Accounts of Minors Clause Samples

The 'Accounts of Minors' clause governs the opening and management of financial accounts for individuals who are under the legal age of majority. Typically, this clause outlines the requirements for a parent or legal guardian to act on behalf of the minor, including providing necessary documentation and assuming responsibility for the account's activity. Its core function is to ensure that minors, who may not have the legal capacity to enter into binding agreements, can still have accounts managed in their interest while protecting the financial institution from legal and compliance risks.
Accounts of Minors. Minors under the age of 13 require a parent or a legal guardian appointed by the court, who is at least eighteen (18) years of age, to be a joint owner on a savings account. Minors age 13-17 require a parent or legal guardian to be a joint owner on a checking account. Minors under the age of 13 may not have a checking account.
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Accounts of Minors. 4.1 Accounts for minors which generate interest are governed by the terms and conditions found in the Disclosure Truth in Savings Accounts. 4.2 To open an account on behalf of a minor, and to effect payments or withdrawals of funds in the account, it is necessary that the person with custody of the minor o legal guardian or person responsible for the minor signed the relevant documentation required by the Bank. Where guardian is a legal representative, it is necessary to submit to the Bank a certified copy of the documentation required by the jurisdiction where the account is held. 4.3 Accounts for minors are limited only to individuals. This minor cannot get this account unless the parent or guardian with custody authorized when it is opened. 4.4 The accountholder can only be made withdrawals against the funds in the account using ATMs, POS terminals or electronic transfers. 4.5 In case of payment by reason of error or mistake by the Bank, of any payment order regardless of the reason that the Bank expressed as a reason for the payment and circumstances occur, the Bank shall respond to the accountholder only for real and effective damages suffer by the accountholder. No presumed damage to reputation of the accountholder or the Bank shall have to pay compensation for distress or suffering of the accountholder. Nor are presumed damage to the business and activities of the accountholder. The real and effective damage will compensate by the Bank will be those on which the accountholder presents clear and conclusive proof and on which a measure is certain in money. . 4.6 The accountholder waives the right to suspend payment of warrants that expire on the account, except in the literature provide by the Bank to effect and subject to the conditions stated in these forms. However, it is expressly agreed that the Bank would not be liable and hereby is relieved from liability for payment of any warrant which the accountholder has suspended payment in the manner described above, provided that the Bank has paid inadvertently or accidentally. Provided further that any stop payment order shall be filed in writing to the branch where the accountholder maintains the account and the same shall enter into force on the working day following the date of filing. 4.7 This account is not subject to overdraft. In case the Bank inadvertently pays any effect and there were no sufficient funds in the account, the accountholder shall pay to the Bank such overdraft the maximum intere...
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Related to Accounts of Minors

  • Accounts for Minors We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners.

  • Accounts and Records The accounts and records maintained by ALPS shall be the property of the Fund. ALPS shall prepare, maintain and preserve such accounts and records as required by the 1940 Act and other applicable securities laws, rules and regulations. ALPS shall surrender such accounts and records to the Fund, in the form in which such accounts and records have been maintained or preserved, promptly upon receipt of instructions from the Fund. The Fund shall have access to such accounts and records at all times during ALPS’ normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by ALPS to the Fund at the Fund’s expense. ALPS shall assist the Fund, the Fund’s independent auditors, or, upon approval of the Fund, any regulatory body, in any requested review of the Fund’s accounts and records, and reports by ALPS or its independent accountants concerning its accounting system and internal auditing controls will be open to such entities for audit or inspection upon reasonable request. ALPS or its undersigned as defined by Rule 17a-4 of the Securities and Exchange Act (the “Exchange Act”), shall have access to all electronic communications, including password access to the system storing the electronic communications, of registered representatives of ALPS that are associated with the Fund and are required to be maintained under Rule 17a-4 of the Exchange Act and FINRA Rules 3110 and 3010. Electronic storage media maintained by the Fund will comply with Rule 17a-4 of the Exchange Act.

  • Cash Accounts, Deposits and Money Movements Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself or with Subcustodians, cash accounts in United States Dollars, in such other currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction.

  • Account Limitations Limitations are implemented to help protect PayPal, buyers and sellers when we notice restricted activities, an increased financial risk, or activity that appears to us as unusual or suspicious. Limitations also help us collect information necessary for keeping your PayPal account open. There are several reasons why your PayPal account could be limited, including: • If we suspect someone could be using your PayPal account without your knowledge, we’ll limit it for your protection and look into the fraudulent activity. • If your debit or credit card issuer alerts us that someone has used your card without your permission. Similarly, if your bank lets us know that there have been unauthorized transfers between your PayPal account and your bank account. • In order to comply with applicable law. • If we believe in our sole discretion that you have breached this agreement or violated the Acceptable Use Policy. • Seller performance indicating your PayPal account is high risk. Examples include: indications of poor selling performance because you’ve received an unusually high number of claims and chargebacks, selling an entirely new or high-cost product type, or if your typical sales volume increases rapidly. Unless a permanent limitation is placed on your account, you will need to resolve any issues with your account before a limitation can be removed. Normally, this is done after you provide us with the information we request. However, if we reasonably believe a risk still exists after you have provided us that information, we may take action to protect PayPal, our users, a third party, or you from reversals, fees, fines, penalties, legal and/or regulatory risks and any other liability.

  • Joint Accounts If any of your accounts accessed under this Agreement are joint accounts, all joint owners, including any authorized users, shall be bound by this Agreement and, alone and together, shall be responsible for all EFT transactions to or from any share and share draft or loan accounts as provided in this Agreement. Each joint account owner, without the consent of any other account owner, may, and is hereby authorized by every other joint account owner, make any transaction permitted under this Agreement. Each joint account owner is authorized to act for the other account owners, and the Credit Union may accept orders and instructions regarding any EFT transaction on any account from any joint account owner.