On July 1, 2014, amendments to the Civil Code entered into force, according to which Russians were allowed to open joint accounts with relatives. You will learn about the essence, prospects and conditions of service from this article.
Background
The first attempts to introduce a nominal account were made back in 2007. Then the mortgage market was actively developing. In other countries, 80% of real estate transactions are made using escrow accounts. The main idea of their implementation is to reduce risks in transactions with intermediaries, which are real estate agents.
Changes in legislation appeared in 2014. Now citizens will be able to take advantage of two new services. Open a nominal account and carry out operations with funds that belong to the beneficiary. Or use the services of an intermediary (escrow) when making transactions.
Essence
A nominal account is a cell in a bank that is opened by a third party for transactions with the funds of the beneficiary. The service contract can be concluded without the participation of the beneficiary. If a nominal account with Sberbank is opened for several beneficiaries, the credit institution should take into account the interests of each of them in the context of special articles, unless otherwise specified in the agreement.
The agreement should spell out the procedure for obtaining information about the disposal of funds, as well as the level of participation of the person who opened the account and the beneficiary. The contract may entrust the bank with the obligation to control the procedure and grounds for the use of funds. Suspension of operations, seizure and debiting of money for the obligations of the account holder are not allowed. In the case of the beneficiary, this will require court permission.
If a commercial organization opens a nominal account with a bank, then it is reflected under article 40702. Then, according to the Regulation of the Central Bank No. 385-P, the institution is obliged to transfer information to the tax authority. If an individual submits an application, then all movements will be displayed under article 40802, which falls under the Federal Law “On Deposit Insurance”. The bank’s obligation to control escrow settlements is not stipulated by law, that is, it will be regulated by the contract.
Escrow
The Bank opens a special account to record funds received from the owner (depositor) in order to transfer them to the beneficiary on the grounds stipulated by the agreement. Escrow remuneration cannot be charged to funds in the cell, if this is not provided for in the document. Such accounts are governed by the general provisions of the bank.
Crediting of escrow funds by an escrow, other than the amounts specified in the contract, is unacceptable. The parties may use the money only if agreed conditions arise. But they have the right to require a printout of the invoice and other information that constitutes bank secrecy. The account is closed at the end of the contract. The written requirements of one of the parties in this case are not valid.
A nominal account may be opened by an attorney, commission agent, agent, executor of a will to complete transactions with the beneficiary's funds. The contract prescribes the procedure for obtaining information about the use of money. The main feature of escrow is that it is not opened for the accumulation of funds, but for the fulfillment of obligations. Usually for real estate transactions. The scheme is as follows: the buyer of the apartment opens an escrow and puts a certain amount on it. Upon completion of the transaction, the seller receives the money after providing documents confirming the transfer of ownership.
Destinations
In Europe, a nominal account is used for settlements between contractors, participants in the maritime transport market , as well as during construction. It allows you to quickly get a bank guarantee on favorable terms. This service is also actively used by lawyers and notaries in their activities. Online stores use it to ensure payment for goods by the buyer. Any transaction that involves certain conditions may be carried out with such accounts. Especially if there is a need for additional control.
Alternative way
New accounts can also be used for personal purposes. For example, if the client has a brother who lives in another city on maintenance, you can open a cell in the bank and control the costs of funds. Documents must be executed in the name of a relative, but the beneficiary is the person who finances it. Access to bank statements is available only to the beneficiary. Other restrictions may be specified in the contract. For example, indicate that money should only be used to pay for utilities, and cash withdrawal should be prohibited.
Implementation Issues
Joint accounts are widely used in world practice, but Russians have a lot of questions about the purpose of this transaction. To date, the real counterparts of escrow are a letter of credit and a bank cell. But credit institutions do not always offer these services.
Specialists also have a lot of questions. For example, who will become the agent's creditor if the bank's license is revoked? Most likely, the insurer will have to determine it or act through the court. But for this procedure, compensation payments should be clearly formalized at the legislative level.
Banks in Kazakhstan and Kyrgyzstan have long been offering mediation services to their customers. Opening a nominal account and its maintenance is not cheap. Depending on the institution and goals, the cost can range from 1 to 10 thousand rubles. The opening of a letter of credit in Kazakhstan will have to pay three times as much. For a long time, Russian banks were in no hurry to offer escrow to customers, since the introduced law was not supported by instructions from the Central Bank.
Insurance compensation
All bank deposits of Russians are protected by the state. Insured even the salary, which is transferred to the account. In the event of bankruptcy, plastic owners must receive a refund within 14 days after the license is withdrawn from the credit institution.
The calculation of compensation includes all interest due on the deposit. But the maximum amount per person is limited to 1.4 million rubles. (since 2015), that is, if a client has several deposits opened in one bank, for example, in different branches, when an insured event occurs, the total amount of funds in all accounts will be taken into account. Compensation for foreign currency deposits is paid in rubles at the Central Bank rate. This is what the standard procedure looks like.
On joint accounts there are questions. If there are several beneficiaries, the share of each should be clearly defined. The amount of compensation that the investor receives will depend on this amount. The legislation provides for the allocation of owners only upon the seizure of money and termination of the contract. Instructions regarding the liquidation of the organization appeared recently.
If, for example, several beneficiaries for more than 14 million rubles have opened a nominal bank account, then the amount of insurance compensation will be calculated based on the total balance, and not separately for each beneficiary. This is the logic. If the cell is joint, then the amount of compensation should be distributed to all participants.
Since 2015, a nominal account agreement can only be signed with institutions in which 50% of the capital is owned by the state. When introducing the service, banks faced a number of problems: the lack of the necessary software and internal instructions governing the service procedure. Therefore, the choice of organizations is limited.
Guardian's Nominal Score
Previously, all amounts due to the ward were credited to his cell in the bank. The guardian could monthly withdraw without the permission of the state body an amount not exceeding the cost of living. Under the new rules, all payments due to a minor are transferred to a nominal account opened with a third party. The guardian may use these funds in full without permission.
A nominal account is a bank cell where pensions, alimony, allowances and other amounts paid for the maintenance of a ward are credited. Exceptions are student salaries and scholarships. The nominal account of the guardian is opened upon presentation of a document from the guardianship authority. To conclude an agreement, it is necessary to provide the beneficiary's data: name, date and place of birth, certified photocopies of the identity document of the ward, address of residence. A nominal account agreement may provide for the possibility of transferring the remainder of the funds to a bank account opened in another institution, or issuing them in cash, subject to closure by the current guardian. Funds can be recovered to pay the charges of the ward only by court order.
Security account
Amendments to the Civil Code created another type of banking cells. Amounts received by the creditor from the debtor may be credited to a special collateral account. Such an opportunity appears after the transfer of a copy of the contract. At the request of the pledge holder, the bank must provide information on the balance of funds, transactions, prohibitions and restrictions. All penalties are written off, in accordance with Art. 349 of the Civil Code of the Russian Federation, from the mortgage account of the debtor. The rules on the sale of property (Articles 350-350.2 of the Civil Code of the Russian Federation), as well as the Rules for the collection of funds (Chapter 45 of the Civil Code of the Russian Federation) do not apply to such a bank cell.
Conclusion
After making amendments to the Civil Code, new types of accounts appeared on the banking services ranking: nominal and escrow. Such cells may be opened by third parties, but the rights to funds belong to the beneficiary. What is a guardian 's nominal account ? This is a bank cell to which funds are allocated for the maintenance of wards. In world practice, escrow is opened upon the purchase of real estate to guarantee payment of the transaction. Russians are still wary of the new service. And the number of institutions where you can open a joint cell is limited.