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Banking. Metal bills (most important)

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Topic 89

Metal accounts (accounts in precious metals) are of two types:

▪ anonymized metal accounts (non-allocated);

▪ metal custody accounts (allocated).

Impersonal metal accounts are maintained without saving individual characteristics, metal of a certain sample in grams is taken into account.

Safekeeping metal account is a client's account for accounting for precious metals transferred for safekeeping to the Bank with the preservation of their individual characteristics (name, quantity, sample, manufacturer, serial number, etc.). A metal account for safekeeping provides for:

▪ storage and accounting of precious metals transferred for safekeeping to the bank, while preserving their individual characteristics (name, number of bars, fineness, manufacturer, serial number, etc.),

▪ transfer of metal from one account to another,

▪ issuance of precious metals from the account,

▪ the possibility of using precious metals to obtain loans,

▪ charging for storage of precious metals in accordance with current tariffs.

All transactions on metal accounts are carried out by the Bank only on behalf of the Clients. It is possible to transfer precious metals from an unallocated metal account to a safekeeping account and vice versa.

Authors: Shevchuk D.A., Shevchuk V.A.

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