What to do if…?
I want to insure my deposits, investments or other types of financial products.
Deposit insurance rules including the list of financial products that are covered by the insurance, are defined by the Act on Banks. You cannot therefore influence whether the financial product will be insured and under which conditions. If the product is covered by insurance, it is insured automatically and you do not need to act.
Information regarding whether a financial product is insured have to be provided to you by the financial institution that offers such product. If you have doubts, you can verify the information you receive by contacting the Guarantee System.
I want to know if the financial institution whose product I use is in good condition.
This is a rather difficult and professionally demanding question. The condition of financial institutions is assessed by teams of financial analysts. You can also assess this as well by using information that the institution discloses about itself. Banks, building societies and credit cooperatives are, for example, obliged to disclose quarterly information about their financial condition on their websites. Ratings from international agencies, if provided, can also be helpful. In the Czech Republic, the body responsible for the supervision of financial institutions is the Czech National Bank. However, the employees of the Czech National Bank have a confidentiality obligation and can disclose information only to the extent not forbidden by law. We recommend choosing products from financial institutions that you feel most confident about.
I use a financial product that the financial institution is refusing or unable to pay out.
If it is a financial product covered by deposit insurance, and if the legal conditions for deposit compensation payout are fulfilled, you will be reimbursed up to the amount defined by law. If the product you use is not covered by deposit insurance, your claim must be submitted to the financial institution in question or to a competent court. You can also contact the Financial Arbitrator of the Czech Republic (www.finarbitr.cz).
I want to be reimbursed as soon as possible.
The payout process is commenced within 7 business days from the record date. You can obtain your reimbursement from the first day when reimbursement is commenced. It is not possible to reimburse anybody before this date. If a significant amount of time has passed since the financial institution became unable to pay out your deposit, this delay is not caused by the Guarantee System but by the fact that the legal conditions for commencement of the payout have not yet been fulfilled. Most frequently this is because the record date has not yet been reached.
I want to know when and how the reimbursement for my deposit will be paid out.
Information about the payout of compensation will be published on this website, on the website of the insolvent institution, and in the media.
I want to know exactly how much deposit compensation I will receive.
You can find out about the amount of deposit compensation after the commencement of the payout process at any defined payout point. Generally, you will be fully compensated for your deposits in a single bank. The Guarantee System can pay up to EUR 100,000 in basic compensation per claim (including interest accrued).
I disagree with the amount of compensation I was paid.
If it is not possible to resolve all your reservations about the amount paid directly at a payout point, you can contact the Guarantee System.
I want the compensation to be paid to another person.
Such person must present a signed power of attorney that contains identification details for both you and the authorised person as well as identification of the deposit that should be compensated. The signature on the power of attorney must be officially certified.
I want to complain about services provided by a financial institution, financial advisor or other person providing financial services.
We recommend first taking up this issue with the management of the financial institution in question. You can also contact the Financial Arbitrator of the Czech Republic (www.finarbitr.cz) or eventually a competent court. The Guarantee System is not permitted to intervene in disputes between clients and financial institutions – it does not dispose the relevant powers, information or tools to do this.
I want to know whether I can get information about the insurance of my deposit from my bank.
Since 1st January 2016, banks have an obligation to inform their clients about the deposit insurance system they participate in at least once a year. The information sheet must be strictly formulated according to Czech National Bank Decree No 12/2016 Coll. Banks comply with this obligation in different ways, such as publishing the information sheet via internet banking or by sending their clients a letter. The aim of the information sheet sent is to apprise clients of the fact that their deposits are insured and of the conditions of this insurance. If you have any further questions about deposit insurance, do not hesitate to contact your bank or the Guarantee System.