subject: Bank Account for Bankrupts - It Is Your Right [print this page] Do you intend to open an account in your name in the ledger books of the bank? But are there financial institutes who will neglect your poor fiscal rating? Well, of course there are certain commercial organizations that allow you to open a bank account for bankrupts. This could include that whether you are in arrears or are facing insolvency in business you still have the right to open and operate a bank account.
There are various facilities and services provided here. In other words, an insolvent person is not deprived of any amenities that the bank offers. He is also entitled to the issue of a passbook or a cheque book. Therefore, the applicant can systematically note the recordings of his transactions with the commercial organization.
To commence the transactions, the customer is required to deposit an initial amount. He can then execute all the dealings that usually occur in a banker-customer relationship. He can deposit and withdraw an amount as per the given terms in the agreement. This system also permits him to have an access to the modern modes that comprise of internet and mobile fund transfer services.
To open such an account, the financier takes certain precautionary measures where he also gets an indemnity bond signed by the applicant. This bond guarantees the security of the banker from any forgery. As a result, any defaults may hold the applicant solely liable to the consequences. Thus, it is essential for the customer to be aware of these aspects while finalizing the agreement.
The financial organization particularly permits a UK citizen above 18 years of age to open such an account. These are simple eligibility conditions that the applicant must follow. If a contract is entered in with a minor, that deal will be treated as insignificant from the very beginning. Hence, these are minute details which are taken into consideration.
Bank Account for Bankrupts - It Is Your Right
By: Gregg Hall
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