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Account Opening Agreement

Account Opening Agreement Template for Australia

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Key Requirements PROMPT example:

Account Opening Agreement

"I need an Account Opening Agreement for a digital-only Australian bank launching in March 2025, with emphasis on electronic banking services and mobile app functionality, suitable for retail customers only."

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Document background
The Account Opening Agreement serves as the foundational document establishing the banking relationship between financial institutions and their customers in Australia. This agreement is essential for compliance with Australian banking regulations and consumer protection laws, setting out the terms and conditions under which accounts will be operated, services provided, and customer information handled. It includes comprehensive provisions for account establishment, operation, security, and termination, while incorporating mandatory requirements for anti-money laundering, privacy protection, and electronic banking services. The document is designed to be adaptable for various account types including individual, joint, business, and trust accounts, while maintaining compliance with Australian regulatory frameworks.
Suggested Sections

1. Parties: Identifies the financial institution and the customer(s), including full legal names and relevant details

2. Background: Brief context about the purpose of the agreement and the banking relationship being established

3. Definitions: Defines key terms used throughout the agreement, including account types, banking services, and technical terms

4. Account Establishment: Requirements and process for opening the account, including customer identification and verification procedures

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

6. Electronic Banking Services: Terms governing online banking, mobile banking, and other electronic services

7. Fees and Charges: Details of applicable fees, charges, and how they will be debited from the account

8. Interest: Information about interest calculations, payments, and variations (if applicable)

9. Security and Access: Requirements for securing account access, PINs, passwords, and customer obligations

10. Privacy and Information: How customer information will be collected, used, stored, and disclosed

11. Anti-Money Laundering: AML/CTF obligations and requirements for both parties

12. Liability and Indemnity: Allocation of liability and indemnification provisions

13. Changes to Terms: Process for varying agreement terms and notification requirements

14. Termination: Conditions and process for closing the account or terminating the agreement

15. General Provisions: Standard boilerplate clauses including governing law, notices, and assignment

Optional Sections

1. Joint Accounts: Additional terms for accounts with multiple holders - include when account allows multiple parties

2. Business Accounts: Specific provisions for business customers - include for non-personal accounts

3. Trust Accounts: Special requirements for trust arrangements - include when account holder is a trustee

4. Foreign Currency: Terms for foreign currency transactions and accounts - include for multi-currency accounts

5. Overdraft Facility: Terms governing overdraft features - include if overdraft is available

6. Term Deposits: Specific provisions for term deposits - include if term deposits are offered

7. Debit Card Services: Terms for card issuance and usage - include if debit cards are provided

8. Minor Accounts: Special provisions for accounts held by or for minors - include for youth accounts

9. Specific Product Features: Terms for special account features or benefits - include based on product type

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2 - Interest Rate Schedule: Current interest rates and calculation methods

3. Schedule 3 - Electronic Banking Terms: Detailed terms and conditions for electronic banking services

4. Schedule 4 - Product Features: Specific features and benefits of the account type

5. Appendix A - Identification Requirements: Acceptable identification documents and verification procedures

6. Appendix B - Privacy Policy: Detailed privacy policy and information handling procedures

7. Appendix C - Authority to Operate: Forms and requirements for authorized signatories

8. Appendix D - Foreign Tax Compliance: FATCA/CRS requirements and declarations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















































Clauses






























Relevant Industries

Banking

Financial Services

Retail Banking

Corporate Banking

Investment Banking

Digital Banking

FinTech

Wealth Management

Professional Services

Small Business Services

Relevant Teams

Legal

Compliance

Risk Management

Product Development

Customer Service

Operations

Branch Operations

Digital Banking

Account Services

Regulatory Affairs

Privacy and Data Protection

Anti-Money Laundering

Customer Onboarding

Document Management

Relevant Roles

Legal Counsel

Compliance Officer

Risk Manager

Product Manager

Account Manager

Banking Operations Manager

Customer Service Manager

Branch Manager

Relationship Manager

AML Compliance Officer

Privacy Officer

Digital Banking Manager

Financial Services Representative

Operations Director

Chief Risk Officer

Chief Compliance Officer

General Counsel

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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