There are lots of accounts that are available for your children depending on their age. There are accounts for children 12 years old and below. There are also an account that is suitable for teens. The bank requires different ID's that are not normally being required for an ordinary account since our child still lack in the basic requirements of ID's. Just make sure to accompany your children during their account opening. The presence of the guardian is needed during the account opening of a junior saver.
Friday, February 20, 2009
What is an AND/OR account?
An AND/OR account are one of the most convenient yet risky type of bank account. Why? because any of the signatories have equal rights on their account. Any of the signatories can withdraw to the accounts even without the permission of your co-account holder.
What is an on-us checks?
This term is used for checks that are being deposited by the same issuing bank. For example, you will be depositing a BDO check on a your BDO account, this is called an on-us check.
How many days before a check is cleared for withdrawal?
Local checks are cleared in 3 working or 3 banking days to be specific. Regional checks have a longer clearing period for 7 days.
What is a local check?
Local check are checks drawn on places which was categorized by the Philippine Clearing House Corporation (PCHC) as local areas. Checks that are being deposited can be classified into two, the local checks and the regional checks.
Requirements for Corporate Accounts
Here are the list of Requirements for the account opening of Corporate Accounts:
- Articles of Incorporation
- By-laws
- Certificate of Incorporation (issued by SEC)
- Certificate of filing of officers of list of elected officers for current year
- List of Directors
- List of stockholders owning at least 2% of the capital stock
- Notarized board resolution authorizing the opening of account and its authorized signatories
- Valid personal ID's of the signatories
Requirements for Single Proprietorship Accounts
Here are the list of Requirements for the account opening of Single Proprietorship accounts:
- Registration Certificate issued by DTI
- Mayor's Permit for the current year
- Application for Trade Name
- 2 Valid ID's of the proprietor/tress
- 1 picture (1x1)
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