The impetus for the adoption of the new legislation was the financial market instability in the credit union sector, which led to revocation of licenses Metropolitan spořitelnímu cooperative and credit union WPB Capital. The amendment to the Act will significantly affect deposits, respectively, the conditions for depositing funds in the savings and deposit account held with credit unions.
"An important innovation is the introduction of the Depositors rule 1:10, which limits the amount of interest-bearing deposit to ten times the aggregate amount of the membership deposit and another membership contribution. The introduction of this rule is to strengthen the co-operative principle, ie active participation in the activities of the member credit unions, "says Luke Green, head of the legal department Dtest.
What does this mean in practice? If you put credit unions, for example, 200 thousand, their interest will only occur under the condition that a Member fundamental repay a deposit of 20,000 crowns, which is a tenth of a deposit in a savings or term account. In the event that you pass a basic member deposit in the amount of 10 thousand crowns, you will pay interest on the savings account deposit of only $ 100 thousand, while the remaining 100,000 crowns will appreciate.
At which deposits will be 1:10 rule apply? It will apply to all deposits based on 1 July 2015. The deposits, which were established 30 June 2015, and which is later than the termination date of December 31, 2017, this rule does not apply. If the deposit is indeed founded 30 June 2015, but its termination is up to date after January 1, 2018, so it is necessary in order to increase the interest of the entire deposit base member deposits and a third deposit in the amount specified by law 21,000 crowns .
"Consumers should be aware that although their contribution in Kampelicka insured, up to a maximum of 100,000 euros and member deposit is not insured. In the event of insolvency it is then necessary to claim the payment of membership contribution to the filing of the insolvency proceedings. The likelihood that you'll get your money back, but low, "says Luke Green.
Tempting higher interest rate is compensated by the obligation to deposit an amount corresponding membership deposit and the potential risk of loss of these funds in the event of insolvency of credit unions.
Zdropj: tz dTest.cz
