An escrow account is a special current account designed to be used by notaries¹, lawyers², and courts for depositing funds accepted for safekeeping from their clients. Every escrow deposit is kept in a special account, separately from the notary's or lawyer's own funds. Only one escrow can be deposited in an account at a time.
Target group
Escrow accounts are designed exclusively for:
- notaries
- lawyers
- courts
Advantages of escrow accounts
- opening and closing free of charge
- account administration free of charge for accounts bearing no interest
- advantageous interest rates (Table of Interest Rates - Corporate Banking, page 3) for interest-bearing accounts
- available currencies include CZK, EUR, USD, GBP, and CHF; other currencies based on an individual agreement with the Bank
- incoming and outgoing payments in CZK free of charge
- cash deposits and withdrawals in the account currency free of charge
- account statements issued after account transactions mailed free of charge
- continuous account access via Internet or Electronic banking
Conditions for opening an escrow account
A notary public or a lawyer who wants to open a LBBW Bank escrow account must first open a Master Escrow Account which will serve for managing finances and providing business-related.
¹ Persons registered with the Notarial Chamber of the Czech Republic acting as notaries public in the Czech Republic based on an appointment decree of the Minister of Justice.
² Members of the Czech Bar Association conducting business in the Czech Republic.
³ A depositor is a client of the applicable lawyer/notary; a depositor is not a client of the Bank. It means that the requirement to identify a depositor does not lie with the Bank but the lawyer/notary who accepts funds for safekeeping from such a person. In light of the lawful obligation to maintain confidentiality, a lawyer/notary may refuse to disclose the identity of his client to the Bank, and the Bank must accept such a fact. Identifying the depositor is important for insuring deposited funds in favor of the depositor. If a lawyer/notary does not disclose the identity of his client, funds deposited in an escrow account are insured in favor of the lawyer/notary.
Additional information
- Table of Fees and Commissions / Escrow Account
- Table of Interest Rates / Corp. Baking / Escrow Accounts, Page 3
For detailed information about escrow accounts, call the customer service line at 844 844 822 or visit any LBBW Bank branch.
