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Non-cash domestic payment transactions
Non-cash domestic payment transactions are designed for:
- legal entities
- physical entities - entrepreneurs
- physical entities - citizens
- residents and foreigners
What are Non-cash domestic payment transactions?
Non-cash domestic payment transactions can take the form of single or standing payment orders, on which the terms of payment have either been agreed for an indefinite period (until revoked) or for a predetermined period. The client submits written payment orders at their home KB branch, either in person or through an authorized representative.Payment orders, collection orders, express payments to other banks and standing orders can also be submitted using direct banking products.
Non-cash domestic payment transaction benefits:
- speed – payment orders within KB are cleared the same day on both sides – on the payer’s and recipient’s accounts; payments received from other banks in Czech Republic are credited to the client’s account on the same day they are processed at the ČNB Clearance Center
- simplicity – standing orders or automatic transfers reduce the need to visit the bank or send repeat payment orders
- reliability – KB uses a reliable payment order control system
- security – KB also offers above standard security instruments, such as optical key cards
- by using on-line direct banking services, the client can immediately see changes in their account following the execution of on-line operations
Non-cash domestic payment transactions allow you to:
Submit payment and collection orders
Payment orders within KB can be submitted in crowns or foreign currencies, payments to other banks in CZ can only be made in crowns. Collection orders in crowns are submitted by the recipient of payment.
Make express payments in crowns to other banks in CZ
With express payments, the bank guarantees to submit payment to the ČNB Clearance Center for crediting to the recipient’s bank by the due date. (The day the payment is credited to the recipient’s account however depends on how quickly it is processed by the receiving bank). Express payment orders must be made in writing and submitted to a bank employee in person. The bank carries out two types of express payment:
- express – submission of payment order one working day prior to the due date, no later than 4.00pm, with the payment clearly marked with the words "EXPRESS"
- super express – submission of payment order on the due date,no later than 9.00am, with the payment clearly marked with the words "SUPER EXPRESS"
A payment order can be submitted as a SUPER EXPRESS payment via KB direct banking products on the payment due date until 10.00am.
Make prompt (irrevocable) payments in crowns
This payment is carried out in the presence of the client, immediately following presentation of a payment order specially designed for this purpose. Confirmation of payment is issued immediately. The client can submit a prompt payment order at any KB branch on verification of the client’s identity using the means of identification chosen by the client, e.g. optical key bank card or previous request for prompt payment.
Place standing orders
A standing order is used for the repeat payment of a fixed sum, on a set date, to the same recipient. The payment order must be submitted in writing at least 2 working days prior to the date of the first payment. Similarly, instructions for changes to, or the cancellation of a standing order, must be submitted at least 2 working days prior to the date the change takes effect. The client can also place, change or cancel a standing order for payment via direct banking products, under the terms and conditions for individual products.
Place standing orders for automatic transfer
These payment orders are used for the transfer of fluctuating amounts and usually relates to transfers of the following type:
- transfer of excess balance with no fixed date – this is the transfer of part or the entire account balance to another account on days when a set balance limit is exceeded; the maximum balance to be retained on the account is determined beforehand
- transfer of excess balance on a fixed date – this is the transfer of an unknown amount (part or entire account balance) to another account on a fixed date if a "debit" balance limit is exceeded
- transfer to maintain a minimum balance – if the balance on an account falls below a set limit, funds are transferred from another account, thereby ensuring there are sufficient funds on the account for the client’s further payments
- transfer to prevent overdrawing – transfer of funds to an account in the event that the balance falls below zero, i.e. into debit
Arrange SIPO payments
SIPO payments (Centralized Collection of Utilities Payments) are regular total monthly payments made to a Czech Post account. The client submits a request to set up a standing non-cash SIPO payment and can set its limit.
Collection authorization
Only the account holder can give collection authorization by writing to Komerční banka with the account number of the recipient with whom the client has agreed on a collection form of payment. Payment takes place at the recipient’s instigation. Here too, the client can set a limit for individual collected payments.
How can you obtain this product?
If you are interested in learning more about this product or if you would like to apply for this product irectly, contact your bank advisor or call the KB toll free line 800 111 055.
