Deposit Account Agreement Template for Australia

The Deposit Account Agreement serves as the foundational document governing the relationship between Australian financial institutions and their customers who wish to maintain deposit accounts. This agreement is essential for compliance with Australian banking regulations and consumer protection laws, establishing the terms and conditions under which deposit accounts are operated, maintained, and serviced. It outlines the rights, responsibilities, and obligations of both the financial institution and the account holder, covering crucial aspects such as account operation, security measures, fees, interest calculations, and electronic banking services. The agreement ensures compliance with key Australian legislation including the Banking Act 1959, Anti-Money Laundering and Counter-Terrorism Financing Act 2006, and Privacy Act 1988.

1. Parties: Identifies the financial institution and the account holder(s)

2. Background: Establishes the context of the agreement and the intent to create a deposit account relationship

3. Definitions: Defines key terms used throughout the agreement

4. Account Opening and Eligibility: Requirements and process for opening an account, including identification requirements

5. Account Operation: Rules for operating the account, including deposits, withdrawals, and authorized signatories

6. Interest and Fees: Details of interest calculation, payment periods, and applicable fees and charges

7. Account Statements and Communications: How and when statements will be provided and methods of communication

8. Security and Access: Security requirements, PIN/password procedures, and access methods

9. Electronic Banking Services: Terms for online, mobile, and electronic banking services

10. Privacy and Information Sharing: How personal information is collected, used, and disclosed

11. Anti-Money Laundering Compliance: AML/CTF obligations and requirements

12. Changes to Terms and Conditions: Process for making changes to the agreement and notification requirements

13. Account Closure and Termination: Conditions and process for closing accounts

14. Dispute Resolution: Process for handling complaints and resolving disputes

15. Governing Law: Specifies Australian law as governing law and jurisdiction