Fiduciary Account

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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