Bank Account Agreement for Individuals

Joint-stock company __ _name __ _ _address _, hereinafter called the bank, on the one hand, and the individual who has expressed in writing his/her consent to the terms and conditions of the present agreement and has obtained approval of the bank to open an overdraft account, hereinafter called the client, on the other hand, have entered into the following agreement (hereinafter the agreement):

Subject Matter

1.1. The bank undertakes to open a current account for the client, toaccept and to credit incoming funds to the account, toperform the client’s instructions regarding transfer and paying of funds from the account as well as relating to any other operations through the account in accordance with Russian legislation in force.

1.3. No interest shall be accrued bythe bank on the credit balance of the account.

Conditions of Issuance and Validity of the Card

3.1. The bank undertakes to deliver to the client a bank card, an additional bank card based on the application and after the positive decision on account opening is taken, and to execute operations performed by the client with the use of the card (orthe card’s requisites) through the account opened in accordance with the agreement.

3.2. Card usage and operations with it are regulated by the Russian legislation in force, the rules of the international settlement systems VISA International or Master Card, the present agreement, which are deemed to be a part of this agreement. The client undertakes to ensure that all the holders of the additional cards are familiarized with the terms and conditions of this agreement and the rules.

3.3. The card is the property of the bank and must be immediately returned on demand to the bank.

3.4. In case of loss or damage of the card as well as revelation of unapproved debit from the account, the client and/or cardholder of the supplementary card is obliged toinform the bank without delayin compliance withthe rules.

3.5. The validity of the card is established by the bank. The card is valid until the last day of the month and the year (inclusive) specified on its face side.

3.6. Within the last month before expiration of the card’s validity, the bank shall renew the card with new validity without any additional client’s instructions or applications and charges the client’s account for the relevant commission. The client must inform the bank in writing at least 30 days before the card’s expiration about his/her intention not to issue a card for a new validity period.

3.7. The bank may refuse tothe client the issueof a card with new validity period or may suspend the use of card with new validity period if there are no funds on the account sufficient topay another year of service of the card.

3.8. In case the client does not collect the card within 3 months after its issue the bank will destroy the card without reimbursement of annual service fee to the client.

3.9. The client's operation carried out with the card in a different currency is equivalent to an order to perform the corresponding foreign exchange operation at the bank’s rate.

3.10. The bank is entitled, at its sole discretion, to establish and change (by either increasing or reducing) the limits to perform operations of cash withdrawal and debit operations using the card.

Account Disposal

4.1. The client and the persons authorized by him/her are entitled to effect operations in the account.

4.2. The rights of any third individuals regarding the direction of the account shall be established through a writing power of attorney made at the client’s presence and certified by an authorized employee of the bank.

4.3. The power of attorney to operate the account may be certified by a notary.

                www.bsgv.ru/docs/ bank _ account _ agreement _for_induviduals_01.10.2008_eng.pdf

Practicum 8.9

Translate the italicized parts of text 8a into Russian

Practicum 8.10

Practicum 8.11

Study the terms relating to banking

Banking

consumer (BrE) retail (AmE) dealing directly with individuals and small businesses

corporate (BrE) commercial (AmE) providing services to mid-market business

investment relating to activities on the financial markets

 

			- syndicated loans; - securities (bonds, stocks / shares); - debt and equity financing; - mergers, takeovers and acquisitions; - financial consulting

 

 

III. Communication Practice

Team work

Work as a team to study corporate / consumer / investment banking services offered by two Russian (Sberbank / Vneshtorgbank) or foreign (Barklays’ / Reiffeisenbank) banks. Compare their range of services, terms, commissions, interest rates, etc. to decide which bank to opt for.

Practicum 8.12

Study the extracts to follow and match the italicized word combinations to their Russian equivalents below

Account Management

5.1. The bank undertakes to perform the instructions of the client on account, in case of their consistency with the legislation in force, legal acts of the Central Bank of Russia, including currency control regulations, including the following:

– credit to the account incoming funds from cash or cashless transactions;

– fulfil the client’s instructions on currency exchange operations;

– perform instructions regarding transfer of funds from the account to other accounts of the client and/or in favour of third parties.

5.2. The bank debits and credits the account on the basis of payment documents made in form stipulated by the bank rules.

5.3. The client authorizes the bank to draw a payment document on behalf of the client in form approved by the bank on the basis of application signed by client.

5.4. The bank shall have the right to debit funds from the account without the client’s instruction in the following cases:

– uponrevealing the event of mistaken credit of funds to the account;

– the cancellation of the client’s liability towards the bank that comes from credit agreements and/or other contracts, as well as penalties in accordance with the aforesaid agreements;

– the bank charges fees to the client for rendering services to the client on monetary operations performed under savings agreements, (fixed term) deposit agreements;

– in these cases the bank has the right to suspend the use of the cards and/or undertake measures aimed at withdrawal of the cards from circulation.

при условии их соответствия чему-л.; средства, поступившие в наличной или безналичной форме; правила валютного контроля; при обнаружении факта ошибочного зачисления банком денежных средств на счет клиента; конверсионные операции; установленные (банком); предпринять меры; изъятие карты из обращения; (клиент) поручает (банку); составлять платежный документ от имени; оказание услуг клиенту; договор (срочного) вклада; перечисление денежных средств; погашение денежных обязательств клиента перед банком; неустойка

Practicum 8.13

Study different channels of banking services and say what transactions can be effected by their means

A branch, banking centre or financial centre is a retail location where a financial institution offers face-to-face service to its customers.

ATM (cash machine (AE); cash point (BE)) – a computerised device to effect payments in a public place without human assistance.

Online / mobile banking is used to perform banking transactions over the Internet / through a mobile.

КАРТИНКА БАНКОМАТА???

Text 8b

The text to follow deals in talking economics. Study the text and use it as a starting point for communication