Protected Accounts in the Czech Republic

Abstract: The focus of the article is the legal regulation of protected accounts in the Czech Republic. A protected account is a bank account shielded by the law from the consequences of debt enforcement (debt collection) procedures. Some banks are legally required to open such an account for the debtor and to allow certain funds to be transferred to the account if certain conditions are met. These funds are not subject to debt enforcement and serve to secure the basic needs of the account holder — the obliged party in an enforcement procedure. The article deals with the conditions that need to be met for an account to be opened, and examines certain issues ensuing from the legal regulation.

Key words: payment account, protected account, debt enforcement, account holder, bank, payment system

JEL code: K220