Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
c) At time of reaching major the total balance will be transferred to an
account maintained and operated by the major.
III.
Joint accounts
a) Joints accounts shall be maintained in name of two or three individuals to
jointly operate the account; in case of joint account opening account
holders shall sign additional contract design for the purpose (refer
CBECATS001-1)
b) Joint accounts can be “And Account” and “And/or Account”.
c) The nature of “And Account” is that all the parties should be present at
the counter of the bank to give payment instruction and withdraw money.
Whereas “And/or” account type allows individual account holders to
withdraw money and give payment instruction separately.
IV.
Earmarked Accounts
a) It is an account opened, with additional description indicating the
purpose like “club account,” “business account,” “workshop account,”
“project account,” “main account,” “branch account,” etc…;
b) The customer shall explicitly request the bank in written form to add the
description;
c) It can be earmarked using the registered trade name or the business
sector indicated on the trade license; and
d) Deposit can be made in the name of either the account holder or
earmarked name.
V. Accounts for Interdicted Persons
a) It is an account opened and operated by the Tutor appointed by the court
on behalf of the interdicted person/s.
VI.
Staff Accounts
a) Opened for CBE staff members and category shall be changed to nonstaff
category codes when the staff leaves the bank; and
CATS Procedure | 33