Raiffeisen Bank 

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Infoline: 800 900 900

Escrow account

An escrow account is a special type of current account in which a notary, barrister or executor deposits financial resources from its clients in escrow.

Advantages

  • stipulation of interest rate conditions in accordance with your requirements and the specific nature of the transaction in question
  • the object of escrow can be in CZK or a foreign currency
  • the resources of natural persons, individuals – entrepreneurs – and legal entities may be deposited in the account
  • resources may be transferred to and from the escrow account in cash or by bank transfer
  • you can manage the account from the comfort of your home using direct banking services
  • the client can choose how often to be sent statements
  • the accounts are subject of special legal provisions – the bank is not entitled to bill its possible receivables to the account, and the resources in the account may not be subject to execution or inheritance proceedings, nor may they serve as security of obligations

What we offer you

An escrow account serves for the management of financial resources accepted into safekeeping by a notary, barrister or executor from their clients. One or more escrow accounts, in which the individual reserves of third parties are recorded, are linked to the main account. The financial resources deposited in the escrow account are permanently in the ownership of the third party which placed them in escrow or under management under the terms of a contract between the accountholder and the third parties.

An escrow account may only be opened in the currency in which the main account is held, and may not be used to cover domestic or foreign payments. The balance of an escrow account is given in independent statements, a fact which allows for clear records.

Ownership of any interest revenue accruing from the escrow account is a matter for agreement between the accountholder and the actual owner of the resources in the account.

An escrow account is intended

Only for a Czech national who is an individual – entrepreneur – active in the following professions:

  • notary
  • barrister
  • executor

who is entitled to carry out this profession to the extent specified by valid regulations.

What do you need to open a current CZK account

  1. Submit the documents necessary to open an escrow account
    • ID document
    • barrister – certification of entry in the list of barristers + barrister’s licence
    • notary – notary’s licence
    • executor – legal executor’s licence
    • Have a main account opened at Raiffeisenbank a.s.
  2. Identify the genuine owners of the resources held in the escrow account in accordance with Section 41 f Paragraph 2 and Paragraph 5 of Act 21/1992 Coll., on banks, as amended, to the extent specified by Act 61/1996 Coll., on measures against money laundering, as amended.
  3. Conclude a written contract with the bank.

Related services

An escrow account can be concluded in combination with the following products:

Additional information

You can open an escrow account

  • by means of the employees of our branches.
  • more information is available on Freefone 800 900 900 or by writing to info@rb.cz

Additional information


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