Current accounts, Checking accounts or Demand accounts

 

The accounts payable by the  bank are open to its customers under an agreement between the parties, the holders are entitled to deposit and withdraw from the account unconditionally  and are allowed to use checks and other means of withdrawal and  to settle the account , the bank is obliged to  pay the full amount or part thereof to the account holder at the demand , in terms of legality , thus guaranteeing the return of the case if it was undercut if the bank invests these funds and the risk of investment and not the depositors.

It is possible to open accounts of this type for the benefit of individuals (natural person), individually or jointly , and individual enterprises , companies of various kinds, and various organizations such as associations, unions, clubs and unions , cooperative societies and charitable, religious , cultural and other organizations, firing , and to all moral persons(legal).

*these accounts are originally intended for individuals, institutions and companies who have a large number / large volume of transactions to facilitate their daily business securing their requirements these accounts are not entitled to any interest, and to bear any losses, but the account holder may be charged commissions or fees for managing  the account or providing  banking services to him.

*the current accounts are operated using checks made by the bank to the customer, or payment orders , through which the money is withdrawn either individually or by the holders of the joint account or representatives of the designated entity ,in individual and joint forms.

 

 
Requirements for opening account for warehouse or office:

1-Certificate of the warehouse

2-Lease  contract

3-Certified Administrative order from warehouse department

4-Warehouse’s stamp

5- Documents of the warehouse’s owner (Identity, Nationality identity, photo and information card or residency card).

6-Limit of  Deposit of minimum 1000 dollar or 1000000 IQD or 1000 euro when opening an account.

Requirements for opening account for company:

1-Minutes of the meeting, issuance certificate certified by company’s registrar, in case of organization should be certified by department of non-governmental sector.

2-Company issuance contact certified by company registration department.

3-Company’s stamp.

4- Agreement ( administrative order) and issuance order.

5-Presence of the managing director.

6- Limit of  Deposit of minimum 1000 dollar or 1000000 IQD or 1000 euro when opening an account.

If the managing director is Iraqi the (Identity, Nationality identity, photo and information card) should be submitted, if the managing director is non-Iraqi (the passport and the residency card) should be submitted.

1- In case of more than one authorized person for the account (Drawing or all the banking operations) an official letter should be submitted clarifying all the authorized persons and specify the drawing (individual or combined) stamped by the company and signed by the managing director with the documents of the authorized person and his presence to sign.

2- Deposit of minimum 1000 dollar or 1000000 IQD or 1000 euro.

Foreign companies:

1-If the company exists outside Iraq and has a branch in Iraq , the issuance documents of the mother company should be submitted and certified by the embassy or consulate.

2- The agreement with the license for opening the branch in Erbil certified by an official entity.

3- Documents of the managing director of Erbil branch ( passport, photo, residency card) in case of non-Iraqi should be submitted , if he is Iraqi nationality (  (Identity ,Nationality identity ,photo and information card residency card) should be submitted.

4- Internal system of the branch.

5- An official letter for the authorized persons with their documents and specify the drawing( individual or combined) and their presence to sign.