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The Checking Account Agreement is a fundamental banking document used in Nigeria when establishing a new banking relationship between a financial institution and a customer. This agreement is essential for compliance with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It details the terms and conditions for account operation, including account holder rights, bank responsibilities, fees, electronic banking services, and security measures. The document is designed to protect both the bank's interests and customer rights while ensuring transparency in banking operations. Banks typically require this agreement to be executed before opening a checking account, and it serves as the primary reference document for resolving any account-related disputes or questions.

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

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

3. Definitions: Defines key terms used throughout the agreement

4. Account Opening and Documentation: Requirements for opening the account, including KYC documentation and minimum deposits

5. Account Operations: Rules governing daily account operations, deposits, withdrawals, and transaction processing

6. Fees and Charges: General provisions regarding fees, charges, and how they may be modified

7. Customer Obligations: Customer responsibilities including maintaining minimum balances and reporting unauthorized transactions

8. Bank's Rights and Obligations: Bank's duties, responsibilities, and rights in managing the account

9. Security and Access: Account security measures, authorized signatories, and access procedures

10. Electronic Banking Services: Basic provisions for electronic access to the account

11. Statements and Notifications: How account statements will be provided and requirements for reviewing them

12. Privacy and Data Protection: How the bank handles customer information in compliance with Nigerian Data Protection Regulation

13. Amendments: Process for making changes to the agreement terms

14. Termination: Conditions and process for closing the account by either party

15. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes