Bank account agreement is The concept, terms and conditions of the agreement

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

An integral part of the successful and productive development of market relations both within our country and abroad is the banking system. It ensures, on the whole, the natural functioning of all economic relationships.

Today, a fairly large number of banking organizations are registered in our country. Which banks are the best? Which credit institution can be trusted with your savings and assets? The most reliable banks, perhaps, should be considered those that are in the Top 10 best financial institutions in the country. The first credit institution on this list, according to 2018 data, is, of course, Sberbank of Russia, it is the majority of customers who prefer it. The second place in the rating is occupied by VTB Bank, followed by Gazprombank, Rosselkhozbank, Alfa-Bank, Moscow Credit Bank, Otkritie Bank, UniCreditBank, Promsvyazbank, Bank Russia. It is these largest centers of the country that are the most reliable banks. Their activities are appreciatedCentral Russian Bank, they have a very high level of customer confidence.

Today, credit institutions offer their customers a diverse range of banking products and services. Enterprises and organizations, as well as ordinary citizens, interact with banks on an ongoing basis. This is due to the fact that the main area of activity of financial structures is lending and settlement, cash services for individuals or legal entities whose occupation relates to almost any economic industry. At the initial stage, these relations begin with the conclusion of an agreement, and, as a rule, such an agreement is a bank account or bank deposit agreement. Account opening agreements are concluded and serviced by credit institutions in our country in accordance with the current legislation.

Concept of contract

Bank account agreement is a civil and legal relationship between a banking organization and a potential client. The client may also have such relations with other credit institutions licensed to carry out this type of activity. A bank account agreement is an obligation of a financial institution to the account holder (client) to carry out operations for accepting and crediting savings to the account, fulfilling the client’s instructions to move or withdraw the agreed amounts from the account and to carry out other actions on it, provided for by the bank’s regulations.

The Bank, at its discretion, has the right to use the funds placed on customer accountsfunds, while being obliged to provide a guarantee of the client's right to unhindered disposal of his own funds. A credit institution does not have the right to control and determine the direction of the use of the client's money, as well as to establish restrictions not provided for by law or an agreement on his right to use his own funds at his own discretion.

A bank account agreement is a bilateral agreement between the participants of a kind of transaction, upon signing of which the rights and obligations arise for each of the parties. The contract will be considered concluded after the parties reach an agreement on the essential terms.

Bank account classification

According to the content of the client's legal capacity, the volume of transactions carried out by the owner, and also depending on the choice of currency, bank accounts are divided into the following types:

• Settlement account - opened by organizations to carry out transactions in the currency of the Russian Federation, which are related to their economic activities. Such accounts are opened by legal entities that are not a credit institution, as well as individuals engaged in private practice and individual entrepreneurs. The following operations are carried out on the current account: transfer of proceeds from the main activity; making payments and settlements with counterparties, budgetary and non-budgetary organizations for taxes and fees; settlements with employees on wages and other social benefits; crediting and repayment of amounts receivedloans and interest on them; payments related to the decision of the courts and other bodies that have the right to decide on the collection of debts from bank accounts in an indisputable manner; other payments related to the activities of the enterprise.
• Current account - opened in the currency of the Russian Federation for both legal entities to receive financial assistance and withdraw funds from the account, and individuals for the purpose of performing transactions that are not related to entrepreneurial activities. Such accounts are mainly used by non-profit organizations and business entities that are not legal entities.
• Deposit account - designed for temporary placement of finance in order to receive interest income. Accounts are opened in the currency of the Russian Federation for both legal entities and individuals. The basis for opening an account is a deposit (deposit) agreement, according to which the bank accepts finance from the client with the obligation to return the deposit amount within the terms specified in the agreement and pay interest for using it.
• Currency account - is opened for the purpose of crediting and settling with counterparties of funds denominated in foreign currency. Foreign currency - banknotes of states that are recognized as legal tender in the respective state. At the same time, signs that, in accordance with the law of a foreign state, are withdrawn from circulation or restricted in circulation, are not considered foreign currency.
• Loan account - designed to record the provided and repaid credit funds. It is divided into simple andspecial. A simple account is opened to record the issuance and repayment of a one-time loan, a special account is opened to account for the issuance and repayment of loans on a regular basis (credit lines, overdrafts).
• Card account - used most often by individuals, opened to record transactions that the client makes using a plastic card.

In addition to the above accounts, correspondent accounts, budget calculations, trust management, deposit accounts of judicial and law enforcement agencies are opened in banks. They can be called highly specialized, they are not intended for widespread use by the main contingent of credit institutions.

Subjects of the contract

As mentioned above, a bank account agreement drawn up in a bank is two-sided, that is, when signing an agreement, there are always two parties. Who are the subjects in its conclusion?

One of the parties is always a credit institution. This may be a bank or other financial institution, in particular a non-profit credit institution. In any case, all these centers must necessarily have a license issued by the Central Bank of the Russian Federation to open and maintain accounts for legal entities and individuals.

The other party to the agreement is a legal or natural person (bank client). Relations between a financial institution and a client when concluding a bank account agreement under banking law are regulated by legal norms and rules.

Rights of the parties and theirresponsibilities

From the moment the parties sign the bank account agreement, each of the participants in the transaction has both rights and obligations.

