An integral part of the successful and productive development of market relations both within our country and abroad is the banking system. It provides the overall natural functioning of all economic relationships.
To date, a fairly large number of banking organizations are registered in our country. Which banks are better? Which credit institution can be trusted with your savings and assets? Perhaps the most reliable banks should be considered those that are in the top 10 best financial institutions in the country. According to the data of 2018, Sberbank of Russia is undoubtedly considered the first credit institution in this list, most of the customers prefer it. The second place in the ranking is occupied by VTB Bank, followed by Gazprombank, Rosselkhozbank, Alfa-Bank, Moscow Credit Bank, Otkritie Bank, UniCreditBank, Promsvyazbank, Bank Russia. These are the largest centers of the country are the most reliable banks. Their activities are positively evaluated by the Central Russian Bank; they have a very high level of trust among customers.
Today, lending institutions offer their customers a diverse range of banking products and services. Enterprises and organizations, as well as ordinary citizens, constantly interact with banks. This is due to the fact that the main area of activity of financial institutions is lending and settlement, cash services to individuals or legal entities, the occupation of which 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. Contracts are opened for opening an account and are serviced by credit organizations in our country in accordance with applicable law.
Concept of contract
Bank account agreement is a civil and legal relationship between a banking organization and a potential client. Such relations with the client may arise with other credit institutions that are licensed to carry out this type of activity. A bank account agreement is a financial institution’s obligations to the account holder (client) to accept and deposit savings into the account, fulfill customer orders to transfer or issue agreed amounts from the account, and to take other actions on it as provided for in the bank regulations.
The Bank, at its discretion, has the right to use the funds placed on customer accounts, and is obligated to provide a guarantee for the client's right to freely dispose of his own funds. A credit institution does not have the right to control and determine the direction of use of the client’s money, as well as to establish restrictions on his right to use his own funds at his own discretion that are not provided by law or contract.
A bank account agreement is a bilateral agreement between participants in a kind of transaction, at the signing of which rights and obligations arise for each of the parties. The contract will be considered concluded after the parties have reached an agreement on the essential conditions.
Bank account classification
According to the content of the legal capacity of the client, the volume of operations carried out by the owner, as well as depending on the choice of currency, bank accounts are divided into the following types:
- Settlement account - opened by organizations for operations in the currency of the Russian Federation, which are associated with 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 in the current account: crediting proceeds from the core business; making payments and settlements with contractors, budget and non-budget organizations for taxes and fees; settlements with employees on wages and other social benefits; crediting and repayment of amounts on loans received and interest thereon; payments related to the decision of the courts and other bodies that are entitled to make a decision on the collection of debts from bank accounts in an indisputable manner; other calculations related to the activities of the enterprise.
- Current account - it is opened in the currency of the Russian Federation both to legal entities for financial assistance and withdrawal of funds from the account, as well as to physical persons for the purpose of performing transactions that are not related to business activities. Such accounts are used mainly by non-profit organizations and business entities that are not legal entities.
- Deposit account - intended for temporary placement of finances in order to obtain interest income. Accounts are opened in the currency of the Russian Federation for both legal entities and individuals. The reason for opening an account is a deposit agreement (deposit), according to which the bank accepts finances from the client with the obligation to return the deposit amount within the terms specified in the agreement and pay interest for using it.
- Foreign currency account - opens for the purpose of crediting and settlements with counterparties of financial assets denominated in foreign currency. Foreign currency - banknotes of states that are recognized as legal tender in the respective state. In this case, signs that are withdrawn from circulation or restricted in circulation are not considered foreign currency.
- Loan account - designed to account for loans granted and repayable. It is divided into simple and special. A simple account is opened for accounting for the issuance and repayment of a one-time loan, a special one is for accounting on a regular basis for the issuance and repayment of a loan (credit lines, overdrafts).
- Card account - most often used by individuals, it is opened to account for transactions that the client performs 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 organizations.
Subjects of the contract
As already mentioned above, the bank account agreement drawn up at the bank is bilateral, that is, when the agreement is signed, two parties are always present. Who are the subjects at 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 for the operation of opening and maintaining accounts of legal entities and individuals.
The other party to the contract is a legal entity or an individual (bank client). The relations between a financial organization and a client when concluding a bank account agreement under banking law are regulated by statutory norms and rules.
Rights of the parties and their obligations
From the moment the parties have signed a bank account agreement, each of the parties to the transaction has both rights and obligations.
The responsibilities of a credit institution are as follows:
- Timely open a customer account. Opening is carried out on the basis of an agreement signed by two parties.
- Perform operations on crediting finance to the account within the time strictly specified by law. The receipt of money for it can occur from the owner himself, for example, by transfer from another bank account (deposit), on behalf of the owner by placing a payment request for collection or without order (receipt of funds from counterparties).
