Set up a blocked account - at which bank?

Dear all,
a craftsman insists on payment of the security deposit (security retention), but I would like to deposit it into a blocked account and only pay it out after 5 years. The problem is, I can't find any bank that still offers this. There are still rental deposit offers, but otherwise I can't find anything related. A bank guarantee is "too expensive" for the craftsman. I have already considered simply opening a savings account. However, the craftsman considers that "too insecure."
Can anyone perhaps help or give a tip?
Thank you!

Hello,

the cleanest and safest option for both parties in this case would be a so-called "escrow account."

An escrow account is an account that serves for temporary, fiduciary "storage" of third-party funds.

The holder opens it:

- in their own name
- with their own authority to dispose
- for another
- in a fiduciary capacity

However, only notaries, lawyers, tax advisors, and some auditors can open such an account.

Another, and much simpler option would be if you and the craftsman open an account in both your names and exclusively set up a joint authority to dispose.

Problems with this:

- No exemption order possible

- Disposals only possible jointly

Personally, I would advise you to use an escrow account.

Regards,

Dirk

Only the deduction of 5% from the gross amount as a security deposit was agreed upon, with an option to replace it by a guarantee (which he refuses for cost reasons). The conditions according to VOB Part B and C applied. So far, the craftsman has not set any deadlines. However, I wonder to what extent this regulation according to VOB regarding the "Sperrkonto" constitutes an obligation when this type of account is no longer offered by the credit institutions!?! I can hardly conjure it up myself. I am really at a loss now. The craftsman is not from the area. Is this now the last option - a joint account opening at his or my place of residence?

Hello,

I am wondering, however, to what extent this regulation according to VOB regarding the "blocking account" is binding when this type of account is no longer offered by credit institutions!?! I can hardly conjure one up myself

If I'm not completely off track, in my humble opinion the Ing-Diba does that. Otherwise, just ask your financier; he will certainly know how and with which institution the establishment of a blocking account is possible. It also can't be much more effort for the institution concerned than opening a blocking account for a foreign student

Rhenish greetings

No bank (anymore) does something like that, if only for reasons of effort, current laws such as the Tax Code, GwG, etc. And especially not Ing-Diba. With them, you cannot even pledge or assign credit balances. They reject such an agreement. If the contract provides for a 5% retention or guarantee, then that is how it is.

Hello Tox,

no bank (anymore) does something like that, if only for reasons of effort, current laws such as the Tax Code, GwG, etc.. And ING-Diba certainly does not. With them, you can’t even pledge or assign credit balances. They reject such an agreement.

I recently spoke with our financer on the phone and brought up the question "blocked account yes/no" during this call; I was not on the supposedly "wrong track."

ING-Diba sets up a (visible) sub-account, issues the guarantee with it and "collects" the 5% amounts on this blocked account. I did not inquire about other institutions; my financer said it is handled differently. In other words, other institutions also offer this service – for a fee, of course.

Rhenish regards