Frequently Asked Questions
When the minor can take over the asset in "Smart Minor Account"?
When the minor attended the age of 18, the Joint Custody Account will change to a general joint account. The erstwhile minor or/ and the adult account holder has to inform the company that the minor attend the age of 18 and terminate Joint Custody Account, and open an individual account.
If no one notify the company the minor attended the age of 18, how would the Joint Custody Account operate?
If Joint Custody Account has not been terminated and no one do ratification, the Joint Custody Account shall continue to be maintained and operated in the same manner as if the minor had not attained the full age.
If the adult passed away during the minority duration of the minor joint account holder, how would the JCA operate?
The securities and assets shall pass to a custodial account held by the company for the benefit of, but purely as a custodian without any fiduciary duties or responsibilities to, the minor.
Is there any gearing / margin facility for "Smart Minor Account"?
No, the adult joint account holder could not pledge any assets of "Smart Minor Account".
Could adult joint account holder withdraw cash or asset of "Smart Minor Account"?
Only cash could be withdrew. Adult joint account holder cannot withdraw or sell any securities in the Joint Custody Account unless the full sale proceeds of such securities are deposited into the Joint Custody Account.
Could adult joint account holder transfer cash/asset to his/her own individual account?
No, adult joint account holder cannot withdraw or sell any securities in the Joint Custody Account unless the full sale proceeds of such securities are deposited into the Joint Custody Account.
Could adult joint account holder terminate "Smart Minor Account"?
Yes, the adult may close the Joint Custody Account, the company shall be entitled to collect all commissions which have been waived since the opening of the Joint Custody Account.