In this article, we consider the concept and types of bank accounts. What does it take to open and close them? Is the service free?
A bank account is a special account that is issued by a credit institution for a specific person (individual or legal entity), it is designed to reflect the organization's monetary obligations to that person.
This is the accounting section of the bank, where the registration of funds in motion, all transactions of certain investors, as well as the bank itself is performed. This is a kind of tool that, when maintaining financial statements, allows you to record the movement of financial resources.
Clients have the right to open any number of accounts both in one bank, and in several (with the consent of the latter).
Banking organizations open accounts for legal entities and individual entrepreneurs (except for state authorities and local self-government), based on special certificates of registration as an individual entrepreneur (for individuals), as well as certificates of registration of a legal entity and registration with tax inspection.
The types of bank accounts are very diverse.
Signs
A bank account has four main characteristics:
- it is a cash management account;
- it is opened and maintained only in credit organizations;
- is an integral part of the subject of the contract;
- reflects the obligations of the credit organization to its client.
All bank accounts are accounting accounts, otherwise they are also called “personal accounts”. Their opening is accompanied by the conclusion of a certain type of contract, and this entails the emergence of certain rights and obligations for both parties.
It is hard to imagine modern life without a bank account. As a rule, salaries are transferred to it, and with it various payments are made - payment for services and purchases, and today the bulk of the population of the whole world uses plastic cards.
Types of Bank Accounts
According to modern Russian legislation, customers of credit organizations have the right to open bank accounts that correspond to the goals of their activities in large numbers, as well as in different banks.
The classification of bank accounts is very extensive, and is carried out for several reasons:
- Special and universal.
- Depending on the currency of the bank account.
- Depending on its owner.
- Depending on the purposes for which the funds of this bank account will be subsequently directed.
- Depending on whether a partial withdrawal of funds from the account or its replenishment is possible in the future. Non-replenished additional investments are not accepted. You can deposit additional funds into accounts with the possibility of replenishment during the term of the deposit. In addition, there are accounts with the ability to partially withdraw money. At the same time, a certain amount should remain on them, as a minimum balance.
- Depending on the accrued interest. Bank accounts can be with monthly accrual, or with replenishment at the end of the life of a certain type of investment, or with an intermediate accrual of interest. In the latter case, money is credited to the account quarterly, weekly or annually.
In addition to the main ones, there are also the following types of bank accounts:
- currency;
- budgetary;
- trust account;
- escrow;
- frozen;
- card;
- the insured;
- anonymous metal;
- contracting;
- settlement;
- cumulative;
- loan;
- savings;
- current;
- fiduciary;
- stock;
- transit;
- onkolny;
- consolidated;
- general;
- private;
- check.
What types of bank account to choose, sometimes difficult to decide.
When contacting a banking organization in order to open an account, the client must choose its type that will meet its needs and the purpose of opening. In this case, the Bank is obliged to accept and credit its financial funds to the customer’s account, as well as to fulfill all customer orders to issue and transfer financial funds in certain amounts. In addition, he conducts other operations related to this bank account. So, we will consider in more detail some types in more detail.
Checking account
This type of bank account is opened, as a rule, to legal entities that carry out entrepreneurial activities, as well as individual entrepreneurs to carry out payment transactions for certain types of goods, services rendered, work performed, etc.
The bank account is the main account of the company. It usually opens at the place of registration. According to the law, such enterprises have the right to have several such accounts, one of which will be the main one for settlements with a pension fund.
Enterprises, institutions and organizations that have structural divisions (branches, shops, etc.) located separately, at the request of the owner of the current account, have the right to open settlement sub-accounts so that they receive revenue, or, for example, other necessary cash transactions could be conducted. This should all be provided for by the contract.
The type of bank account has specific goals:
- crediting of proceeds from entrepreneurial activity, as well as payments to counterparties and suppliers related to this activity;
- settlements with credit organizations on loans and interest thereon;
- payroll of employees of the enterprise and other payments;
- payments related to the decision of the courts, as well as other bodies that have the right to make decisions on the recovery of financial resources;
- other settlement operations.
