Credit account - a specific bank account in which the funds received in a loan are placed. Tracking operations on the account and the calculation of interest and penalties on the account is carried out by the bank using a certain combination of numbers.
On a regular account, you can accumulate financial resources, form deposits or store savings. Credit is a "stash" for unforeseen situations, allowing you to withdraw the required amount of money at any time.
Definition
A feature of a credit card account is that interest accrual only begins after the funds have been withdrawn from it. For this reason, it is often opened for the future, especially if in the near future a certain amount may be needed. A nominal fee is charged for the service.
A credit account is opened for any loan:
- Credit lines allowing the use of funds in several stages.
- Credit cards. You can withdraw money from them at any ATM from your own credit account. They are made out for almost every person, but on different conditions.
- Ordinary loans. Drawn up at a time and paid every month. The bank strictly monitors all annuity payments.
Bank credit accounts
Opening an account with a banking organization is carried out with the aim of providing the loanee with the opportunity to issue a loan and repay borrowed funds. The client deposits money to a separate account as they are returned.
The purpose of the credit account is the reflection in the balance sheet of the bank of transactions that are aimed at the formation and repayment of the loan in accordance with the conditions reflected in the loan agreement. Such accounts may also be referred to as loan accounts.
The main types of accounts
According to the form of loans and the method of managing the account, several types of credit accounts are distinguished:
- Plain. The amount placed on it is issued one-time as a loan. The loan is repaid by crediting money to the same account.
- Credit line. The amount is credited to the bank account in parts, if necessary, according to the established limit.
- Overdraft. A special cash reserve is linked to the current or current account of the client. They resort to its use in situations where available own funds are not enough to conduct a transaction.
Opening conditions
A credit bank account is opened quite easily: for example, to open a credit account with Sberbank, the client must reach the age of majority. The only limitation is the terms of payments and interest rates: the less trust there is in the client, the stricter are the requirements for registration.
Many credit organizations send credit cards to prospective customers, after receiving which you only need to finalize a credit card account. Sberbank, for example, often resorts to such tactics, but it has a drawback - the interest rate is too high. The maximum amount is limited, so it will not be enough for a large purchase.
To invest money, purchase valuable coins or bills, only a passport is required. To open a credit account, you need to collect a package of documents and resort to the help of guarantors or arrange a pledge if necessary.
Mandatory documents on the list are a statement of income, an employment contract or a work record book and passport. When opening a credit account, the credit history is checked: if there are precedents in the past, a refusal will be given regardless of the size of the salary and the quality of the documents submitted.
Account closure
Closing an account with a credit institution may be required if it is a credit line or a card that has been working for a long time. A classic loan closes automatically - the borrower only needs to control this process.
In the case of a credit card, the validity period may expire, it will break or be lost, however, the situations listed above do not mean closing and termination of obligations by the client.
You can close a credit account when contacting a banking organization and drawing up an application. The procedure most often takes several months.
Types of loan accounts
In banking practice, the following categories of loan accounts are common, in addition to those listed above:
- Plain. The bank opens it one-time. A distinctive feature - the debit amount on it is determined once and is subject to further full repayment by the client.
- Special. Funds are credited to it both for repayment and for increasing the debit amount. In most cases, provided by credit line.
- Overdraft. Loan accounts of this type are opened by a bank without drawing up a special loan agreement in situations where a credit institution allows its client to overrun funds, but requires mandatory repayment.
- Contract Account. A credit account plan, in which settlement and loan accounts are combined. In this case, all movements of funds are accounted for jointly, and the account reflects the state of the client’s debt to the bank.
- Special. The loan account, which records transactions with bills of exchange. An organization may open only one such account.
All credit accounts can be divided by currency into ruble and foreign currency. The most difficult to maintain and understand is a checking account that combines loan and current accounts.
room
Bank loans are governed by general provisions, respectively, the contract numbers meet accepted standards. In loan agreements, as a rule, there is no loan account - a deposit account on demand takes its place. Such nuances simplify the work of accounting and financial organizations that issued loans and are responsible for it. The loan account number is presented in 20 digits and is compiled on the basis of a single principle for all banking organizations.
Account Management
Amounts and transactions are displayed in two sections:
- Debit - debt and loans.
- Loan - a monthly loan repayment in amounts of a specified amount, unless otherwise specified in the agreement.
Complete debt information is provided to the client through daily updates of credit account information. This allows the bank to maintain reliable financial statements.
Account Fees
The account maintenance fee is provided only for legal entities. For individuals, the bank’s work with such data is carried out on a free basis, since it is an accompanying loan product.
Credit organizations may not charge a commission for processing and maintaining an account for an individual.
Refund fee
Illegal collection of funds from the account implies their legal return. In order for the state to be on the side of a private person in the process of resolving the dispute, it is necessary to follow an exact plan:
- Credit accounts accompanying the payment of a commission for their opening and maintaining are a violation of the law, respectively, an official request for reimbursement of illegally taken funds should be sent to the credit institution.
- If the credit institution refuses to return the amount, then the person has the full right to appeal to the court or Rospotrebnadzor.
Banks can circumvent the decision of the arbitral tribunal in a legal way: for example, some financial and credit organizations cancel fees for opening and maintaining accounts, instead of introducing other mandatory payments for providing or servicing the loan. In sum, they are identical and divided into months.
Loan accounts for credit cards can also be subject to a commission - court orders do not apply to them, since card service is combined with account management and a total fee is charged for it.
As a result, a credit account is a banking measure aimed at monitoring and tracking the status of customer accounts of a credit institution. It is useful for the loan recipient to be able to use it, however, when registering securities at a bank, it is necessary to pay attention to the details specified in the agreement.