Conditions for minors’ Accounts, mandate and Custody and for the benefit of:

A- For the Benefit of Accounts:

1.    Is an account opened by a person in his/her personal name for the benefit of a minor or any other person, the Customer understands that such account is a personal account and having it for the benefit of is for regulatory purposes only and will not provide the beneficiary any mandate and/or authority over the account. No relation of kinship, trusteeship, or guardianship is required, and in the event the account was for the benefit of a minor, the account owner may sign a letter assigning the credit balance of the account to the minor upon reaching major. And the Customer may cancel this letter at any time he deems appropriate.

2.   The beneficiary (to whose benefit the account is opened for) cannot withdraw from the account any amounts, nor has he the right to claim any amount that was deposited or withdrawn from the account by the account Owner.

3.   In the event the account was opened for the benefit of a minor, the he turned major, and an assignment was made for his benefit, the minor (now major) has to open a new account to transfer the balance thereof, and/or the same may withdraw the whole balance in cash in the event he was not willing to open a new account to fulfill   the above indicated assignment, unless such assignment was cancelled by the account owner.

4.   The account Owner will be subject to all blacklists and AML checking and requirements.

5.   In the event of receiving a judicial attachment on the account owner, the Bank will block the account.

6.   In the event of Account Owner’s death, the account will go to the legal heirs and in accordance to the procedures applicable by the bank, and in case any prize is won, the same shall be credited to the opened account and the same shall be eligible thereof.

7.    For Current Accounts Opened for the benefit of the Bank will issue checkbooks for and the Customer may issue cheques or payment orders from that account.

B- Mandate Accounts:

1.   Mandate accounts are opened in the name of the minor under the mandate of his father/grandfather, whereby the guardian can perform withdrawal and deposit transactions.

2.   The Minor has no right to withdraw any monies before the same is of legal age, and he has no right to claim any amounts deposited in the account or withdrawn from the account by the guardian.

3.   Mandate over the account of the minor shall end when the minor becomes major, (is of legal age) (18) years, at which point the right of the guardian to the account will be seized, and the credit balance of the account will go to the minor upon the same reaching the legal age.

4.  No Checkbooks, cheques, payment orders will be issued for mandate current accounts.

5.  Upon opening an account for a minor, guardian information and documents shall be required.

C- Trusteeship (Custody) Accounts:

1.    Accounts in the name of a minor may be opened by the legal trustee after submitting the trusteeship deed as provided by the specialized Court, specifying clearly the authorities given to the trustee to withdrawing from the minor account.

2.   Upon opening an account for a minor, trustee information and documents shall be required.

3.   Custody over the account of the minor shall end when the minor becomes major, (is of legal age) (18) years, at which point the right of the custodian to the account will be seized. A custody account for an adult may be opened as per the Interdiction Certificate issued by the court, as a result of him being incapacitated, and the account will remain under the custody until a new certificate was issued by the court in this regard. 

4.   No Checkbooks, cheques, payment orders will be issued for custody current accounts