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What is a bank account held by one person as custodian for another?
Wiki User
∙ 17y ago
It usually means that an adult has opened an account for a child and has the ability to add/subtract or "control" the account for the child. Can also be for adults; ex-when a large amount of money is involved and custodian wants to limit beneficiary's access. Basically, someone besides the account holder who has access to and can change said account.
Wiki User
∙ 17y ago
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How do you write a letter to bank manager for transfer one person account money to another person's account?
how do send a mail to bank while transfer money from account to another
How does someone close there bank account if they are under the age of 18 and will they need the parent that opened the bank account with them when they go to close it?
Most likely, the parent who opened the account is the custodian of the account and is technically the only person who can make major changes, including closing the account. Therefore, the parent who opened the account will need to visit a local branch to close the account.
What is a depot reconciliation involve?
Depot reconciliation is the process of reconciling securities holding of a bank or an institution as per their book of accounts against the securities in the account maintained with the custodian. The process is similar to the Nostro account reconciliation. e.g. Bank X maintains it's custodian account with Euroclear. Bank during the course of the business buys and sells securities and send messages to it's custodian for the delivery or receipt of such securities. Bank needs to ensure that securities balance as per their book is matching with actual the balance in their account with Euroclear. This process is called Depot reconciliation.
How the direct debit payment system works?
A direct debit payment solution is simply a financial transaction in which one person withdraws funds from another person's bank account. Formally, the person who directly draws the funds instructs the bank to collect (i.e. debit) an amount directly from another's bank account - and then pay those funds into a bank account designated by the payee. Direct Debit is an agreement between yourself and your bank, which authorizes the bank to allow an organization to collect a regular or irregular payment from your account. It is actually managing your funds better!
Can they touch bank account in your name and another name?
no. unless the person who owns the account dies; therefore, maybe their kids can if they are old enough
What bank account would children open?
A savings account with a parent as custodian. You have to be 18 to have your own account.
How do you write a letter to bank manager for transfer one person account money to another person's account?
how do send a mail to bank while transfer money from account to another
Can a creditor garnish your bank account if joint with another person?
no
How does someone close there bank account if they are under the age of 18 and will they need the parent that opened the bank account with them when they go to close it?
Most likely, the parent who opened the account is the custodian of the account and is technically the only person who can make major changes, including closing the account. Therefore, the parent who opened the account will need to visit a local branch to close the account.
What is a depot reconciliation involve?
Depot reconciliation is the process of reconciling securities holding of a bank or an institution as per their book of accounts against the securities in the account maintained with the custodian. The process is similar to the Nostro account reconciliation. e.g. Bank X maintains it's custodian account with Euroclear. Bank during the course of the business buys and sells securities and send messages to it's custodian for the delivery or receipt of such securities. Bank needs to ensure that securities balance as per their book is matching with actual the balance in their account with Euroclear. This process is called Depot reconciliation.
Can another person be added to her checking account even if not married?
depends on bank
What is a bank statements?
A bank statement is a communication from a bank to a person holding an account in that bank, detailing the value of the holdings in a person's account and the effects of all that person's transactions.
What is the meaning of a bank 'transaction'?
I'm pretty sure it means when one person transfers money to another bank account.
Can somebody go after your joint bank account in Maryland to collect a debt from just one person?
Yes. A joint bank account is an equal property of all the parties involved in the joint account. So if one of the parties who jointly hold an account owes a debt to the bank, the bank can lay claim to the cash he/she has in an account they jointly hold with another person.
Can a person close a bank savings account not in their name?
A bank account can be closed only by the individual who holds the account. He/she needs to visit the bank and sign the account closure form in order to close their bank account. No one else can do that. But, if the account holder has given the legal power of attorney to another individual, he can act as a proxy for the customer and close their bank account.
Can a person transfer his account from one branch to another without changing the account number?
Every bank gets to make their own rules about such things, however, I have done that successfully with my own bank account.
What happens if a custodian on a trust account takes money our of the account without knowledge or approval of beneficary Mother took money out of daughter's account and will not go to the bank to transfer funds into child's account.?
Nothing will happen.
