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ESCROW account is a collateral deposit, available for all major individuals and companies, resident or non-resident, opened in order to store/ block amounts of money until the conclusion of a contract, the delivery of merchandise, the purchase of goods or the fulfillment of some conditions stipulated in an agreement or commitment concluded between two parties, as guarantee for using those amounts strictly for the determined destination and/or as a warranty of the fact that the parties’ objectives set in the respective agreement or commitment are fulfilled.
The Escrow account is opened into the currency that the payments/ transfers must be performed by the bank accordingly with Escrow conversion.
Advantage:
- High degree of security – a safe and efficient payment system
- Operations between the client current account and ESCROW account does not bear commissions
- The beneficiary has the guarantee of his incomes /cash-in of his rights, limited to the amount available in the ESCROW account and when the conditions provided in the contract are fulfilled
- The depositor has the right to recover the entire amount available in the ESCROW account, if the term for submitting the documentation by the beneficiary has expired or if this one is in a proven bankruptcy status
- This product is under the guarantee of the Deposit Guarantee Fund in the Banking System
Other deposits offered by the Bank
- In RON, current account or term deposit with fix or variable interest rate;
- In foreign currency, current account or term deposit with fix or variable interest rate.
Deposits are guaranteed under the conditions and in the established limit of The Guarantee Fund of Deposits, limit set at the equivalent of 50,000 euros per customer (individual or company). More information can be found by accessing the site www.fgdb.ro.
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