Check where the money legally lies
The application can have one brand, and the contract is concluded with a bank of another country or payment organization. Open the account agreement and find the full legal name. Check it in the official BFG list “Subjekty objęte gwarancjami”. Do not make a conclusion about the warranty only from the Polish interface of the application.
The BFG protects eligible deposits at participating institutions. A branch of a bank from another EU country is usually covered by the system of the country where its parent bank is located. Therefore, the absence of the BFG list does not always mean the absence of any guarantee; find out which fund is mentioned in the information for the investor.
How the Limit Works
The standard limit is the equivalent of 100,000 euros per depositor in one bank or relevant cash office. Accounts, deposits and eligible interest are aggregated rather than each receiving a separate limit. The share of a particular depositor is taken into account for the total account. Individual circumstances provided for by law may provide temporary protection beyond the general limit.
In practical terms, this means that a current account and two lockers in one organization should be considered together. Do not convert EUR to PLN at a random rate from the app, trying to calculate the exact future payment; the guaranteed limit and the calculation when the guaranteed event occurs are regulated separately.
Testing prior to major deployment
- Name of the institution in the contract and guarantee system.
- The sum of all your deposits in this organization, including other products.
- Whether the product is a deposit or a purchase of securities/shares of a fund.
- Information sheet for depositors and conditions of access to money.
- Documents of the origin of the money, if you expect the application of special increased coverage.
What the warranty does not promise
It does not make any high-yield offer safe. Transferring money to an unlicensed organization does not create a BFG guarantee. An investment product purchased through a banking app does not become a bank deposit simply because of the place of purchase.
Separately check the risk of fraud. Guaranteeing deposits in case of problems of the institution and a dispute about writing off money without your consent are different situations. If the money is stolen through phishing, the application goes first to the bank for the disputed transaction, and not to BFG as for the usual deposit payment.
If the bank has reported the problem
Read the BFG reports for the exact name of the institution. Keep the contract and the account statement, but do not pay the intermediary for "inclusion in the list of depositors". Use the officially announced procedure for receiving funds. Check the details on the official domain, especially if you received an offer to transfer money urgently.
For your own accounting keep a list of banks and deposits outside the single phone. Such a table helps to note that several attachments relate to the same legal bank. It’s also useful for your family if you’re temporarily out of access to your devices.