Publication date: 15.07.2024
Opening and maintaining bank accounts in Ukraine
Introduction
Opening and maintaining bank accounts is one of the key services provided by banks in Ukraine. Bank accounts allow individuals and legal entities to store funds, make payments, receive income and perform other financial transactions. In this article, we will discuss the main aspects of opening and maintaining bank accounts in Ukraine, the legal framework, the account opening procedure, types of accounts and the obligations of banks and clients.
Legal framework
Law of Ukraine "On Banks and Banking Activities"
The Law of Ukraine "On Banks and Banking Activities" defines the legal framework for the functioning of the banking system of Ukraine, including the procedure for opening and maintaining bank accounts. The Law establishes requirements for banks to open, maintain and close accounts.
Law of Ukraine "On Payment Systems and Transfer of Funds in Ukraine"
This law regulates the procedure for making payments and transfers of funds through bank accounts, establishes the rights and obligations of banks and their customers, and the procedure for protecting the rights of consumers of financial services.
Regulations of the National Bank of Ukraine
The National Bank of Ukraine (NBU) issues regulations governing the opening and maintenance of bank accounts. These may include instructions, resolutions, and regulations that set out detailed requirements for banking operations, account opening procedures, and customer service.
The procedure for opening bank accounts
Opening accounts for individuals
To open a bank account by an individual, the following is required:
Preparation of documents: the individual must prepare a package of documents, including a passport or other identity document, identification code (RNOKPP) and other documents required by the bank's internal rules.
Submission of an application: an individual submits an application for opening an account to the bank, in which he or she provides the necessary data and selects the type of account.
Signing the agreement: after verification of the documents, the bank and the client enter into an agreement for opening and maintaining a bank account.
Depositingfunds: the client can deposit funds into the account for further transactions.
Opening accounts for legal entities
To open a bank account by a legal entity, the following is required:
Preparation of documents: the legal entity must prepare a package of documents, including constituent documents (charter, memorandum of association), certificate of state registration, certificate from the Unified State Register, decision of the management body on opening an account and other documents required by the bank's internal rules.
Submission of anapplication: a legal entity submits an application for opening an account to the bank, in which it provides the necessary data and selects the type of account.
Signing the agreement: after verification of the documents, the bank and the client sign an agreement for opening and maintaining a bank account.
Depositingfunds: a legal entity can deposit funds into an opened account for further transactions.
Types of bank accounts
Current accounts
Current accounts are intended for making payments and storing funds. They can be opened for both individuals and legal entities. Current accounts allow customers to make payments, transfers, receive salaries, pensions, social benefits and other income.
Deposit accounts
Deposit accounts are designed to store funds for a specified period of time with interest accrual. They can be term (with a fixed term of deposit) or demand (funds can be withdrawn at any time). Deposit accounts are opened for both individuals and legal entities.
Foreign currency accounts
Foreign currency accounts are opened for storing and conducting transactions with foreign currency. They can be current or deposit accounts. Foreign currency accounts allow customers to make international payments, transfers and currency exchange.
Card accounts
Card accounts are intended for transactions with payment cards. They can be either current or credit accounts. Card accounts allow customers to make purchases, withdraw cash from ATMs, make online payments, etc.
Responsibilities of banks and clients
Responsibilities of banks
- Opening and maintaining accounts: banks are obliged to open and maintain bank accounts in accordance with the requirements of the law and the NBU regulations.
- Ensuring confidentiality: banks are obliged to ensure confidentiality of information on customer accounts and transactions.
- Making payments and transfers: banks are obliged to execute payment orders of customers in a timely and accurate manner.
- Provision of information: banks are obliged to provide customers with complete and accurate information on the status of their accounts, transactions, terms of service, etc.
Customer obligations
- Compliance with theterms of the agreement: clients are obliged to comply with the terms of the agreement for opening and maintaining a bank account.
- Provision ofaccurate information: customers are obliged to provide the bank with complete and accurate information necessary for opening and maintaining an account.
- Fulfilment offinancial obligations: clients are obliged to fulfil their financial obligations to the bank in a timely manner, including payment of commissions and other payments.
Closing bank accounts
Client's initiative
The client has the right to close his/her bank account at his/her own initiative by submitting a relevant application to the bank. Upon receipt of the application, the bank is obliged to perform all necessary operations to close the account, including returning the balance to the client.
Bank's initiative
The bank has the right to close the client's account in cases provided for by law or agreement. This may include cases of violation of the terms of the agreement by the client, absence of transactions on the account for a long time, court decisions, etc.
Closing accounts in case of bank liquidation
In the event of a bank's liquidation, customer accounts must be closed and the remaining funds returned to customers or transferred to another bank on the basis of an agreement or court decision.
Conclusion.
Opening and maintaining bank accounts is an important component of banking activities, enabling individuals and legal entities to conduct financial transactions, store funds and
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to receive income. The legal regulation of this process includes requirements for opening, maintaining and closing accounts established by the legislation of Ukraine and regulations of the NBU.
