Deposit Account Agreement Template for Germany

The Deposit Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Germany. This agreement is required whenever a new deposit account is opened, whether for private individuals or business entities, and must comply with German banking regulations, including the Kreditwesengesetz (KWG) and Bürgerliches Gesetzbuch (BGB). The document outlines essential terms for account operation, customer identification requirements, fee structures, security procedures, and data protection measures. It incorporates mandatory consumer protection provisions under German law and relevant EU regulations, particularly regarding deposit protection and payment services. The agreement typically includes both mandatory provisions required by German banking regulations and bank-specific terms for account services.

1. Parties: Identification of the bank and account holder(s), including full legal names and addresses

2. Background: Brief context explaining the purpose of the agreement and the banking relationship

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Opening and Maintenance: Requirements and procedures for opening and maintaining the account, including documentation requirements

5. Account Operations: Basic rules for deposits, withdrawals, and account transactions

6. Customer Identification: Requirements for customer identification and verification in accordance with GwG

7. Account Statements and Communications: Provisions regarding account statements, frequency, format, and communication methods

8. Fees and Charges: General provisions about fees, charges, and interest rates (specific amounts in schedule)

9. Security and Access: Security procedures, PIN/TAN requirements, and account access provisions

10. Customer Obligations: Customer responsibilities including reporting changes and maintaining security

11. Bank's Rights and Obligations: Bank's services, responsibilities, and rights regarding account management

12. Data Protection: Processing of personal data in accordance with GDPR/DSGVO

13. Deposit Protection: Information about deposit protection scheme according to EinSiG

14. Term and Termination: Duration of agreement and conditions for termination by either party

15. Governing Law and Jurisdiction: Specification of German law application and jurisdiction