Product Conditions of Special Escrow Account
1. These Product Conditions contain the description, conditions, and scope of the parameters of the Special Escrow Account product,
arranged pursuant to an Agreement on Banking Products and Services, including the Dispositions, on the basis of which the Bank sets up
and maintains a Special Escrow Account (hereinafter referred to as the “SEA”).
2. A Client may be domestic entity acting as a barrister & solicitor or a notary pursuant to applicable legislation.
3. An SEA may only be maintained in CZK and exclusively for the financial funds of one payer.
4. The Client hereby declares that an SEA shall be used exclusively to hold financial funds entrusted into his escrow by a third person,
pursuant to Act No. 358/1992 Coll., on Notaries and Their Activities (Notarial Rules), as amended, or to Act No. 85/1996 Coll., on the Legal
Profession, as amended.
5. The Bank undertakes not to carry out a set-off with respect to the financial funds in the Special Escrow Account against any due and/or
not yet due account receivable from the Client.
6. The SEA shall be arranged for an indefinite period of time.
7. A condition for the establishment and maintenance of an SEA is that the Client establishes a CZK Current Account. The fee for the
maintenance of the Current Account, all incoming transactions, all outgoing electronic transactions, 3 orders submitted at a Point of Sale,
the maintenance of the Internet Bank, if applicable; the maintenance of a MC Business payment card, if applicable; and the maintenance
of the Genius Gold Account private package, if applicable: CZK 0 for the term of the maintenance of the SEA. All other fees related to
dispositions with the financial funds in the CZK Current Account and the Genius Gold Account shall be charged in line with the relevant List
8. All fees for the SEA: CZK 0.
9. The SEA shall bear an annual interest rate based on the daily credit balance:
Daily credit balance bears an interest rate depending on
the balance amount ( p.a.)
Balance amount [CZK] Interest Rate [%]
From Up to
0 499,999 1.00
500,000 4,999,999 1.20
5,000,000 9,999,999 1.50
10,000,000 and more 2.00
10. No minimum or maximum deposit has been set for SEAs.
11. The Client shall be responsible for identifying the payer of the financial funds and for the depositing of the financial funds in the
appropriate SEA type:
• FOP – if the funds are paid by a natural person who is a sole proprietor;
• PO – if the funds are paid by a legal entity;
• FO – if the funds are paid by a natural person who is not a sole proprietor.
The Client may obtain information about the SEA type at any POS of the Bank or through Internet banking (if the service has been
arranged). The consequences of improperly charged interest and withholding taxes, due to an improper identification of the SEA type
provided to the Bank, shall be borne by the Client.
12. If no financial funds are deposited in an SEA, an existing SEA number can be used for another escrow, provided that the original SEA type
13. The financial funds in an SEA shall start bearing interest on the day that they are credited, ending on the day preceding their debiting.
14. The Bank shall transfer the interest accrued on an SEA to the relevant SEA, whereby the interest credited becomes a part of the SEA.
15. The Client may opt to have statements pertaining to the SEA issued following each transaction, monthly, or annually. The Client may
receive those statements by post, in person, or electronically. The Client may request a change in the statement set-up from time to
time, or make the change himself through Internet banking (if the service has been arranged).
16. The financial funds in an SEA are not bound to a specific term; the Client or, in cases anticipated by the law, his representative, partner,
stand-in, or successor may withdraw the deposit from an SEA in a cashless manner on any Banking Day, or in cash following a prior
announcement at the Bank’s point of sale. For bigger cash security there is not possible to sent foreign payments from an SEA.
17. An SEA may be terminated:
• With the closing of the CZK Current Account alongside which the SEA was established;
• By closing the SEA at the Client’s request;
• With the closing of the SEA by the Bank, if there is no credit balance in the SEA for at least six months.
18. The Bank may unilaterally amend these product conditions, which are Published at Points of Sale and/or at www.gemoney.cz, solely
provided that they are Published such that the Client has the opportunity to state his objection to the changes within 1 month of the
Publication of the new Product Conditions. Should the Bank not receive his written objection to the changes within the time-period
specified, they shall take effect.
19. Pursuant to Act No. 21/1992 Coll., on Banks, as amended, each partial deposit in an SEA shall be covered by insurance with the Deposit
Insurance Fund. In the event of a disbursement of compensation from the Deposit Insurance Fund, the Client shall submit to the Bank the
identification data of the owner of the financial funds.
20. These Product Conditions of Special Escrow Accounts shall take effect on 1 April 2010.