Minor Accounts definition

Minor Accounts. A Minor is a person under 18 years of age. The Credit Union requires a Joint Owner who is 18 years of age or older for any account opened for a Primary Owner who is a Minor. Whenever shares of this account are issued in the name of Payment of Club Account Balances: Each year, on the last calendar day or specified calendar day of the month selected, the entire balance of your Club Account is automatically transferred to your deposit account. Any payroll allocations into your Club Account will continue. If you need funds prior to the scheduled payout date, you would be subject to an early withdrawal fee as set forth in the Fee Schedule. High Dividend Savings Account: The minimum balance required to earn dividends is
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Minor Accounts shall have the meaning set forth in the Security Agreement.
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Minor Accounts. A minor is a person who has not attained legal age of 18 years. As per Contract Act a minor cannot enter into a contract but as per Negotiable Instrument Act, a minor can draw, negotiate, endorse, receive payment on a Negotiable Instrument so as to bind all the persons, except himself. In order to boost their deposits many banks open minor accounts with some restrictions.
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Examples of Minor Accounts in a sentence

  • Account, Minor Accounts, flexible accounts, notice accounts and fixed/time deposit accounts.

  • The form of this indemnity is laid out in the Guidance Notes of the Irish League of Credit Unions RE Minor Accounts [issued March 2009].

  • An enhanced criminal record check is sought for all positions in Regulated Activity as currently defined by the Safeguarding Vulnerable Groups Act 2006 (and as amended by the Protection of Freedoms Act 2012).

  • All or any transaction arising from the use of the Services in the joint account shall be binding on all the joint account holders, jointly and severally. Mobile Banking will be available for Minor (age of 10 years and above) subject to per transaction limit of Rs. 5000 and per day limit prescribed for Minor Accounts Type.

  • To accom- modate the second ingredient, the trade-off between accuracy and computational burden has been resolved closer to the latter through a rather coarse FE discreti- sation of the 3D soil domain.

  • The following includes, but is not limited to, accounts that are ineligible for the service: • Minor Accounts (under 18 years of age) • Business Accounts • Government or State structured accounts, such as Rep Payee and UTMA accounts • Remote Deposit Capture Service Accounts (RDC) Occasional Overdraft Privilege Service balances including the Bank’s fees must be brought to a positive balance within fifteen (15) days or the service may be suspended and/or terminated and all overdrafts will be returned unpaid.

  • Minor Accounts with Youth Saver’s Club Share Savings are avail- able for members ages 0-12 and will be automatically converted to a Teen Account with Regular Share Savings on the member’s 13th birthday.

  • In case of Minor Accounts, the natural guardian undertakes to give all instructions relating to the operation of the account and further undertakes not to reveal the customer ID and password to the minor.

  • An Outside School Account (either a non-clubs account or Outside School Child Clubs Account or Outside School Minor Accounts) of a Club Student may also be linked to their Club Student account.

  • All Business Type Accounts, All Savings Type Accounts, All Money Market Accounts, All Public Fund / Charitable Organization Accounts, Safeguard Checking Accounts, Checking Trust Fund Accounts, and Minor Accounts are not eligible.


More Definitions of Minor Accounts

Minor Accounts. A minor is a person who has not attained legal age of 18 years. As per Contract Act a minor cannot enter into a contract but as per Negotiable Instrument Act, a minor can draw, negotiate, endorse, receive payment on a Negotiable Instrument so as to bind 11 GENERAL KNOWLEDGE Mobile Banking : With the help of M-Banking or mobile banking customer can check his bank balance, order a demand draft, stop payment of a cheque, request for a cheque book and have information about latest interest rates. Money Laundering: When a customer uses banking channels to cover up his suspicious and unlawful financial activities, it is called money laundering. Money Market: Money market is not an organized market like Bombay Stock Exchange but is an informal network of banks, financial institutions who deal in money market instruments of short term like CP, CD and Treasury bills of Government. Moratorium: R.B.I. imposes moratorium on operations of a bank; if the affairs of the bank are not conducted as per banking norms. After moratorium R.B.I. and Government explore the options of safeguarding the interests of depositors by way of change in management, amalgamation or take over or by other means. Mortgage: Transfer of an interest in specific immovable property for the purpose of offering a security for taking a loan or advance from another. It may be existing or future debt or performance of an agreement which may create monetary obligation for the transferor (mortgagor).
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Related to Minor Accounts

  • Mortgagor Accounts As defined in Section 3.07(a) of this Agreement.

