Current Account Agreement Template for Denmark

The Current Account Agreement serves as the foundational document governing the relationship between a financial institution and its account holders in Denmark. This agreement is essential for any individual or business seeking to open and maintain a current account with a Danish bank. It incorporates requirements from key Danish legislation including the Financial Business Act, Payments Act, and Consumer Contracts Act, as well as relevant EU regulations. The document provides comprehensive coverage of account operations, payment services, digital banking, security measures, and data protection requirements. It is designed to protect both the bank's and customer's interests while ensuring transparency and compliance with Danish banking regulations. The agreement is typically used at the initiation of a banking relationship but may also be updated as regulatory requirements or banking services evolve.

1. Parties: Identification of the bank and account holder(s)

2. Background: Brief context about the agreement and its purpose

3. Definitions: Key terms used throughout the agreement

4. Account Opening and Eligibility: Requirements and process for opening and maintaining the account

5. Account Operation: Basic rules for operating the account, including deposits, withdrawals, and transaction processing

6. Interest and Fees: Information about interest rates, bank charges, and how they are calculated and applied

7. Payment Services: Terms governing payment services, including processing times and authorization requirements

8. Customer Obligations: Customer responsibilities including accurate information provision and account monitoring

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

10. Security and Access: Account security measures and access procedures

11. Communications: How the bank will communicate with the customer and vice versa

12. Data Protection: How personal data is collected, used, and protected in accordance with GDPR

13. Changes to Terms: Process for making changes to the agreement and notice requirements

14. Termination: How and when the agreement can be terminated by either party

15. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction