When conducting transactions with funds through the Central Bank's settlement network, in addition to the settlement accounts of the sender and recipient of funds, the correspondent accounts of financial organizations in which these settlement accounts are maintained are indicated. To understand what is a checking account and correspondent account, consider these two concepts separately.
Checking account
The current account is opened to the organization or individual entrepreneur in banking institutions. It has its own balance sheet for storing funds and for conducting payment transactions with other persons. The current account is the main tool for the implementation of cashless payments.
On current account all cash accumulated by the enterprise or individual entrepreneur is accumulated, payments are made through it with suppliers of goods and services, with tax services and pension funds, and wages are paid to employees of the organization. The Central Bank is interested in ensuring that all financial transactions take place in non-cash form, therefore, he introduced restrictions on cash payments within one hundred thousand rubles under one agreement (CBR dated 20.06.2007 No. 1843-U).
Correspondent account
A correspondent account is opened by one credit institution for another. This account records the operations carried out by the first bank on behalf of and at the expense of the second as part of a written agreement called a correspondent agreement.
The correspondent account number consists of twenty digital values, each of which carries specific information.
- The first three values indicate the number of the balance sheet account of the first order.
- Two values are the second-order balance account number.
- The next three numeric values are the currency code.
- Then the next one digit is a test.
- Another eight values indicate the bank account code.
- The last three digits coincide with the last digits in the BIC of a banking institution.
Interbank Settlements
Within the framework of a correspondent account, interbank transactions are carried out in three ways.
1. Based on correspondent accounts served by financial institutions:
- each other on mutually beneficial terms;
- in one of the credit organizations, usually in a larger one.
2. Within the framework of correspondent accounts opened by commercial financial institutions in a third bank. An excellent example of such a contractual relationship is the implementation of financial transactions through a correspondent account serviced by the Central Bank.
3. By establishing clearing centers, their participants offset the mutual claims.
Withdrawal from correspondent account
Write-off from the correspondent account is carried out only with the consent of the bank that opened the account. However, there may be cases stipulated by law when an indisputable and direct debit of funds from the account may occur.
Types of correspondent accounts
There are three types of correspondent accounts:
- Nostro - an account opened with a correspondent bank for a commercial financial organization;
- Loro - an account opened by a commercial bank for a correspondent bank;
- Vostro is a correspondent account of a non-resident bank, served by a banking institution that is a resident of the state. In other words, this is the same Loro account, only it is open to a foreign bank.
How to find out the number of a correspondent account?
We examined the above general concepts that describe a correspondent account. How to find out what account number in the banking institution where you are served?
- All details of the bank, including the number of the correspondent account can be found in the contract for servicing the bank account.
- As a rule, banking institutions post information regarding details on the official website.
- The account number can also be found by calling the bank hotline.
- Bank details You can print in any branch of the bank in which you are served.
How to open a correspondent account in the Central Bank?
Opening a correspondent account with the Bank of Russia involves the provision by commercial banks of the following documentation:
- application for opening an account;
- copy of the license for financial transactions, certified by a notary;
- notarized copies of constituent documents;
- certificate of registration with the tax service;
- a letter from the Bank of Russia, in which there is confirmation of the persons belonging to the positions of head and chief accountant of a financial institution;
- certificate of registration with the PFR and MHIF;
- a letter from the registration authority and a copy of the extract from the savings account opened temporarily, where you can see the transfer of money from it to the correspondent account;
- a card certified by a notary with specimen signatures of the head, chief accountant and other authorized Central Bank of the Russian Federation to put their signature on payment documents of the person;
- FSS policyholder notice;
- copy of a letter from Rosreestr with a list of statistics codes belonging to the organization.
Opening a correspondent account in a commercial bank
Opening a correspondent account of an organization engaged in financial activities, a commercial bank may require the following types of documents:
- application for opening a correspondent account, which must be supported by the seal of the credit institution and the signatures of the head and chief accountant;
- a copy of the license for financial transactions certified by a notary;
- notarized copies of constituent documents;
- a letter from the Bank of Russia, in which there is confirmation of the persons belonging to the positions of head and chief accountant of a financial institution;
- a card with specimen signatures of authorized persons who have the right to conduct transactions with funds on the account and the seal of the seal of the banking institution that opens the account;
- copies of orders for persons who have the right to sign on payment documents;
- copies of passports of persons indicated on the card with specimen signatures certified by a notary;
- for limited liability companies - a list of founders; for joint-stock companies - a list of shareholders;
- a copy certified by a notary attesting that the organization is registered with the tax service;
- copy of a letter from Rosreestr with a list of statistics codes belonging to the organization;
- notarized copy of the certificate OGRN.
If a credit institution intends to open a correspondent account for its branch, then it must be provided with:
- a copy of the regulation on the establishment of a branch, certified by a notary;
- a notarized copy of the information letter from the Central Bank, which indicates the serial number of the branch in the State Registration Book of financial institutions;
- the original power of attorney issued to the head of the branch by the head office of the bank, which confirms his ability to open a correspondent account and manage money on it;
- a copy of the certificate certified by a notary confirming that the branch is registered with the tax service.
