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Minor account: Types of possible transactions

Types of possible transactions

Transactions on the minor account can be executed by:

  • Parents/guardians, in accordance with the signing instruction
  • Third party, who has opened the account1
  • Minors aged between 14 and 18, who are the account holders2

Upon the availability of the consent letter signed by parent(s)/guardian(s), Minors aged between 14 and 18 that are the account holders are entitled to apply for ATM card and/or 0 limit credit card, as well as use Online/Mobile and Phone banking services3.

Transactions on the minor account are executed in accordance with the signing instruction. Cash deposits and withdrawals can be made at any branch of the Bank upon the presentation of relevant documents proving the identity of the person. Cash deposits are credited onto the bank account at the submission of cash funds (unless otherwise provided by an agreement signed between the Bank and the Customer). The cash withdrawals form the minor account are made in accordance with the signing instruction; cash withdrawals are executed immediately upon the request of person(s) who has the right for encashment according to signing instruction. The Bank must be informed about the withdrawal of amounts exceeding the thresholds set by the Bank one day prior to the withdrawal. The information on the above-mentioned thresholds can be obtained at any branch of the Bank, as well under Tariff of Charges.

The foreign exchange transactions are executed at the exchange rate set by the Bank for the given currency at the moment of execution of the transaction.  When transactions are executed on Minor’s account in currency different from the account currency, the Bank makes foreign currency exchange at the exchange rate set by the Bank.

Information on account servicing and operating charges, available restrictions on execution frequency, terms or amount sizes can be obtained by referring to Tariff of Charges.

Additional information on bank accounts is available under Terms and conditions .

1Only for the funds deposited by him/herself, and until the Bank receives evidence of Minor’s parent(s)/guardian(s) intention to dispose the minor account, or until the Minor reaches the age of 18, whichever is sooner.

2For (additional) accounts opened by the Minor for disposing his/her income

3Parent(s)/guardian(s) of the Minor and/or Third Parties cannot use Online/Mobile banking and Phone banking services for the respective minor account, as well as apply for ATM card and/or credit card.

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