Have you ever thought about who will do your banking if you are prevented, for example due to a long illness, an accident or organizational reasons? Who then has access to your account and / or account and can do your banking business in a reliable manner for you?
Right of disposal Account and Depot – This is how it works!
An account and / or deposit opening at a bank takes place in your name. Accordingly, you alone have the right to dispose of the account and the securities account. This means that only you have access to the account and the account and the possibility to make transfers, to create standing orders or to trade securities. However, if you wish this personally, you can give your bank a power of attorney. This is where you designate a person you know who has your account or custody account and is allowed to do various banking transactions on your behalf.
Special case of legal representatives: In principle, the account or depot owner is always authorized to dispose of. However, if it concerns the account or deposit of a minor, then the legal representative is entitled to dispose. These are usually the parents.
Important: The person to whom you want to grant the power of attorney must be of legal age.
Legal foundations are in civil law and thus in the private sector §§164 ff. BGB (deputy) as well as in commercial law and thus public domain 54 HGB (power of attorney) and §§48ff. HGB (procuration).
What rights does the authorized representative have?
When you issue a power of attorney, the person has access to and can dispose of your account and / or account. In detail, this then has the following rights:
- She may have the assets in her account / custody account, which means she can, for example, make transfers.
- If you have a loan, the authorized representative can claim it.
Example: You have a credit line. In this case, the proxy holder may also dispose of it and possibly override your account.
- In the event that you have a custody account, the proxy may buy and sell securities thereon.
- In addition, the authorized person can regulate organizational matters such as taking account statements or deposit statements.
What about the right to dispose of the joint account?
If you open a joint account with your partner as an OR account, you are automatically entitled to dispose of them independently of each other. But otherwise would be everyday payments from the common household account as the supermarket purchase not to realize.
Can the spouse trade securities through your custody account?
Basically, it is the access to the depot as well as the right to dispose of the account. In the case of a joint deposit (analogous to the joint account), both partners have the right of disposal from the beginning. If you are the sole owner, you have the option to grant your spouse access to the depot. If you have granted a corresponding power of attorney, the spouse is also entitled to trade securities via your securities account.
Can you open an account or deposit for minors?
Between the ages of 7 and 17, children and adolescents already have limited legal capacity. The following applies to account and deposit management: The legal representatives may open an account with the minor as the account holder and also keep this account, for example, make transfers or withdraw cash, but the legal owner of the account is the child. If you want to open a children’s account through your online banking, all legal representatives must be legitimized to the bank by post or video ID. In order for the credit institution to identify your child, it usually also requires a certified copy of the birth certificate.