Photo: Thank Alahov/TASS
In 2017 the Russians will be able to open one account with multiple owners, to be proposed by deputies of the amendments to the Civil code. Bankers believe that innovation is fraught with conflicts between holders of an account
Citizens can obtain the right to open joint Bank accounts with an unlimited number of owners. This follows from amendments approved by the Duma Committee on state construction and the legislation for the second reading (there RBC). The authors believe that the new tool will be useful to individuals and spouses leading a family business. Bankers, meanwhile, point to the untested nature of the new rules.
Amendments introducing a new kind of Bank account agreement shall be made in article 845 of the Civil code. They imply that the owners of a joint account can only be physical persons. Rights on the deposited funds will belong to the holders in proportion to the amount contributed of their money.
The representative of the Bank of Russia told RBC that the amendments are in the process of discussion, having refused other comments.
Legislation does not prevent multiple individuals use the same account with a few credit cards. This is done with the permission of the account holder. “This service is available for credit and debit cards. The relevance of a proposal depends on the segment to which the client belongs: the higher the income, the higher the popularity,” — said Vice-President of VTB 24 Ashot Simonyan. Most of these customers draw additional card for spouse or child, he says.
In this scheme, a rights issue with the money is not regulated, said a member of the presidential Council for codification of civil legislation and one of the developers of amendments Lidia Mikheeva. In addition, separation of the funds for shares will have a value when the action is arrested is not the whole account, and only share specific person, she adds.
“The bill also requires guidelines for third parties who transfer the money to the joint account. Most likely, it will default to act with the principle of equality of shares”, — says Mikheev. However, she recognizes that perhaps this issue will require clarification in the bill.
The authors of the bill expect that the new product will be popular among a large number of Russian families. “Perhaps a joint account will be ideal for a small family business which is conducted without registration of legal entities”, — Mikheev expects. The amendments introducing the joint account may be adopted in December and come into force on 1 September 2017 — this was discussed at the Committee meeting last Thursday, November 17. The introduction of joint Bank deposits speech does not go yet, said Mikheyev.
Equity mode, which sets the bill is excessive, the Vice-President of the Association “Russia” (ARB), Oleg Ivanov. “When a joint account will receive a transfer from a third party, the Bank will not be able to understand how to distribute the shares,” he fears. Joint Bank account may be a large number of credit and debit transactions per day (10, 50, 100) concludes, ARB on the bill. “Accordingly, the proportion will change continuously. In these circumstances, the Bank will be unable to ensure the accuracy of the account and the joint account will not open,” the bankers fear.
While in Germany most of the accounts used by spouses, are cooperative, says Ivanov. Instructions to transfer money may give any owner of the account, the Bank is obliged to comply with them. Money in the account is jointly owned, without separation of fractions.
Bankers indicate that all the essential needs of Russians closes the possibility of opening one account and additional cards to it. “The Germans came up with the joint account many years ago, to have two separate Bank accounts were not profitable. Now a division of the rights to the money in one account can be useful is that families in which the relationship is not perfectly smooth,” — said Ivanov.
The bankers there are other issues to joint accounts. So, in the ARB propose to clarify, is issued as part of each subsequent account holder — this affects property rights. “Probably should go to a joint statement by all owners. Because some account holders may object to “enter into a contract to a particular participant”, it is possible that when making a joint application should not be allowed its registration of power of attorney”, — stated in the conclusion of the ARB. Upon the issuance of such statements can be problematic, the bankers added.
While in another banking Association — Association of Russian banks — the idea of joint accounts generally support. “I do not see anything bad to let people use common electronic purse”, — says head of the Association Garegin Tosunyan. At the same time, it indicates possible risks: in his opinion, any collective financial management is fraught with conflict.