Parents, guardians and trustees of minors, legally incompetent or partially capable persons receive social benefits from the state. These payments are credited to the nominal account. What is it and how it functions, read in more detail below.
New order
After amending the Civil Code in 2014, the trustees were given the opportunity to open a par with the bank. This idea caused a storm of discussion from the very beginning. Previously, this order was in effect. The money due to the ward was transferred to the account of the guardian. It was possible to withdraw money within the cost of living. To withdraw a larger amount, a special permit from the guardianship authorities was required. Since 2014, it has become possible to open a nominal account for guardians for crediting social payments. Moreover, funds from the account can be withdrawn in unlimited quantities. It was anticipated that such amendments would lead to the popularization of guardianship. In practice, banks were not ready to provide such a service.
Open Nominal Accounts
According to the legislation, to open an account, a citizen must bring to the bank:
- Passport of the guardian.
- Birth certificate of the ward or his passport.
- Certificate TIN of the guardian and ward (if any).
- Certificate confirming the status of the guardian.
In turn, the bank must provide for signing an agreement on servicing the account, which states:
- F. I. O. of the ward.
- Place of Birth.
- Address of residence.
After signing the documents, a nominal account is opened - this is an account from which the guardian can withdraw an unlimited amount of "state" funds. The presence of a nominal account does not exempt the guardian from submitting an annual report on the use of funds.
Where to open?
Until 2015, social payments were transferred to the accounts of banks, 50% of the property of which belong to the state. Accordingly, almost all deposits were opened with Sberbank. However, in Russia, all banks participate in the Deposit Insurance System. If the institution loses its license, depositors will be able to get their funds back. The payout limit is limited to 1.4 million rubles. Although the rule of 50% has been canceled since 2015, guardians still try to open an account with Sberbank. After amendments were made to the Rosselkhozbank Group of Companies, it was the first to declare its readiness to work with nominal accounts.
Sberbank
As an alternative, Sberbank offered clients to open an account for crediting social payments “Social”. According to the terms of service, funds could be accumulated over three years and receive income at a rate of 5.67% per annum (with capitalization of interest). To open an account, it was enough to transfer 1 ruble. The terms of service provide for partial withdrawals and quarterly interest payments.
VTB
On January 10, 17, VTB Bank began offering its customers the opportunity to open a nominal account. This is an account intended for crediting child support, benefits, pensions, reimbursements for health damage and other means to support the ward. At the same time, the bank independently controls the account balance. If the amount exceeds the maximum allowable 1.4 million rubles, then the financial institution shall notify the client and guardianship authorities about this. Funds can be withdrawn from an account with VTB without the prior consent of the guardianship authorities.
Problems
Despite changes in legislation, in practice, banks have encountered problems. Although the nominal account is an account for guardians, it is issued immediately to two owners. In this case, the beneficiary is the child. He must be present at the opening of the account. If this is not possible, the guardian must provide a power of attorney from the guardianship authorities.
Previously, the account was opened by proxy, but in the name of the guardian, who then reported on the money spent. Now that a nominal account for a disabled child has appeared, guardianship authorities can set limits on operations and limit permissible transactions.
The Central Bank has forbidden the participants of the banking system for formal reasons to refuse to guardians in opening accounts. Such actions may lead to more frequent inspections by the regulator.
Today, a nominal survivor’s loss account can actually be opened at Rosselkhozbank, VTB and Sberbank. According to the old scheme, Sovcombank and Interkommerts now offer an account for orphans. In this case, all users need to renegotiate the contract. Banks charge from 3.5% to 15.09% per annum on a ruble nominal account.
The technical catch is that there is no notification system that would remind depositors that the account balance is approaching the allowable limit, the methods for notifying guardians are not spelled out anywhere. There are also difficult situations when several trustees opened an account in one bank with one beneficiary. The operation algorithm in such situations is also not specified anywhere.
In addition, banks must resolve issues related to the identification of stewards and beneficiaries and rewrite software. Due to the lack of instructions from the regulator and suitable software, some banks still do not service nominal accounts. To solve all these problems, it would be more logical to provide a transition period during which financial institutions and guardianship agencies could coordinate interaction options.
About Payments
A nominal account is an account intended for transferring social benefits to orphans. According to statistics for 2016 in Russia, there were more than 250 thousand orphans under the age of 18 years. Every child under guardianship is legally entitled to an apartment. Children without guardians receive monthly payments:
- 3910 rub. - labor pension (in case of death of parents).
- ¼ or 1/3 of the RFP - alimony of one of the parents.
- 3610 rub. - payment for children who do not receive a retirement pension or alimony.
