Account Seizure and P-Account

What is an account seizure?

If your company has unpaid debts, the creditor can apply for an order of attachment and transfer of funds and a related attachment of an account by means of...

Can anyone seize my account?

No. For an account seizure, very specific conditions must be met. The creditor or the authority must have obtained an enforcement order against you. If ...

How can I quickly unlock my account after a seizure?

In order that your account can be reactivated as quickly as possible after a seizure, you need to make a manual transfer with us. Please contact our cus...

How exactly does the account seizure work?

There are basically two ways in which someone can seize your account. Your company has an unpaid debt with one or more creditors A creditor whose cl...

What is the effect of an account seizure?

Your bank must continue to transfer incoming payments and existing balances to the creditor until the debts are paid off.  The amount depends on whether...

What is a garnishment protection account (P-account)?

As soon as the bank has received an order of attachment and transfer, you have the possibility to take measures to protect yourself against the attachment w...

What does the P-account protect?

The P-account function protects account balances from creditors' access, so that you can continue to dispose of received funds in your account within t...

How much is the garnishment-free amount of the P-account?

The basic garnishment-free amount of the seizure protection account protected from seizure is currently €1,178.59 per calendar month. If you have any fu...

Who is authorized to open a P-account?

A P-account may only be opened by natural persons. The natural person must be the account holder. Corporations (for example UG, GmbH and AG and KGaA) may no...

How many P-accounts can I have?

Only one P-account per person may be held. Multiple P-accounts, even with different banks, are not allowed. A violation can be punishable by law and lea...