The document discusses six types of deposit accounts: individual accounts, joint survivorship accounts, young person's accounts, trustee accounts for adults, trustee accounts for minor children, and estate accounts. It also describes rules for deposits and withdrawals, the banking authority of thrift banks, and how thrift banks can be granted authority to perform other banking services.

1. Types of Deposit Accounts
 Individual Account
Such account is held in the name of individual depositor and as such is subject to his sole
control. For many banks, this is the most popular form of savings account.
 Joint Survivorship
This is held in the name of two depositors with right of survivorship. Either person may
deposit or withdraw funds from this account on the individual basis. Upon the death of the joint
co-owners, the balance in the account becomes the sole property of the surviving depositor.
 Young person’s account
Many banks accept the savings accounts of persons who have not yet reached the age
of majority. Normally, such accounts are opened only with the parent’s consent and are
restricted to children who have reached the “age of reason,” that is, 12 or 13 years of age.
 Trustee Account for adults
Such trustee accounts are commonly called self-appointed trusteeships since no formal
trust agreement is required. The trustee controls the fund during his lifetime and upon his death
the funds are paid to the named beneficiary. The trusteeship may be terminated at any time by
the trustee without recourse on the part of the beneficiary.
 Trustee account for minor child
A trustee account for a minor child is virtually identical to the trustee account for an
adult except that the beneficiary is by definition a person who has not attained his majority age.
Upon the death of the trustee , the funds in the account are directly to the beneficiary, if he has
then reached majority, or to a legally appointed guardian if the beneficiary is still minor at that
time. The account may be terminated anytime upon the unilateral action of the trustee.
 Estate account
Other fiduciaries, such as executors, administrators, conservators, or guardians can
establish accounts in their fiduciary capacity. The documentation provided through the savings
account records are of particular advantage to the fiduciary in the execution of his duties. A
copy of the trustee appointment or agreement shall be filled with the bank or at least reviewed
by the bank

2. Withdrawals
The rules of savings banks regarding deposits and withdrawals are printed in the passbook. All
deposits and withdrawals shall be made only with the proper presentation of the passbook. In the case
of the withdrawal, it must be made by the depositor in person by filling out a withdrawal slip/receipt
furnished by the bank. However a certain exceptional cases, the bank may permit a person other that
the depositor himself to make a withdrawal, the written authority of the depositor given in such form
and with such authentication, as the bank may deem necessary.
Thrift Banking Authority
Pursuant to Resolution, No. 1205 of then Monetary Board dated July 3, 1980, savings and mortgage
banks, stock savings and associations, and private development of the banks, referred to as thrift banks,
may perform any or all of the following services:
a. To grant loans whether secured or unsecured;
b. To invest in readily marketable bonds and other debt securities, commercial papers and
accounts receivables, drafts, bills of exchange, acceptances or notes arising out of commercial
transactions
c. To issue domestic letters of credit
d. To undertake such other investments which the Monetary Board may determine as necessary in
the furtherance of national economic objectives
With prior approval of the Monetary Board, thrift banks may undertake trust and quasi-banking
functions and accept checking accounts, “NOW” accounts, government deposits and foreign currencies
deposits.
Grant of Authority to Perform Other Banking Services
With prior approval of the Monetary Board, a thrift bank may convert into a commercial bank
and then subsequently may be granted an expanded commercial banking authority; or remain as a thrift
bank, and to the extent allowed by law, perform all the services of a commercial bank and then those of
a bank with expanded commercial banking authority, in which case it may retain its corporate name:
providedthat it’s Articles of incorporation are amended to encompass it’s new powers.