These funds are transferred to the bank account immediately after the child enters the orphanage. The child can use the money, as well as the inheritance left after the parents, after he turns 18 years old.
According to expert estimates, an amount of about 648 thousand rubles may accumulate at this point on an interest-free deposit. If funds are transferred to a nominal account, then by the time a child reaches the age of 18, an amount in excess of 1.4 million rubles may accumulate. Although there will be few such contributions. Approximately 80% of orphans receive funds within government payments.
During crises, banks are only interested in two categories of the population: economically active citizens who receive a stable income, and pensioners who accumulate their savings. Account management for orphans is very expensive for financial institutions. Responsibility is large, and the amount of deposits is small. Solving social problems at the expense of banks makes a nominal account for guardians economically unprofitable.
Terms of use
A nominal account is an account intended exclusively for social payments to minors and incapable citizens. Salaries, scholarships for adolescents and other funds are not credited to him.
Guardians can spend funds from the account in unlimited quantities without additional permission. However, they must report on the funds used annually.Thus, the funds received cannot be used to pay off debts (except for operations on payment of bank commissions). The collection of money for obligations is permitted only by decision of the court and in cases provided for by law.
How to withdraw money from a nominal account? Since special permission from guardianship authorities is no longer required, the bank will not require any documents when withdrawing funds from the account.
Reporting on expenses of minors
The guardian is required to report annually on where he spent the funds transferred to the nominal account. What it is? Guardianship authorities must determine whether a citizen is truly responsible for fulfilling duties, or is spending funds on needs not related to the child. Consider in more detail the rules for compiling a document.
The report must include the following details:
- The beginning and end of the reporting period.
- F. I. O., address and telephone number of the originator.
- F. I. O., year of birth of the ward.
- Reason date of appointment of custody.
- Information about expenses and income of the ward:
- number of certificate of ownership of real estate.
- mark and place of registration of the vehicle.
- series and number of the Central Bank.
- Child Health Data.
- Signature of the guardian.
A certificate of a nominal account is attached to the document. All expenses must be confirmed by copies of receipts. It is not necessary to report on the costs of the purchase of clothes, shoes, personal hygiene products. Such small expenses are confirmed by the receipt of the guardian.
Guardianship authorities do not accept a report with corrections and blank columns (in empty terms, the word "no" should be displayed). Thousand rubles were chosen as the unit of measurement, which are indicated in the “tr.” Format in the report. Income in foreign currency must be converted at the Central Bank rate as of December 31. reporting period.
According to the law, a report should be submitted annually before February 1, unless otherwise specified by the custody agreement.
Reporting on expenses of adult citizens
Guardians can be appointed not only to children, but also to adult citizens who have become disabled. The state also pays social benefits to such persons. Accordingly, guardians are required to report on the use of funds. It takes much longer to compile this document, since the report must be detailed. In particular, the ward's income is indicated by month. Small expenses for the purchase of products, medicines and utility bills should be detailed in detail.
A responsibility
The guardian is responsible not only for the actions of the ward, but also for the safety of his property. If it turned out to be broken or lost the commodity value through the fault of the trustee, the guardian is responsible for this. In particular, he is obliged to compensate for the cost of damage. In case of refusal or repeated damage, he is deprived of the right to custody.
Escrow Accounts
Changes in the legislation in 2014 affected not only the account for social payments, but also the escrow account. An escrow agreement is an obligation under which an agent bank opens an account to account for funds received from the owner (depositor) and intended for transfer to a third party (beneficiary) upon the occurrence of the conditions stipulated by the service agreement (Article 860 of the Civil Code).
These accounts are used in real estate transactions, instead of letters of credit, in the wholesale sale of assets and in other operations.
In the US, this product is used in mortgage transactions. The mortgagor (owner of the property) transfers the amount of money (property tax, insurance premium) to the account. If he fails to pay tax or the first insurance premium on time, then the pledged money will be transferred to the pledge holder.
Escrow in the form prescribed in Federal Law No. 379 became very similar to a letter of credit.
Firstly, in the USA escrow is used only by banks.In the Russian Federation, an agent can be any entity (for example, a notary public), since special permission for conducting such activities is not required.
Secondly, the regulation of transactions is not clearly spelled out. Funds can be transferred to the beneficiary not only after the fulfillment of certain conditions, but also upon completion of the terms of the contract.
Thirdly, you can “freeze” not only cash, but also any property, property rights. For example, escrow is used in cases where the software developer transfers the right to the program to a third party, while retaining the original code. If the copyright holder goes bankrupt or dies, the buyer will have problems updating or modifying the program. In case of using escrow, the program code is deposited. In the event of the death of the buyer, the author will return the exclusive right to development. That is, he will be able to modify it when necessary.