The professional image of the civil law notary in Austria is associated with notions such as security and trust. Notartreuhandbank AG was set up as a special bank to make sure that this stays just the way it is.
This bank offers a distinct quality standard to the business community and consumers. The guidelines enacted by the Austrian Chamber of Civil Law Notaries stipulate that escrow accounts may only be held with banks that meet the following security standards:
- designation of the beneficiaries upon opening of the account,
- notification of trustors before a disbursement of funds.
- security for clients e.g. by ensuring absolute transparency of financial flows and accrued interest:For every transaction, money given in escrow to the civil law notary must be deposited with Notartreuhandbank on a separate account on which only the civil law notary or his duly authorised agent may arrange for transactions. The contracting parties are notified before any transaction on the escrow account is effected.
- security of civil law notarial administration (e.g. safeguard against insolvency of the bank)
- special insurance cover
Guarantee of payment: As co-shareholders of Notartreuhandbank, Raiffeisen Zentralbank Österreich AG and Bank Austria - Creditanstalt AG have assumed joint and several liability.