Text alternative for video " What to do in case of institution failure? - detailed instructions"
The Financial Market Guarantee System protects your savings.
You have found out from the media that the Czech National Bank has announced your bank is no longer able to meet its obligations toward its clients. In other words, it has failed.
The existence of the Financial Market Guarantee System means you do not need to worry about such failures! Deposits in banks, building savings banks and cooperative credit unions are insured by law up to the equivalent of EUR 100,000.
After the announcement that your bank has failed, the Financial Market Guarantee System will initiate preparations for deposit compensation, which will be ready within 7 business days.
All the information you need – such as when, where and how to collect your compensation – will be available on the Financial Market Guarantee System website.
The Financial Market Guarantee System will specify the deposit compensation pay-out bank. As a rule, you can collect your money in any larger town. You will find a list of them in the media or on the Financial Market Guarantee System website.
Your money will be ready for collection from a pay-out bank from the seventh business day after the announcement of the failure of your bank. There is no need to rush as you have three years to collect it.
If you are a natural person, present proof of identity and your money will be paid out at a branch of the payout bank either in cash or via transfer to another account. If you are self-employed, you will need to present an extract from the Trade Register in addition to proof of your identity. And if you are a legal person, take an extract from the Commercial Register or other relevant register with you.