In the article we will consider the personal account and the settlement account. The difference between them is described in detail. When using banking services, customers often come across terms such as the concept of personal and current accounts. Contrary to popular belief about the identity of these definitions, they still have a number of differences.
The concept and characteristics of the current account
To understand what is the difference between personal account and settlement, you need to consider these concepts.
What is a bank account? So, we are talking about a service that provides for the execution of certain financial transactions (for example, it implies the receipt along with the acceptance of various payments), as well as the withdrawal or replenishment of money from a deposit using RB. The number of such an account is recorded directly in the details of the banking organization as part of the transfers. The account itself is registered with the Bank of Russia. The purpose of opening such a service is:
- Execution of transactions and payments (for citizens engaged in entrepreneurship and legal entities).
- Transaction (this applies to individuals). For example, operations to replenish or withdraw money from a deposit along with the provision of financial services (for example, transferring funds to an account of another individual).
- Carrying out remote maintenance. It is worth saying that this is one of the main signs that allows you to classify a person’s account as settlement type. Through RBS, a client of a financial credit institution operates with finances as necessary.
Customers at the bank often come across such concepts as a current account and personal account. The difference between them is incomprehensible to many.
Why do I need a checking account?
First of all, this is a unique number that is used by the client for the following purposes: making transfers along with transactions, storing funds, receiving money from other persons, paying for bank services. From the cost position, the current account has the following characteristics:
- For legal entities and businessmen, such a service is always paid. Banks charge funds for transactions and account maintenance.
- For ordinary citizens, the service is completely free. Open it, as a rule, to save money or receive wages.
We continue to consider the personal account and current account. The difference will be described below.
The concept of personal account: what is its essence?
To highlight the difference, consider what constitutes a personal bank account. This is a digital number or in other words an account that is obtained by an individual after passing the established procedure and concluding an agreement. Its purpose is the analytical accounting of financial transactions conducted in collaboration with counterparties. For a money transfer to this account, the details of the account number are entered in the details, and only after the funds are received the banking organization credits them to the front element. In addition, personal account means the following:
- Settlement part (from the fourteenth to the twentieth digit).
- An account that has been opened by an individual (savings or on demand).
- Account with the ability to conduct remote maintenance. Suitable for individuals, but without the right to perform transactions with counterparties.
Not everyone is familiar with the characteristics of a personal account and a current account.What is the difference between them, it is important to find out in advance.
What is a personal bank account in terms of opportunities?
This banking service allows you to:
- Transfer of funds to legal entities (including banking institutions).
- Storage of personal savings.
It can not be used for business (that is, not suitable for commercial activities). Now we determine what the main difference is.
Personal account and current account: difference
Considering the difference in services, it is worth highlighting a number of the following points. So, facial, as a rule, is not suitable for operations that involve a transfer with receipt of funds from other persons. It is usually used to solve a personal problem, for example, paying utility bills and communications along with managing money on other accounts. Such an account is opened by individuals. As for the current account, it is accompanied by the following characteristics:
- Required for operations that are related to business activities.
- It allows you to receive and send payments from other bank accounts.
- Intended for legal entities and entrepreneurs.
- It can be used as a personal item to pay for all kinds of services and goods, and, in addition, to store funds.
- They open it only at the bank, while personal accounts are often assigned to customers and other organizations (for example, insurance companies, mobile operators, and so on).
The difference in the concepts of personal accounts and current accounts is clear, but what are the similarities?
What is common between them?
The personal and settlement accounts have much in common:
- The front element is part of the current account (from the fourteenth to the twentieth digit).
- Personal accounts that are used for transactions using remote banking are often called settlement accounts.
- You can open in the bank.
Personal account and current account of Sberbank: the difference in what?
The personal account, as a rule, consists of twelve digits. They are in the envelope along with the PIN code of the card. Such an envelope is obtained by the user along with plastic. It is on the personal account of Sberbank that funds are received for the purpose of their subsequent storage. These details are optional during the performance of many operations, in connection with this, most customers do not even know about its existence. A personal special account is assigned to each payment instrument strictly on an individual basis. Access by third parties to such information is strictly prohibited.
As for the settlement account in Sberbank, it must be said that when it is received at the branch, customers are also given envelopes with a code and a copy of the service agreement. But this account, in contrast to the facial element, consists of a special combination, which is twenty digits. It is provided to partners who are expected to receive a money transfer.
There are several ways for customers to find out their current account. If you cannot find the necessary data in a copy of the agreement with Sberbank, you should be aware that:
- When conducting payment transactions in ATMs, the monitor usually displays information about the number with which financial transactions are performed.
- In the event that the mobile bank service is activated, the number of such an account is displayed on the client’s personal page after a preliminary password has been entered.
Let us further consider the settlement and personal account of the card. There is also a difference between these concepts.
Card accounts
Plastic cards are so necessary for people that almost everyone has it. However, as they are used, questions often arise. One of the most common is about the account number. It is not printed on a payment instrument and sometimes it greatly complicates the life of customers.
Settlement and personal accounts are different services that can only occasionally intersect with each other in banking practice.As part of studying the proposals of a banking institution and when choosing the most suitable option, this point should be taken into account.
As for cards, the main difference between the personal and current account of plastic is that the second is issued for commercial purposes. It makes it possible to carry out financial transactions between various contractors or customers, transferring money from one account to another. And, besides, thanks to this service, you can keep your savings by paying for services, replenishing or withdrawing funds from a deposit, giving out salaries to employees and the like. At the same time, visiting a bank is not necessary at all.
Now we know what a personal account and a current account are. The difference between them is clear.