Joint account in bank. operator rights
Jibanananda Goswami
(Querist) 30 January 2017
This query is : Resolved
Q1) In Either or Survivor, is there any difference between the rights of first and second operator? Is there any action that the first can perform but not the second?
2) Is there any difference of the rights of operators for different banks? To be clear, I saw that UCO bank asks authorisation from all the operators to grant internet banking, mobile banking or ATM card to any operator even for Either or Survivor account. But this authorisation is not required in Union Bank of India and SBI (I personally know about these two). Any of the operator can individually apply for these facilities as the authorisation is given by default in Either-Or clause.
Debit card policy of UCO Bank: https://www.ucobank.com/pdf/Debit%20Card%20Policy.pdf
Clause 12. Issuance of Cards to Joint Accounts
Card will be issued to either or survivor. Primary card will be issued to the primary account holder and add-on card(s) may be issued to other joint account holder(s) after taking proper declaration.
3) If the first operator of an a/c with Either-or-survivor clause die, is there any time period to operate the a/c by the other one? Can the bank impose any restriction on operation of that a/c by second operator?
In any of the above cases, if the bank creates any illegal restriction on the rights of an operator, where to ask for the remedy first?
Isaac Gabriel
(Expert) 31 January 2017
Both the parties are treated equally and both can avail the facilities extended by the bank.Even in death of one, the survivor can oprate the account without any hindrane,but the death of the other may be reported for security purpose
Guest
(Expert) 31 January 2017
Definitely, there is a difference between the rights of the first and the second operator of a bank account.
Except for the purpose of deposits, withdrawals, issue of cheques, and transfer of funds, no other operations, e.g. nomination, ATM Card or closure of account, are allowed without joint application of the operators. On death of any of the operators the surviving operator becomes the main operator and the account is treated as a single operator account.
On death of either of the survivor, there is no restriction to operate the account immediately. An intimation along with death certificate is necessary to be given to the bank to convert the account in to a single operator account.
rajeev sharma
(Expert) 31 January 2017
Your first two questions have already been answered by experts and there is noting to add.
So far your third question is concerned a complaint should first be lodged with higher authorities of bank and if you find any fault with the policy of bank you may either approach banking ombudsman of yoyr state or district consumer forum
Kumar Doab
(Expert) 31 January 2017
Agreed with experts.
RBI issues guidelines that have statutory force and are applicable on all banks.
You may also go thru:
RBI Master Circular on Customer Services;
and relate with guidelines of Operation in Accounts, Nomination, Settlement of claims in respect of deceased depositors
Rajendra K Goyal
(Expert) 31 January 2017
Agree with the advice from expert P.S. Dhingra.
Guest
(Expert) 31 January 2017
Rajendra ji,
Thanks for agreeing with me.
Dr J C Vashista
(Expert) 02 February 2017
Prima facie it is an examination paper even then for me:
Q 1 & 2. No difference, either of them can operate.
Q 3.No limit.
