The main differences and features of the current account

A checking account differs from a savings or current account:

  • No interest is charged on the funds held thereon. This distinguishes it from the depot.
  • Obliged bank account for non-cash payments, which are sent to both natural and legal persons. The purposes for which the money will be used are not specified. It is often forbidden to make transfers for commercial purposes from current accounts.
  • The main difference between clearing accounts is the constant readiness of funds for movement. It is for them that payments are received and from there several transfers are made, so the amount is constantly changing.
  • Most transfers from current accounts are made for commercial purposes.
  • Settlement accounts are part of the organization’s data, as is the TIN or name.

In some cases, an organization may have several of these accounts, each with a specific purpose. However, this is true for large enterprises, most medium and almost all small organizations use one.

Do you need a business account?

Legal entities are required to have a current account. This is stipulated by law. An individual entrepreneur is not a legal entity, so it is not necessary for him to open such an account. But it should be noted that by refusing the IP owner loses many opportunities that can be important and useful. If there is no current account, the following difficulties are possible:

  • There are difficulties in keeping the company’s money in the bank. It is difficult to lend them too often on existing accounts, and it is also difficult to withdraw the necessary amounts. There are often limits to the amount you can pay out per month.
  • Cash payment will not be possible, because. cannot be taken personally.
  • It will be impossible to pay for goods and services from suppliers and other counterparties in a non-cash form.
  • Salaries for themselves and employees will be paid in cash only.
  • It will be impossible to conclude contracts, the amounts of which exceed 100 thousand rubles, since their payment will have to be made exclusively by bank transfer.

Source: Z R

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