Contract law. Bank account agreement (most important)

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Contract law. Bank account agreement (most important)

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55. BANK ACCOUNT AGREEMENT

On bank account agreement the bank undertakes to accept and credit funds received to the account opened by the client (account holder), to fulfill the client's instructions on transferring and issuing the appropriate amounts from the account and carrying out other operations on the account.

The bank account agreement is:

1) consensual - the conclusion of the contract occurs from the moment the parties reach an agreement on its terms, and not at the moment the funds are credited to the account;

2) paid;

3) mutual.

Parties to the bank account agreement:

1) a bank (including another credit institution holding a license);

2) client (account holder) - any natural or legal person.

subject of a contract

▪ the client’s funds in his bank account, with which transactions are carried out under the agreement.

Form of contract

▪ simple written.

Rights and obligations of the bank:

1) is obliged to accept and credit funds received to the account opened for the client;

2) is obligated to carry out the client’s orders regarding the transfer and withdrawal of appropriate amounts from the account and carrying out other operations on it;

3) is obliged to inform the client about the state of his account and the operations performed on it;

4) is obliged to keep the secrecy of the bank account, transactions on it and information about the client;

5) is obliged to carry out the relevant operations on the account within the terms established by law and the contract;

6) have the right to demand payment for their services;

7) have the right to demand the return of funds related to the crediting of the account and the payment of interest on the loan.

Rights and obligations of the client:

1) has the right to demand payment of interest for the use of his funds;

2) is obliged to draw up and submit to the bank documents that comply with the requirements of the law and banking rules for the disposal of funds on the account;

3) is obliged to pay the bank's expenses for performing operations on the account;

4) is obliged to comply with banking rules when performing operations on the account.

Types of accounts:

1) settlement - open to all legal entities, as well as citizens entrepreneurs;

2) current - open to organizations that do not have the rights of a legal entity, including branches and representative offices of legal entities;

3) budgetary - are opened to subjects who have been given the right to dispose of budgetary funds;

4) currency - open to clients for crediting foreign currency and settlements with it;

5) loans - have a strictly target character and are intended exclusively for lending to bank customers;

6) correspondent - accounts on which mutual settlements of banks are taken into account.

Author: Rezepova V.E.

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