I want to open an account at ING Orange Savings. There is a restriction I do not understand. Do you?
Orange Savings can not be used for business, trust, power of attorney, beneficiary or individual retirement accounts. Wjat does this mean? Like if I get sick and I give my power of attorney for the mother … Can you get to that money if necessary? But what does this restriction mean?
What this means is that when you set up the account, not can create a "name" on the account that reflects any of them. I'll try to tell you a little more for u'll understand. To open a business account, the account usually look like this: Name 1: (Your Name) Name 2: Name DBA (Business) DBA means "doing business as" A beneficiary's account would look like this Name 1: (Your Name) Name 2: (Your Name), Beneficiary and what they are saying is that they allow you to configure an account to be like them, but his mother still could withdraw the money if I had the card and PIN number. Hope that helps http://www.financialgym.org
Johnny Cash…The Ballad of Ira Hayes
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