  • Separate Accounts means the accounts which are to be prepared for each

  • Retirement Accounts has the meaning ascribed thereto in Section 2.1(F)(7) hereof.

  • Interim Accounts means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with GAAP.

  • Sub-Accounts means the respective Sub-Accounts of the Escrow Account, into which the monies specified in Clause 4.1 would be credited every month and paid out if due, and if not due in a month then appropriated proportionately in such month and retained in the respective Sub Accounts and paid out therefrom on the Payment Date(s).

  • Designated Accounts means any and all unsecured credit facilities (including without limitation unsecured card or non-card credit facility) that you have with the Participating FIs and excludes joint accounts, any renovation loan, education loan, credit facility granted for businesses or business purposes and such other credit facility that is excluded under the MAS regulations relating to unsecured credit facilities to individuals.

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • Collection Accounts As defined in Section 3.10(a).

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Matching Contribution Account means that portion of a Participant’s Account established to record Matching Contributions on behalf of a Participant. Matching Contributions shall be deemed to be invested in the Company stock, and a Participant shall not be permitted to elect a different Deemed Crediting Option for such Matching Contributions.

  • Omnibus Account means any Shareholder Account the record owner of which is a registered broker-dealer which has agreed with the Transfer Agent to provide sub-transfer agent functions relating to each Sub-shareholder Account within such Shareholder Account as contemplated by this Schedule I in respect of each of the Funds.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Special Accounts means the accounts referred to in Section 2.02 (b) of this Agreement;

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Management Accounts means, in relation to any Reporting Period, the Franchisee’s management accounts which: (a) comply with paragraph 3.10 of Schedule 13 (Information and Industry Initiatives); and (b) are required to be delivered to the Secretary of State by the Franchisee in accordance with paragraphs 3.2 and 3.3 of Schedule 13 (Information and Industry Initiatives);

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • User Account means an account under the name of the Customer in relation to the Service subscribed by the Customer.

  • Regular account means the account established for each active and inactive member un-

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Qualified Account means an Account of Borrower generated in the ordinary course of Borrower's business from the sale of goods or rendition of Medical Services which Lender, in its sole credit judgment, deems to be a Qualified Account. Without limiting the generality of the foregoing, no Account shall be a Qualified Account if: (a) the Account or any portion of the Account is payable by an individual beneficiary, recipient or subscriber individually and not directly to Borrower by a Medicaid/Medicare Account Debtor or commercial medical insurance carrier acceptable to Lender in its sole discretion; (b) the Account remains unpaid more than one hundred twenty (120) days past the claim or invoice date (but in no event more than one hundred thirty-five (135) days after the applicable Medical Services have been rendered); (c) the Account is subject to any defense, set-off, counterclaim, deduction, discount, credit, chargeback, freight claim, allowance, or adjustment of any kind; (d) any part of any goods the sale of which has given rise to the Account has been returned, rejected, lost, or damaged; (e) if the Account arises from the sale of goods by Borrower, the sale was not an absolute sale, or the sale was made on consignment or on approval or on a sale-or-return basis, or the sale was made subject to any other repurchase or return agreement, or the goods have not been shipped to the Account Debtor or its designee; (f) if the Account arises from the performance of services, the services have not been actually been performed or the services were undertaken in violation of any law; (g) the Account is subject to a lien other than a Permitted Lien; (h) Borrower knows or should have known of the bankruptcy, receivership, reorganization, or insolvency of the Account Debtor; (i) the Account is evidenced by chattel paper or an instrument of any kind, or has been reduced to judgment; (j) the Account is an Account of an Account Debtor having its principal place of business or executive office outside the United States; (k) the Account Debtor is an Affiliate or Subsidiary of Borrower; (l) more than ten percent (10%) of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account are outstanding more than one hundred fifty (150) days past their invoice date; (m) fifty percent (50%) or more of the aggregate unpaid Accounts from any single Account Debtor are not deemed Qualified Accounts under this Agreement; (n) the total unpaid Accounts of the Account Debtor, except for a Medicaid/Medicare Account Debtor, exceed twenty percent (20%) of the net amount of all Qualified Accounts (including Medicaid/Medicare Account Debtors); (o) any covenant, representation or warranty contained in the Loan Documents with respect to such Account has been breached; or (p) the Account fails to meet such other specifications and requirements which may from time to time be established by Lender in its reasonable credit judgment in accordance with its customary lending practices and notice of which shall have been given to Borrower at lease five (5) days prior to the effective date.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).