What is a checking account, what types are, and by what criteria should a bank choose to open it, every modern person should know. The account is used for banking operations with cash both in cash and in non-cash form.
What is a checking account?
The current account is a unique number assigned to a client of a banking organization. This is an account of an individual or legal entity whose function is to store money and perform cash settlements. Its main advantage is the ability to quickly conduct financial transactions.
Who can open a current account?
A bank account can be opened by both an individual and a legal entity. In the first case, it is called the current, and in the second, the term "demand account" is used.
Individuals open an account mainly for salaries, as well as for the purpose of accumulating their own finances. All incoming funds should not be commercial in nature - this is the main condition of the bank. If the money is the payment of external organizations to an individual for the provision of any services, it is required to renew the contract.
Legal entities may use a current account for:
- settlements with financial organizations on loans and interest;
- transfers of staff remuneration and other social benefits;
- crediting payments for the collection of authorized executive bodies;
- other settlement operations.
Bank Selection Criteria
The location of a banking organization is far from the most important point that you should pay attention to when choosing a bank for cooperation. In the era of technological progress, almost every financial institution has in its arsenal an online banking service that frees a client from personal visits to the office.
The main criterion that requires attention is the list of services that the bank offers its customers, the size of the commission for servicing and maintaining the account. This information can be found on the official website of the institution.
Fierce competition in the financial services market makes banks fight for each client. To this end, employees regularly develop new profitable offers and promotions in order to attract a greater number of people who apply to them. Sometimes these are just advertising campaigns that should not be blindly trusted. It is best to open a current account in a fairly large and well-established banking organization.
How to open a current account for an individual?
Knowing what a current account is and having decided on the choice of a banking institution, you can begin to draw up a contract for the provision of such services.
An individual must write an application to a financial institution in order to open a current account. A sample of the filling can be found on the bank's website, or ask an office employee. After that, the specialists of the operational department send the received information to the ABS general database. At this stage, the account is assigned a unique number, which is subsequently used by the owner.
When applying for opening an account, an individual must provide a passport of a citizen of the Russian Federation and TIN (if any). These documents are necessary so that bank employees have the opportunity to prepare a case. Several financial accounts can be opened in one financial institution, each of which will be used for its own purpose at the discretion of an individual.For example, to store funds in different currencies.
Opening a current account for a legal entity
In order to open a bank account of an organization, a legal entity must provide the bank with the following package of documents:
- notarized sample of signatures and stamps;
- a certificate issued by the Federal Tax Service or the social insurance fund on the absence / presence of debts;
- notarized copies of passports of people who will subsequently have access to a current account (founders, chief accountant);
- copies of constituent documents of the organization, notarized;
- extract from the register, issued a month before the opening of the account;
- customer profile;
- statement;
- completed agreement for opening a current account.
Some Russian banks do not require notarized copies of documents, but certify them on their own when providing their originals.
After that, a special case is formed for the legal entity, which contains all the documented evidence of the relationship between the bank and the organization.
How to find out the account number?
If the client of the bank has an urgent need to perform any operations with cash, he can find out the number of the current account in several ways.
So, how to find out the current account?
- You can call the hotline of a banking organization.
- Get the details of the account at the nearest bank branch by presenting your identity card.
- On the official website of a financial institution, as a rule, all the necessary information related to details is located.
- Data on the current account number are specified in the contract.
- A bank account can be obtained through an ATM.
- Contact the support service on the bank’s website. The answer with the details of the account will be sent to the email address of the client.
Problems that may arise with a checking account
According to the decision of the judiciary, the current account may be arrested. There are several reasons for this arrest:
- tax contributions are not paid on time;
- debt on alimony;
- making payments that are contrary to Russian law;
- the imposition of penalties.
A notice of the arrest of a client’s existing funds is sent to the bank at the place of registration. In this case, law enforcement agencies have the right to receive all information on transactions conducted with this account.
The tax office can also block a checking account. This happens if the owner does not pay taxes, penalties in time or fails to provide a declaration within the time allotted for this. It is worth noting that tax reporting cannot cause a block in the account.
If it is used for illegal purposes, the security department blocks it and sends all the data to the appropriate authorities. To unlock funds, the owner must provide information on how the money appears on his account. After checking by experts all the nuances of the case, payments can be considered legitimate, and the money becomes available to the client.
Having examined in detail what a current account is and how to open it, you can safely control its operation, make financial transactions and know what to do in case an unforeseen situation occurs.