The obligations of the credit institution are as follows:

• Open an account for a client in a timely manner. The opening is carried out on the basis of an agreement signed by both parties.
• Perform transactions for crediting finance to the account within the terms strictly established by law. The receipt of money on it can occur from the owner himself, for example, by transfer from another bank account (deposit), on behalf of the owner by issuing a payment request for collection or without an order (receipt of funds from counterparties).
• Perform operations to debit funds from the client's account. The owner may instruct the bank to transfer its own funds to another account opened with the same credit institution or another; make transfers to counterparties; payments to budget and other funds, other write-offs. The basis for the expense can serve as payment orders, checks, promissory notes. A credit institution, as a rule, carries out the client's orders within the limits of the amount of financial resources allowed on the balance. Write-offs on the account are made in the order of their receipt by the bank. If there is not enough money on the account, the creditor has the right to refuse the owner to complete the operation.
• For the use of the client's own funds on deposit accounts, pay interest within the terms specified in the agreement.
• Observe banking secrecy about all bank customers, open accounts, movement of funds on deposits, other information that is established by the credit institution.

The financial institution has the following rights:

• Use the funds available on customer accounts, guaranteeing the owner the right to dispose of his own funds at his own discretion.
• To demand the return of credit obligations, payment of interest on the loan, as well as receipt of payment for their services related to the order of the owners under the bank account agreement - this requirement is usually provided for by the agreement itself.

Rights and obligations of a bank client:

• The client is obliged to fully comply with all the rules established by the financial institution when performing actions on the account.
• Pay for banking services for transactions with his finances placed on accounts.
• Timely notify the banking institution of changes related to constituent documents, changes in addresses, phone numbers, surnames and other changes that are necessary for maintaining an account.

The account holder (client) has the right to provide a financial institution to manage his funds on the account on his behalf and on his own instructions, to pledge funds held on personal accounts, if necessary.

Contract form

The form of the bank account agreement is a document drawn up in writing on the letterhead of a credit institution. Such a requirement isRussian legislation, namely Art. 161 and Art. 162 of the Civil Code of the Russian Federation. Failure to properly formalize the transaction between the parties may deprive the participants of the rights in the event of disputes in order to confirm its conclusion. In other words, incorrect execution or deviation from the current model of bank account agreements will entail the invalidity of such transactions. As a rule, credit organizations adhere to a single form when compiling such papers. The sample bank account agreement below will help you get an idea of what information is indicated by the parties entering into the transaction.

Contents of the bank agreement

As a rule, an invoice agreement includes 8-9 clauses.

The header contains the place and date of the agreement, the full name of the credit institution, full name and position of the authorized person, as well as similar data of the bank client. Items follow:

1. Subject of the financial contract.
2. Rights and obligations of the parties.
3. Terms of transactions.
4. Pay bank charges related to transactions.
5. Interest for the use by the Bank of the client's finances on the accounts.
6. Bank liability.
7. Termination of the contract.
8. Final and other provisions.
9. Details, signatures of the parties.

Depending on the type of financial document, the name of the sections may change. The above paragraphs detail the mainprovisions that apply directly to the types of contracts concluded.

Procedure when concluding a contract

Conclusion of a bank account agreement begins with the provision of the necessary package of documents to the credit institution. It should be noted right away that opening a bank account takes place on a paid basis, the cost of the service in different institutions may fluctuate. Therefore, when choosing a financial institution offering a variety of banking products and services, it is necessary to check with managers the tariffs for the products of interest.

What package of documents do I need to provide to open an account? Let's consider, for example, the procedure for concluding a foreign currency account with Sberbank for a legal entity.

Required documents:

• statement;
• certificates of state registration of a legal entity;
• certificate of registration of STI;
• extract from the Unified State Register of Legal Entities;
• document from statistics;
• statutory documents, constituent;
• documents on powers of officials;
• signature cards;
• license (if necessary).

After providing such a package of documents, the bank will conduct a check, which may take about two days. If the decision is positive, the authorized persons of the client sign a bilateral agreement, after which the account will be opened within the time limits established by the regulations. The client has the right to request an account statement the next day after its opening.

As can be seen from the example, the conclusion of a foreign currency account in Sberbank -simple procedure. The main thing for the client is to collect a complete list of documents, send them to the bank and have a little patience.

Responsibility under the contract

Once a banking agreement is concluded between a financial institution and a client, both parties are fully liable under this agreement. The banking institution is responsible for crediting funds to the client account at the wrong time, or for the unreasonableness of their debiting, as well as for the fact that the client’s instructions to issue funds or transfer them from the account were not followed. The liability of the bank is regulated by art. 856 of the Civil Code of the Russian Federation. The responsibility of the client is reduced to compliance with the regulatory rules and regulations related to organizational aspects, as well as the fulfillment of obligations when crediting the account, which is regulated by Art. 850 of the Civil Code of the Russian Federation.

Termination of the bank agreement

The termination of the bank account agreement occurs at the request of the account holder or at the initiative of a financial institution.

To close an account at the initiative of the client, it is necessary at any time convenient for the owner to submit an application to the bank to terminate the agreement. The credit institution will carry out the closing procedure on the day the application is received from the client.

To terminate the agreement at the initiative of the bank, the client must be sent a written notice of termination of the agreement. If there are no cash receipts on the client's account within a two-year period and the client is notified in writing about this, the account is considered terminated byexpiration of a two month period. These actions on the part of credit institutions are regulated by Art. 859 of the Civil Code of the Russian Federation.

Conclusion

Which banks are better and with which financial institution it is more profitable and reliable for the client to cooperate, it is up to the client to decide. Regardless of the rating of a credit institution, its level and popularity in the banking services market, the procedure for opening bank account agreements is the same everywhere, from a package of documents to the termination of such an agreement.