Fiduciary account for developers

About the product

Residential Custody Account is meant for accumulating money from buyers of flats or houses. It is kept on the basis of par. 59 of Banking Law and the Act on Protection of Rights of a Buyer of a Flat or Single-family House of 16 September 2011. 

Funds on the residential custody account shall be disbursed when specific requirements defined in the account agreement are met. In case of a closed residential custody account disbursements are made as the Bank is presented subsequent agreements on transfer of ownership of flats or houses to individual buyers, while in case of an open residential custody account it is done after confirmation by an appraiser indicated by the Bank of completion of subsequent project stages as per the property development project schedule.

Benefits:

  • Financial settlement of the construction in keeping with valid legal requirements.
  • Efficient verification of fulfilment of disbursement requirements and fast disbursement of the funds.
  • Automatic recording of deposits and withdrawals of the buyers' money by Automatic Identification of Incoming Payments (AIPP).
  • Support of ongoing monitoring of settlement of the development project.

Scheme

schema

Channels of access to product information

Internet

Wherever you are, with internet access, you can check account balances and history on a 7/24 basis, also viewing information concerning other products i.e.: cards, loans, guarantees and letters of credit, standing orders or term deposits.

Corporate Branch

Get detailed information about Bank Millennium products by contacting Advisors in the Corporate Banking network.

Contact with Advisor


By phone

Our Consultants will provide you with detailed information and will carry out your instructions. 

801 31 31 31
line available for fixed-line and mobile calls

Related products

Settlement account


Automatic Identification of Incoming Payments (AIPP)