- Make transactions to write off funds from the client’s account. The owner can instruct the bank to transfer its own funds to another account opened with the same credit institution or to another; make transfers to counterparties; payments to budget and other funds, other write-offs. The basis for the expense may be payment orders, checks, bills. A credit institution, as a rule, carries out client orders within the limits of the amount of financial resources that is permissible on the balance. Account write-offs are made in the order of their receipt by the bank. If the account does not have enough money, the creditor has the right to refuse the owner to complete the transaction.
- For using the client’s own funds held in deposit accounts, pay interest within the terms specified in the contract.
- Observe banking secrecy about all customers of the bank, open accounts, movement of funds on deposits, other information that is established by a credit institution.
The rights of a financial institution are as follows:
- Use the funds available on customer accounts, guaranteeing the owner the right to dispose of their own funds at their sole discretion.
- Demanding repayment of loan obligations, payment of interest on a loan, as well as receiving payment for their services related to the order of the owners under a 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 related to operations with its finances placed on accounts.
- Timely notify the banking institution of changes associated with the constituent documents, changes in addresses, phone numbers, last names and other changes that are necessary for maintaining the account.
The owner of the account (client) has the right to provide the financial institution with the management of its funds in the account on its behalf and, at its own direction, to pledge funds in personal accounts, if such a need arises.
Contract form
The form of the bank account agreement is a document drawn up in writing on the form of a credit institution. Such a requirement is provided for by Russian law, namely, Art. 161 and Art. 162 of the Civil Code of the Russian Federation. Failure to comply with the proper execution of the transaction between the parties may deprive participants of their rights in case of disputes in order to confirm its conclusion. In other words, incorrect execution or deviation from the current sample of bank account agreements will entail the invalidity of such transactions. As a rule, credit organizations adhere to a single form in the preparation of such securities. The sample bank account agreement presented to you below will help you understand what information the parties to the transaction indicate.
The contents of the banking agreement
As a rule, an invoice agreement includes 8-9 points.
The place and date of conclusion of the agreement, the full name of the credit organization, F. I. O. and the position of the person authorized with authority, as well as similar data of the bank's client, are indicated in the header. The following are points:
- Subject of the financial contract.
- Rights and obligations of the parties.
- Dates of operations.
- Payment of bank expenses related to transactions.
- Interest on the use by the Bank of a client’s finances in the accounts.
- Responsibility of the Bank.
- Termination of an agreement.
- Final and other provisions.
- Details, signatures of the parties.
The name of the sections may vary depending on the type of financial document. The above paragraphs spell out the main provisions that apply directly to the types of contracts to be concluded.
Procedure for concluding a contract
The conclusion of the bank account agreement begins with the provision of the necessary package of documents to the credit institution. It is immediately worth noting that opening a bank account is on a paid basis, the cost of services in different institutions may fluctuate. Therefore, 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 in Sberbank for a legal entity.
Required documents:
- statement;
- certificates of state registration of legal entities;
- STI registration certificate;
- extract from the register;
- statistics document;
- statutory documents, constituent;
- credentials of officials;
- cards with sample signatures;
- license (if necessary).
After providing such a package of documents, the bank will conduct an audit, which may take about two days. In case of a positive decision, 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 customer has the right to request an account statement the day after its opening.
As can be seen from the example, the conclusion of a foreign currency account in Sberbank is a simple procedure. The main thing for the client is to collect a complete list of documents, transfer them to the bank and gain a little patience.
Contractual liability
After a banking agreement is concluded between a financial institution and a client, the full responsibility of both parties arises under this agreement. The banking institution is responsible for not crediting funds to the client’s account on time, or for the groundlessness of debiting them, as well as for the client’s instructions to issue funds or transfer them from the account were not followed. The responsibility 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 regulatory rules and regulations related to organizational aspects, as well as fulfillment of obligations when crediting an account, which is regulated by Art. 850 of the Civil Code of the Russian Federation.
Bank Termination
The termination of the bank account agreement occurs at the request of the account holder or at the initiative of a financial organization.
To close the account at the initiative of the client, it is necessary at any time convenient for the owner to submit a statement to the bank on the termination of the contract. The credit institution will carry out the closing procedure on the day the application is received from the client.
To terminate the contract at the initiative of the bank, a written notice of termination of the contract is sent to the client without fail. If there are no cash receipts on the client’s account during the two-year period and the client is notified in writing about this, the account is considered terminated after a two-month period. These actions by credit organizations are regulated by Art. 859 of the Civil Code of the Russian Federation.
Conclusion
Which banks are better and with what financial institution are 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, starting from a set of documents and ending with the termination of such an agreement.