Nominal account for crediting social benefits: why is it needed?

Three years ago, in 2014, the Government amended the Civil Code of the Russian Federation. The changes affected the possibility of opening a bank account together with close relatives or guardians. Starting from this time, a concept such as “nominal account for crediting social payments” began to operate. All interested persons can open it. Below we will try to figure out what it is, how it functions and what it is for.

Definition of a concept

A bank account is called nominal, which is drawn up by the trustee to transfer funds to the ward and to further dispose of them. A feature of this type of account is that the contract for its opening may not be signed by the person whose funds are credited to it. If the account is opened at once for several wards, the bank undertakes to take into account the interests of all parties.

What is a nominal account for crediting social benefits? This question interests many.

It can be opened by a guardian or a parent for crediting various social benefits, as well as benefits and alimony to persons under the age of majority or who are incapacitated.

In addition, a nominal account can be issued as a guarantee of fulfillment of the obligations prescribed in the contract, contract, in order to comply with the conditions of the loan, etc.

The design and subsequent use of nominal accounts, as well as the activities of banking organizations associated with them, are regulated at the state level.

Types of accounts

Nominal accounts are used not only for crediting social benefits, representing a convenient way to manage the finances of the ward. There are other types of such accounts, such as escrow, letter of credit and pledge account.

Escrow is a nominal account, which provides for the blocking of funds available on it for further transfer under an agreement between the beneficiary, the depositor and the banking organization.

Features

Escrow features include:

1. Before all the conditions of the contract are fulfilled, neither the account holder nor the further recipient can manage the money.
2. Money is received once in the amount prescribed by the terms of the contract.
3. Bank commission is not debited.
4. Funds held on escrow cannot be cashed, it is impossible to pay for goods or services.
5. It is impossible to close a nominal account for crediting social payments without the consent of the recipient.

Letter of credit

The letter of credit implies the transfer of funds to the recipient only after confirmation of the fulfillment of all contract terms. Money is transferred to the account by the payer, after which the bank sends it to the beneficiary when the latter has fulfilled all the prescribed obligations. Letters of credit are a good alternative to transferring funds through a cell in a bank.

Security account

A security account is opened to deposit money that is collateral. The debtor transfers funds to the account. The action of the pledge begins from the moment when the bank approved the opening of the account. Changes to the contract are made only with the permission of the mortgagor. The Bank assumes obligations to fulfill customer orders. At the same time, several beneficiaries can be credited at once. How to check the nominal account for crediting social payments at Sberbank, we will describe below.

Scope of use

The opening of nominal accounts has been practiced for quite some time. They began to be used when the development of cashless payments and banking systems in electronic format began. For the first time, deposits began to be applied in Germany almost 30 years ago. This secured the transactions between the payer and the beneficiary.

Nominal accounts are now often used as deposit accounts, which has made an optimal tender guarantee. They are actively used in notarial and legal fields with the goal of guaranteed fulfillment of obligations under contracts between customers.

Nominal account for crediting social benefits - what is it? This is a fairly common question.

Settlements with counterparties using an escrow, letter of credit or a security deposit are the surest way not to lose money, to avoid fraud and dishonesty. The trend in Europe is the use of escrow as a means for everyday needs. This allows you to increase the safety of shopping in stores.

For guardians

As for the guardians, then opening a nominal account seems like a good idea. Previously, funds received by the ward came to the account of the guardian, who, in turn, could withdraw only a fixed amount every month without the permission of the guardianship and trusteeship authorities. Obtaining such permission is quite difficult and long.

The government decided to facilitate the fulfillment of duties by guardians and introduced nominal accounts, which would allow to accumulate the received funds. The law provides for the possibility of withdrawing money from a nominal account for crediting social payments in unlimited amounts, subject to reporting on spent funds. Thus, it is possible to increase the social protection of the wards and make the sphere of guardianship more attractive.

Opening and appointment of an account

When introducing nominal accounts, it was possible to open them only in bank credit organizations that were state-owned. A special place among these banks was occupied by Sberbank as the main one in the Russian Federation. In the future, the rules of discovery have changed. It was decided that it was possible to open a nominal account for crediting social payments (why we needed it, we explained) at any bank, only the maximum amount of savings was limited.

Deposits of the population are under the patronage of the state. The insurance fund in the event of bank bankruptcy provides a refund to depositors. The amount of return should not exceed 1.4 million rubles. If the deposit amount was greater, only the established limit is compensated. For this reason, the maximum possible amount of funds in the nominal account is also equal to this value. Funds in excess of this amount should be directed to the account of another banking organization. This guarantees a full refund to the ward in case the bank declares bankruptcy.

There are a large number of reviews on the nominal account for crediting social payments.

An important point is that the opening of a nominal account does not require the permission of the guardianship authorities.

The contract for opening a nominal account is concluded at the request of the parent or guardian with the provision of data of the ward and the necessary package of documents. A banking organization monitors the targeted spending of funds in the account. The trustee or his representative may block the account and prohibit the disposal of funds on it by the trustee or guardian.

Owner Responsibilities

The responsibilities of the account holder include:

1. Control over expenses and the amount of the account.
2. Saving reports on spending money.
3. Providing the ward with all necessary.
4. Making payments to tax authorities.

How to open an account?

The sequence of actions when opening a nominal account for crediting social benefits for children with disabilities is as follows:

1. The representative of the guardian shall transmit the required package of documents to the bank employee.
2. A banking organization opens a nominal account for crediting social payments, pensions, alimony, etc.
3. The custodian, not the beneficiary, disposes of the available funds.
4. Guardianship and trusteeship bodies do not control the spending of funds available on the account.
5. It is possible to cancel an account only from the moment when the funds transfer to a person under guardianship.

The rights

In case of legal capacity, the guardian has the following rights:

1. If necessary, obtain any information about the status of the account, even if they constitute commercial or banking secrets.
2. Limit costs and limit transfers of funds to a guardian.
3. To amend the contract for opening an account or terminate it. A nominal account is often used to credit survivors' social benefits.

Terms of Use

The Civil Code provides for the cashing out and spending of funds from a nominal account without restrictions, provided that the beneficiary participates in this process. At the request of the guardian, the account holder can deposit any amount. In order for the beneficiary to receive the money, the guardian must apply with a passport to the bank branch and make the necessary amount.

A bank agreement usually involves the calculation of interest on the balance of the amount in the account. Indexation directly depends on the size of funds in the account, the type of deposit and how often money is withdrawn. The accrual of additional interest is possible only with the consent of the account holder.

The guardian must provide a report every year on the targeted spending of funds by the beneficiary. If the guardian has unfulfilled obligations, it is possible to recover funds from the nominal account for crediting social payments only by court order. An exception to this rule is the withdrawal of a commission for bank services.

System flaws

In addition to the positive aspects in the use of nominal accounts, there are significant disadvantages and shortcomings. In particular, for guardians, these are the following:

1. It is possible to issue an account only at the place of permanent registration, and cashing out is provided for in one particular department. This makes it impossible to manage finances in a nominal account, for example, when traveling abroad for treatment.
2. Not all expenses for the ward can be documented. This creates difficulties in using funds for private speech therapists or massage therapists.
3. Banking control over how funds are spent is contrary to the privacy law.

Thus, we can conclude that so far even Sberbank cannot boast of a perfect system of nominal accounts for crediting social payments. Why they are needed is now clear.

This innovation is still too little in the Russian banking services market. Even bank employees are not always able to give detailed and qualified advice on this product. Not all government bodies have thoroughly understood the procedure for crediting funds to a nominal account.