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 any Minor, the Credit Union may pay dividends or earnings thereon to such Minor. The Credit Union will only make the withdrawal value of such shares available to the Joint Owner who is 18 years of age or older, with the exception of MyLife Teen Checking Accounts, Teen Accounts and Student Accounts. For a custodial account where deposits are held for the exclusive right and benefit of the Minor, a Custodian who is 18 years of age or older is required, and is subject to the New York Uniform Transfers to Minors Act (NYUTMA). The Minor does not have transactional authority on a custodial account; the Custodian is liable for all transactions conducted and is responsible for transferring ownership of the funds to the Minor at the appropriate age assigned on the custodial application. The Successor Xxxxxxxxx designated on the custodial application shall serve in the event the current active Custodian resigns, dies or becomes legally incapacitated. The purpose of personal information collected for Minors is used solely to open an account. 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 $500.
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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

  • 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.

  • Senior Citizen and Minor Accounts Customers 18 years of age or younger or 65 years of age or older will be entitled to one savings account and one checking account free of specified service charges, upon request and presentation of proof of age.

  • Minor Accounts We reserve the right to limit the products and services that are available to minors.

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

  • 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.

  • 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.

  • Minor Accounts Accounts in the name of minors can be opened on the instructions given to the Bank by adults who may be the parents or relatives or guardians.

  • 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.

  • Minor Accounts: A minor is a person who has not attained legal age of 18 years.


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 xxx.xxxxxxxxxxxxxxx.xxx A M K RESOURCE WORLD GENERAL KNOWLEDGE all the persons, except himself. In order to boost their deposits many banks open minor accounts with some restrictions. 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

  • 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 as used in any security agreement means both the Designated Accounts hereunder and the “Designated Accounts” in the comparable agreement entered into with respect to any other Pledgor.

  • 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.

  • 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 the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • 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 unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • 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 rendition of Healthcare Services pursuant to a Customer Contract 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 an Account Debtor acceptable to Lender in its sole discretion; (b) the Account remains unpaid more than one hundred and twenty (120) calendar days past the claim or invoice date (but in no event more than one hundred and thirty five (135) calendar days after the applicable Healthcare 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 Healthcare Services, where the Healthcare Services have not been actually been performed or the Healthcare 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 twenty percent (20%) of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account are outstanding more than one hundred and twenty (120) calendar 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 any single Account Debtor exceed twenty percent (20%) of the net amount of all Qualified Accounts; (o) any covenant, representation or warranty contained in the Loan Documents with respect to such Account has been breached; (p) any Account which is based on a contract which is invoiced and/or paid based on a percentage of completion basis; (q) any Account which is based on a contract in which Borrower is paid for services and which services have not yet been fully provided by Borrower; (r) any license fee (other than fees which are paid on a month-to-month basis and are otherwise eligible hereunder); or (s) the Account fails to meet such other specifications and requirements which may from time to time be established

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

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.