Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (14) of 2019

Regarding the Mother's Right to Open Bank Accounts for Her Minor Children

Based on the provisions of Decision-Law No. (22) of 2019 regarding the Mother's Right to Open Bank Accounts for Her Minor Children, and based on the provisions of Decision-Law No. (09) of 2010 regarding Banks, particularly Article (72) thereof, and in accordance with the authorities vested in us, and to serve the public interest, we have issued the following Instructions:

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Article (1)

Objective

These Instructions aim to regulate the operational procedures regarding the mother's right to open bank accounts for her minor children.

Article (2)

Scope of Application

The provisions of these Instructions shall apply to all banks operating in Palestine.

Article (3)

Account Name

The bank account to be opened by the mother for her minor children shall be named "Account in the Name of the Minor Managed by the Mother".

Article (4)

Account Type

The type of bank account to be opened by the mother for her minor children shall be limited to current accounts, savings accounts, and time deposit accounts.

Article (5)

Documents Required to Open the Account

The bank must obtain all documents and personal data of the mother, in addition to the data and identity proof of the minor.

Article (6)

Account Management

The mother's authority to manage the minor's account shall be limited to the following:

1. Withdrawing and depositing funds into the account.
2. Issuing a limited-validity ATM card for withdrawal and deposit purposes only.
3. Issuing standing payment orders or transfers from her account to the minor's account.

Article (7)

Bank Obligations

The bank shall comply with the following:

1. Opening the account under the minor's identification number.
2. Refraining from opening two accounts in the name of the same minor at the same bank.
3. Refraining from opening a joint account in the names of more than one minor.
4. Refraining from accepting any type of power of attorney regarding this account.
5. Refraining from using account balances in the minor's name as collateral or guarantee for any facilities or bank loans, or issuing a checkbook.
6. In the event of the minor account holder's death, the inheritance shares shall be distributed according to the certificate of inheritance inventory.
7. In the event of the mother managing the account's death, the account shall be frozen until a decision is received from the competent court regarding the matter or until the minor reaches the legal age, whichever occurs first.
8. In the event the minor reaches the legal age, they shall automatically become the authorized person to manage the account. In this case, the account status shall be regularized by obtaining the signature of the minor who has reached the legal age, endorsing it on the account, and canceling the mother's signature or closing the minor's managed account. The minor shall receive the full balance if they do not wish to continue banking with the institution.

Article (8)

Account Closure

The mother may close the account or withdraw the balance and close the account if the minor has not reached the legal age.

Article (9)

Implementation and Enforcement

All competent authorities shall implement the provisions of these Instructions within their respective jurisdictions, and the provisions of these Instructions shall apply as of December 31, 2019.

Issued in Ramallah on December 31, 2019 CE,
Corresponding to: 05 Jumada al-Awwal 1441 AH

Market Supervision Department
Palestine Monetary Authority

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