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An Account Agreement is a legally binding contract between you and your bank or financial institution in Indonesia that spells out the rules, rights, and responsibilities for managing your account. It covers essential details like deposit requirements, fees, interest rates, and how you can use banking services under regulations set by Bank Indonesia.

This agreement protects both parties by clearly stating what happens in cases of fraud, disputes, or account changes. Under Indonesian Banking Law No. 10/1998, banks must provide these agreements to customers before opening accounts, ensuring transparency and compliance with financial services regulations. The terms typically remain valid until you close your account or the bank updates its policies.

A bank needs an Account Agreement in place before opening any new customer accounts in Indonesia. This document becomes essential when establishing savings accounts, checking accounts, or other banking products that require ongoing management of customer funds. It's particularly important when dealing with high-value accounts or offering specialized services like international transfers.

Indonesian banks must implement Account Agreements when launching new financial products, updating service terms, or expanding their customer base. The agreement proves vital during dispute resolution, protecting the bank's interests while ensuring compliance with OJK (Financial Services Authority) regulations and Anti-Money Laundering laws. It's also crucial when introducing digital banking features or changing fee structures.

• Certificate Of Deposit Agreement: Governs time deposits with fixed terms and interest rates, common for long-term savings in Indonesian banks
• Cash Account Management Agreement: Covers daily transaction accounts, including ATM access and online banking services
• Account Pledge Agreement: Used when accounts serve as collateral for loans or other financial obligations
• Account Management Agreement: For professional account management services, often used with investment accounts
• Security Account Control Agreement: Establishes control rights over secured accounts in lending arrangements

• Banks and Financial Institutions: Draft and maintain Account Agreements, ensure compliance with OJK regulations, and handle customer service issues
• Account Holders: Individual or business customers who sign and agree to follow the account terms and conditions
• Legal Teams: Review and update agreement terms, ensure compliance with Indonesian banking laws, and handle dispute resolution
• Bank Officers: Execute agreements, verify customer identities, and maintain account documentation
• Regulatory Bodies: Bank Indonesia and OJK oversee agreement compliance and consumer protection standards
• Third-Party Service Providers: Payment processors and technology vendors who must comply with agreement terms

• Account Details: Gather complete customer information, account type, features, and services to be included
• Fee Structure: Define all account fees, charges, minimum balances, and interest rates clearly
• KYC Requirements: Collect necessary identity documents following OJK and AML regulations
• Service Terms: List specific banking services, operational hours, and transaction limits
• Digital Features: Include terms for online banking, mobile apps, and electronic transactions
• Legal Framework: Ensure alignment with Indonesian Banking Law and consumer protection rules
• Template Selection: Use our platform's customizable templates to generate a compliant agreement
• Internal Review: Verify all terms match your bank's policies and risk management guidelines

• Party Information: Complete details of account holder and bank, including registration numbers
• Account Specifics: Clear description of account type, features, and services offered
• Fee Schedule: Comprehensive breakdown of all charges, interest rates, and penalties
• Rights and Obligations: Detailed responsibilities of both bank and account holder
• Data Protection: Privacy measures complying with Indonesian data protection laws
• Dispute Resolution: Clear procedures for handling conflicts and jurisdiction choice
• Termination Terms: Conditions and process for account closure or agreement cancellation
• Force Majeure: Provisions for unexpected events affecting account operations
• Governing Law: Express reference to Indonesian Banking Law and OJK regulations

An Account Agreement differs significantly from an Advisory Agreement in several key aspects, though both are common in Indonesian financial services. While Account Agreements establish the basic relationship between a bank and its customers for everyday banking services, Advisory Agreements focus on professional financial guidance and investment recommendations.

• Scope of Services: Account Agreements cover operational aspects like deposits, withdrawals, and fees, while Advisory Agreements detail investment strategy and financial planning services
• Regulatory Framework: Account Agreements fall under Bank Indonesia's banking regulations, while Advisory Agreements must comply with OJK's investment advisory rules
• Duration and Termination: Account Agreements typically remain active until account closure, while Advisory Agreements often have fixed terms with renewal options
• Fee Structure: Account Agreements focus on transaction fees and maintenance charges, whereas Advisory Agreements usually involve management fees or performance-based compensation
• Fiduciary Responsibility: Advisory Agreements establish higher fiduciary duties and professional care standards than standard Account Agreements