Regulatory Alerts2012-03-22
Minors' Accounts
The Supervisor of Banks issued regulations imposing special restrictions on banking corporations regarding current accounts for minors due to their limited legal capacity. The rules prohibit accounts for those under 14, require guardian permission for those under 16, and grant specific exemptions for working youngsters over 15. Additional constraints limit overdrafts, checkbook issuance, debit card types, and ATM withdrawal limits to NIS 400 daily, while mandating guardian consent for risky investments and providing a mandatory fact sheet upon account opening.
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