BFG Deposit Guarantees - Bank Spółdzielczy w Szczytnie

BFG Guarantees

Deposits gathered in the Cooperative Bank in Szczytno are guaranteed by the Bank Guarantee Fund, in accordance with the Act of June 10, 2016, on the Bank Guarantee Fund, the deposit guarantee system, and forced restructuring (Journal of Laws 2016, item 996). Detailed information about the guarantees can be found in the information sheet for depositors and in the aforementioned act.

Amount of the guarantee

The Funds are covered by the guarantees up to the equivalent in zlotys of 100,000 euros for each depositor in the Cooperative Bank in Szczytno. If a depositor has a joint account with another person, the equivalent limit of 100,000 euros in zlotys applies separately to each depositor. In the case of trust accounts, each depositor is a party within the limits arising from their share in the amount accumulated in the account.

Guarantee protection applies to cash and claims of individuals as well as:

• legal entities,
• organizational units that are not legal entities to which a separate act grants legal capacity,
• school savings banks,
• employee loan and assistance funds,
• parents' councils.

Certain funds are not covered by the guarantee:

• The State Treasury,
• The National Bank of Poland,
• banks, foreign banks, and credit institutions within the meaning of the Banking Law,
• cooperative savings and credit unions (deposits made by a union in another union) and the National Cooperative Savings and Credit Union,
• financial institutions within the meaning of Regulation 575/2013 regarding prudential requirements for credit institutions and investment firms, amending Regulation (EU) No 648/2012,
• investment firms within the meaning of Regulation 575/2013,
• individuals and entities not identified by the appropriate bank, cooperative savings and credit union, or branch of a foreign bank,
• insurance companies and reinsurance companies,
• investment funds and investment fund companies,
• pension funds and pension companies,
• local government units,
• public authorities of other states.

A detailed catalogue of exclusions is contained in Article 22 paragraph 1 of the Act on the Bank Guarantee Fund, the deposit guarantee system, and forced restructuring.

Which funds are covered by the protection?

Protection applies to:

• cash accumulated by the depositor in bank accounts,
• amounts spent on funeral costs of the account holder and due to instructions in case of death, due before the date of fulfilling the guarantee,
• claims arising from bank securities, confirmed by registered documents issued by the issuer or registered deposit certificates, as referred to in Article 9 paragraph 1 of the Act on Trading in Financial Instruments, provided they were issued before July 2, 2014.

Funds and claims are not covered by guarantee protection:

• amounts paid as shares, entrance fees, and membership contributions to cooperatives,
• small amounts (the total amount lower than the equivalent of 2.5 euros), if they are the only funds of the depositor covered by the guarantee and if they are in bank accounts, which in the 2 years prior to the fulfillment of the guarantee's conditions had no transactions, apart from interest additions or commission or fee withdrawals,
• related to electronic money within the meaning of the Act of August 19, 2011, on payment services, and cash received in exchange for electronic money, as mentioned in Article 7 paragraph 1 of the said act.

Rules for calculating the guaranteed amount:

• all funds accumulated in the bank by one person, regardless of how many accounts (e.g., term deposits, current, savings and settlement accounts) are treated as one deposit,
• the basis for calculating the guaranteed amount is the sum of funds placed in all accounts,
• the calculation of the guaranteed amount in zlotys takes the average EUR/PLN exchange rate on the day of fulfilling the guarantee condition, announced by the National Bank of Poland.

The entity responsible for paying out the guaranteed funds is the Bank Guarantee Fund.

For more information, visit: www.bfg.pl.

Information on the economic and financial situation of the Cooperative Bank in Szczytno

Information on the economic and financial situation of the Cooperative Bank in Szczytno, in accordance with Article 318 paragraph 1 point 1) of the Act of June 10, 2016, on the Bank Guarantee Fund, the deposit guarantee system, and forced restructuring, is available at the Secretariat of the Cooperative Bank in Szczytno, 20 Łomżyńska Street, 12-100 Szczytno.