The banking contract is a document that specifies the details of an operation or relationship established between a financial institution and one of its clients. This can be a natural or legal person.
In said contracts, the rights and obligations of the parties are registered. In this sense, deadlines are set for payments, interest rates, applicable commissions, among other conditions of the transaction.
Main characteristics of the banking contract
The main characteristics of the banking contract are the following:
- It is a document that has the force of law between the contracting parties.
- They are agreements that govern all the bank's operations within its financial intermediation activities. That is, they are used when extending credits or receiving deposits. However, it is not a banking contract, for example, one that the financial institution signs with the company that provides cleaning services.
- They are not exclusive documents from banks, but also the issue of the microfinance institutions system as savings banks and cooperative credit.
- They are adhesion contracts, that is, they are distinguished by following pre-established formats by the bank. Thus, the user has little margin for negotiation and normally must accept the conditions imposed by his counterpart.
- In view of the advantageous position of the financial institution, the authorities develop standards for consumer protection and transparency. Thus, bank contracts are obliged to meet certain standards.
- They are agreements of an onerous and commercial nature because they arise from a commercial relationship, linked in this case to the provision of a financial service.
- They are bilateral documents, between the financial institution and its client.
- The contract can establish a temporary link, as in the case of a loan. However, there are agreements of indefinite duration, such as the opening of a savings account.
Types of bank contracts
The types of bank contracts can be the following:
- Active operations: They are documents that regulate transactions where the bank is a creditor. We refer, for example, to a consumer loan, a mortgage, a corporate loan, among others.
- Of passive operations: They are contracts through which the institution captures resources. They must be signed, for example, by those who open a savings account or a fixed-term deposit. In this case, the bank assumes the role of borrower with the client.
- Neutral transactions: When the bank does not obtain or provide financing to its counterpart. This happens, for example, in the custody of securities. Through this service, the bank notifies the investor about the decisions of his broker. Thus, the user will know where his money was placed on the stock market. Likewise, the collection of dividends is guaranteed, adding that income to the contractor's bank account.