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 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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Examples of Minor Accounts in a sentence

  • Minor Accounts We may open personal checking accounts for depositors as young as 13 years old and will require a parent or legal guardian to be a joint account holder.

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

  • 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.

  • 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.

  • Business, Association and Minor Accounts are not eligible for this service.

  • Minor Accounts include the following cases: ⮚ A minor individual’s personal account ⮚ A joint account with 2 or more minors ⮚ A joint account of a minor and an adult ⮚ An account of a minor, who is entitled by law to work and earn income.

  • The aggregate outstanding balances of all Minor Accounts and the aggregate credit limits with respect to all Minor Accounts on the date hereof did not exceed $10.5 million and $150 million, respectively.

  • Sellers' program for establishing Minor Accounts has been -------------- terminated and Sellers are no longer opening Accounts with minors.

  • Minor Accounts can be opened by the parents either singly or jointly or by legal guardian or administrator appointed by Court.

  • Minor Accounts – We may open personal checking accounts for depositors as young as 13 years old; however, we will require a parent or guardian to be a joint accountholder with any depositor under 16 years old.


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 all the persons, except himself. In order to boost their deposits many banks open minor accounts with some restrictions.
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