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What's Behind the Bank Account? - Questions about Distinguishing Account Types

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  • Milan Kiss

    (University of Miskolc, BinX Zrt.)

Abstract

The essay presents a classification of the types of accounts maintained by financial entities and their different legal definitions. The colloquial term "bank account" can in fact encompass a variety of account types, including payment, deposit, client or electronic money accounts, each of which is subject to distinct regulatory rationales and operating principles. The classification of accounts also determines the prudential measures applicable, the necessary authorisations, the requirements for IT systems and the responsibilities of service providers. The essay delineates the evolution of EU financial regulation, emphasising the significance of the Lamfalussy framework and the role of EU regulations in the development of the prevailing financial institutional system. Accurate accruals are of particular importance for financial sector actors. The type of account has a fundamental impact on the feasibility of the business model and regulatory compliance.

Suggested Citation

  • Milan Kiss, 2025. "What's Behind the Bank Account? - Questions about Distinguishing Account Types," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 24(2), pages 132-152.
    • Handle: RePEc:mnb:finrev:v:24:y:2025:i:2:p:132-152
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    More about this item

    Keywords

    bank account; payment account; financial institutions; regulation;
    All these keywords.

    JEL classification:

    • D45 - Microeconomics - - Market Structure, Pricing, and Design - - - Rationing; Licensing
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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