An integral element of non-cash settlements in the entrepreneurial activity is a current (settlement) bank account through which the payments are made not by the direct paper or metal money transfer but by making special notes on the accounts opened by the settlement entities, parties of the transaction, providing the settlement (payment) of money (or providing one party to receive cash through a cash register in order to make the payment in cash).
Under the contract of current (settlement) bank account one party (the bank) shall open the other party (account holder) a current (settlement) account in order to keep its money, to credit the account with the money received in favor of the account holder and shall fulfill account holder’s instructions about transfer or giving out the relevant money from the account, and the account holder gives the bank the right to temporally use the money being on the account while paying the interest determined by the legislation of the Republic of Belarus or by the contract as well as it pays to the bank a fee for the bank services.
The bank shall conclude a contract of current (settlement) account with any natural or legal person that turned with an offer to open the current (settlement) bank account to it (him/her) on the conditions determined by the bank for opening such accounts.
After the contract of current (settlement) bank account is concluded the bank opens the current (settlement) account to the account holder along with assigning to the account a number allowing its identification.
Under the current (settlement) bank account the bank carries out the following transactions:
- Credit the account with money received in favor of the account holder;
- Transfers money from the account to other persons or bank;
- Gives out cash money;
- Other transactions provided by legislation of the Republic of Belarus or contract of current (settlement) bank account.
In order to have a possibility to hold non-cash settlements, one needs to become an account holder by opening it in the bank that has a special license to carry out settlement-cash services for the clients. The relations connected with opening of the current (settlement) account in the Republic of Belarus are regulated by the Bank Code of the Republic of Belarus of October, 25, 2000 that devotes Chapter 22 to regulate the matter.
Closing accounts of economic entities may be accomplished by the account holder, or by the bank. However, in any case it can be done only when the account is not under arrest, or there is not an instruction about suspension of transactions on the account or a debt request from the Fund of Social Security of Population.
Besides, the grounds for closing the account may be provided in the contract of the bank with the client.