What is the current account

In article 861 paragraph 2 of the Civil code of the Russian Federation stated that payments between legal entities or individuals associated with the enterprise, should be carried out in a cashless order. This means that every business entity – a company, organization or individual must have its own Bank account, through which they are carried out non-cash payments. The account can have any citizen.

Why you need a checking account

Current account is a Bank account with a unique number by which you can easily find and identify the customer of any Bank and keep track of all its monetary transactions – like receipt of funds and their withdrawal. Initially, when opening a Bank settlement account, any sums of money in cash is not necessary, but later the current status of this account corresponds to the amount of funds that belong to the client.

The account does not involve the accrual of interest, it is not intended neither to generate income nor for storing monetary amounts. It is an operating expense with which a Bank customer performs non-cash payments. As in Russia purposeful policy to reduce the circulation of cash and the transfer of all calculations, including those carried out by citizens in private, on a cashless form, to open a Bank account can any person, physical or legal.

How to open a Bank account

If you are an individual, you need to apply to any Bank, show your passport and write the application for opening a current account. Usually for the convenience of making cashless payments this account is attached to a plastic card of the Bank – debit or credit. Your application will be considered, and a few weeks after you sign the contract with Bank about account opening and maintenance credit card.

You, as the owner, can refuse to open a checking account, if you have provided incorrect information about the enterprise or inaccurate documents. His refusal the Bank is not obliged to explain.

In that case, if you – the legal entity or private entrepreneur, opening a Bank account is not dependent upon your desires, because the amount of cash payments in terms of entrepreneurial activities limited by law 100 thousand rubles. Therefore, even though the law does not oblige you to open a Bank account, you will do it by objective necessity.

Check with the Bank requirements as to the form of the assurances provided by the documents, they all can vary.

Each credit institution may have their own nuances when opening a Bank account, they are usually posted on the official website of the Bank. But of those documents, the presentation of which is required for all, you'll need:

- an extract from the register received no later than a month before going to the Bank;
- the certificate on state registration;
- certificate from the tax office with INN;
- incorporation documents, the decision of the General meeting of founders or shareholders on the establishment;
- a letter of statement on the account in statistics bodies;
orders on appointment of Director and chief accountant;
- documents confirming the actual location of the organization.