Fiduciary Account

Credibility in business

Fiduciary Accounts strengthen the security of business as a solution supporting transactions between Clients of the Bank and their customers. A Fiduciary Account may only be used to keep funds entrusted to its holder by a third party under a separate agreement.

In accordance with the Banking Law of 29 August 1997, funds deposited in a Fiduciary Account:

cannot be seized in the course of debt enforcement proceedings against the account holder
are not part of the bankruptcy estate if the account holder is declared bankrupt

The most important features of the product

Fiduciary Account – advantages:

It secures the funds deposited by the recipient and ensures they will be used by the supplier in accordance with their contract.
It secures the contract between the recipient and the supplier by depositing the appropriate amount, being the payment for the transaction, in the Fiduciary Account.
The transaction is settled as agreed between the parties and the Bank is the executor of the agreement.
The bilateral agreement is signed with the Bank on the basis of the fiduciary agreement between the parties to the transaction.

Fiduciary Account is recommended when:

we want to reduce the risk connected with a high-risk transaction
the funds allocated to a transaction should be subject to stringent control and be used as agreed by the parties
the contract is to be signed between parties which have not cooperated with each other and, as a result, may only offer limited trust

The Bank:

safeguards the interest of each of the parties to a transaction
confirms deposited funds and prevents the parties from using them in violation of the Fiduciary Account agreement
drafts and modifies the agreement as required by a given transaction
ensures support provided by an experienced team dedicated exclusively to Fiduciary Account transactions

Funds in Fiduciary Accounts bear interest at the rate negotiated with Clients on a case by case basis. Fees for Fiduciary Accounts depend on the complexity of a given account and are negotiated with Clients on a case by case basis.

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