Banks will be banned from opening accounts for Russian minors

Banks will be prohibited from opening accounts for Russian minors without the consent of their parents (adoptive parents, guardians). As Izvestia found out, the State Duma is preparing to adopt such a bill by United Russia deputies in the first reading on May 13.

"In an information letter dated August 25, 2021, the Bank of Russia recommended that credit institutions, when concluding a bank account agreement with minors between the ages of 14 and 18, request written consent from their legal representatives. Meanwhile, today, despite the position of the Bank of Russia, credit organizations widely use the practice of opening accounts for minors without the written consent of their legal representatives, justifying this procedure by the fact that when opening an account, the rules on the bank deposit agreement apply," says the explanatory note, which is available to Izvestia.

It also says that in such a situation, according to banks, the issuance of debit cards to minors does not require the written consent of their legal representatives.

"However, in law enforcement practice, there are often illegal cases involving the use of debit bank cards received by minors without the consent of their legal representatives," the deputies report, proposing to ban such a practice.

And so far away: four banks will test the opening of accounts via video link

Who needs it and is there any risk of fraud here?

Back in May 2024, the government supported the initiative, taking into account the improvements. Like the legal department of the State Duma, the Cabinet of Ministers drew attention to the fact that the draft law needs to be coordinated with the provisions of Article 26 of the Russian Civil Code, which provides for the right of minors to make and manage deposits in credit institutions independently, without the consent of parents, adoptive parents and a trustee. At the same time, the restriction of the right of these minors to independently manage their earnings, scholarships or other incomes is possible only by the court if there are sufficient grounds for this.

On April 9, it was reported that the business had asked the Central Bank to open bank accounts without coming to the office. If the client has already been identified in another bank, players should exchange information and allow online service.