Template-Type: ReDIF-Article 1.0

Author-Name: Milan Kiss
Author-Workplace-Name: University of Miskolc, BinX Zrt.
Author-Email: milan.kiss@student.uni-miskolc.hu
Author-Person: 

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

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.

Classification-JEL: D45, G20, G28
Keywords: bank account, payment account, financial institutions, regulation
Pages: 132-152
Volume: 24
Issue: 2
Year: 2025
File-URL: https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-24-2-e1-kiss.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:24:y:2025:i:2:p:132-152