The balance of the current account is free funds held by their owner. A financial institution is obliged to issue a special statement on transactions to the client.
What other types of bank accounts are there in a bank?
Current account
This type of bank account is opened for organizations that are not registered as legal entities. They are all kinds of public associations, branches, institutions and representative offices. From current accounts, as a rule, funds are issued for the payment of wages, calculations are made for the maintenance of the organization, as well as all necessary expenses that are associated with its performance of its functions.
Every citizen has the right to open such a bank account, since it can be opened to all individuals to carry out settlement transactions that are in no way connected with entrepreneurial activity.
There are other types of bank accounts. The contract must indicate for what purpose it is opened.
Deposit account
This account is designed so that the owner of the funds has the opportunity to store them. It opens to both legal entities and individuals.
Under a deposit agreement, a bank that has accepted a specific amount of money from a depositor is obligated to return this amount to it within a certain period of time, as well as to pay it the interest that was originally agreed upon in the deposit agreement.
The interest rate in this case directly depends on the duration of the storage of funds - the higher this period, the higher the interest.
The main condition for opening a deposit account is that the depositor does not have the right to use the invested funds before the closing date. The right to open deposit accounts is available only to those banks that have the appropriate license, which allows raising funds for deposits.
This type of bank account and deposit is very common.
Budget accounts
This type opens, as a rule, to enterprises that are financed from the state budget. Budget accounts, in turn, are divided into expenditure, revenue, current for extra-budgetary funds and current for budgetary funds.
The finances credited to the budget accounts are used strictly for their intended purpose, for example, to transfers to the population, salaries to employees, payment for certain services, goods or work, etc. The types of bank accounts of clients do not end there.
Foreign currency account
This type of bank account is used to conduct settlement operations in foreign currencies.
Interbank accounts
Such accounts are opened only by the so-called "credit organizations", that is, banks. These accounts include:
- correspondent account - opens in the division of settlement networks of the Central Bank;
- correspondent sub-account - is opened by the bank to its branch;
- accounts that are opened on the balance sheet of the parent organization, or branches for mutual settlements.
Loan account
This account is opened to customers when drawing up loan agreements. Loan accounts can be special and simple. For a simple account, this is loans for the balance, and for a special account, loans for turnover.
Personal account
This account is opened in the name of the client of the credit organization, and is managed by him in any branch of the bank if there is a document that confirms his identity. If funds are transferred to an account in another bank, then this bank can also see the customer’s name and number.
What type of account does a bank card have?
Card account
It is opened by credit organizations to account for transactions that are performed by customers using bank cards. Cards are debit and credit. With a debit client, he has the right to withdraw funds from any ATM and pay for purchases in stores. However, in this case, the amount spent by the client may not exceed the amount available on the account. With a credit card, you can exceed it, but only within the limits of the loan, which is the clearly limited amount agreed upon upon receipt of this card.
Bank Account Numbering
In the Russian Federation, as a rule, a twenty-digit bank account is used, which is a specific numerical code containing information about its properties.
This number is divided into five groups. The first group of numbers indicates which variety a particular bank account belongs to. The second one has three characters and indicates the currency in which this account is open. The third group consists of a single symbol, which is the so-called “account key”. The fourth consists of four categories and determines the division of the bank where this account was opened. The fifth group of characters consists of seven digits, and also contains the number of a particular personal account. We examined the main types of bank accounts.
Account Opening
The main reason for opening an account with a bank is a contract under which a credit institution assumes obligations to credit financial funds to it, as well as carry out all orders of a particular client to manage them (any settlement transactions, depending on the type of bank account).
After the agreement on opening an account is signed by both parties (the client and the credit institution), the owner of this account has the right to begin the implementation of any types of operations that are provided for by this agreement,as well as legislative acts of the Russian Federation.
The types and purpose of bank accounts should be known to everyone in our modern world.