Bank account: concept and principles of number assignment

To date , the banking system is widespread. Practically every physical as well as a legal entity has a bank account. However, not everyone understands what it is.

In general terms, the concept of a "bank account" can be described as a certain document, which is obligatory opened when the contract is concluded. It is characterized by the presence of the following properties:

- is designed to account for the presence and movement of customer funds;

- reflects the existing obligations of the credit organization to the owner of the account.

In modern banking practice, a huge number of types of accounts are used. They may differ depending on the legal position of the owner, as well as on the range of operations.

We can distinguish the following types of bank accounts that can be opened for legal entities:

1. Settlement, which is used to credit revenue and other income, as well as transfers for various purposes.
2. A temporary account is created for a new organization, usually used to pay the charter capital in cash.
3. The current is open to non-profit organizations.
4. For companies that are allocated funds for the purpose of their use, a budget account is allocated for the purpose of their use.
5. Correspondent - can be opened by a bank in another credit institution, their existence is conditioned by the fact that the banking system in our country is multilevel.

Individuals, unlike legal entities, can become owners of only two types of accounts: current and deposit. The former are intended for various calculations, the latter for the accumulation of funds.

An interesting feature that can be noticed when studying the concept of a bank account is that its number consists of twenty digits. And each of them is chosen not randomly. Today, when almost every person periodically encounters the numbering of accounts (for example, when filling out receipts), it will be useful for many to know what these mysterious figures mean.

The number of the bank account can be divided into several blocks. Schematically it looks like this: AAAAA-BBB-B-YYYY-DDDDDDD, where:

- A is a block of digits, indicating to which group of the bank chart of accounts the number belongs. For example, the number 40702 indicates that this is a non-state commercial company, and 40802 is an individual entrepreneur. This information is considered in detail in the regulation that regulates the accounting system in the bank (302-P).

- B - characterizes the currency in which the account is opened. Most often in the Russian practice there are rubles (810), dollars (840) and euros (978).

- B is the so-called key or check digit. It matters only when computer processing information, helps to check the correctness of entering numbers.

- D - the number of the bank branch.

- D - each credit organization has the right to choose which information to specify here. Most often, these numbers indicate the serial number of the account.

Understanding what a bank account is, and also the principles of its numbering often helps to make life easier. After all, most of us, even without working in the field of finance, face this concept daily.