legal entities, the application must be sent from the company’s data box and signed with a qualified electronic signature of the persons authorised to act for the company according to the Commercial Register.

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. For legal entities, the application must be signed in accordance with the extract of the Commercial Register and 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.

  • 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.