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Checking Agreement

Checking Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Checking Agreement

"I need a Checking Agreement template for a UAE corporate banking client, incorporating electronic banking services and multiple authorized signatories, to be implemented by March 2025 for our new corporate banking division launch."

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Document background
This Checking Agreement template is designed for use by UAE-licensed banks and financial institutions to establish checking account relationships with their customers. The agreement complies with UAE Federal Law No. 14 of 2018 (Central Bank Law) and related banking regulations, making it suitable for both retail and corporate banking relationships. The document covers essential aspects of account operation including deposits, withdrawals, fees, electronic services, and account holder obligations. It incorporates mandatory UAE regulatory requirements including anti-money laundering provisions, customer due diligence procedures, and Central Bank reporting obligations. This Checking Agreement template should be used when opening new checking accounts or updating terms for existing accounts to ensure compliance with current UAE banking regulations.
Suggested Sections

1. Parties: Identification of the bank and account holder(s) with full legal names and details

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

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

4. Account Opening and Operation: Terms governing account opening, maintenance, and basic operations

5. Customer Identification and Due Diligence: KYC requirements and ongoing due diligence obligations

6. Deposits and Collections: Terms regarding deposits, funds availability, and collection procedures

7. Withdrawals and Payments: Rules governing withdrawals, payment instructions, and processing

8. Fees and Charges: Schedule of fees, charges, and method of calculation

9. Account Statements and Notifications: Terms regarding statement delivery, frequency, and dispute procedures

10. Customer Obligations: Customer responsibilities including maintaining minimum balance and updating information

11. Bank's Rights and Responsibilities: Bank's rights including set-off rights and service modifications

12. Security and Account Access: Security measures and access protocols for the account

13. Termination and Account Closure: Procedures and conditions for account closure and termination

14. Governing Law and Jurisdiction: Applicable UAE laws and jurisdiction for disputes

Optional Sections

1. Joint Account Provisions: Additional terms for joint accounts - include when account has multiple holders

2. Electronic Banking Services: Terms for online and mobile banking services - include if digital access is provided

3. Corporate Account Provisions: Specific terms for corporate accounts - include for business customers

4. Foreign Currency Accounts: Terms for foreign currency transactions - include if foreign currency services offered

5. Overdraft Facility: Terms governing overdraft services - include if overdraft is offered

6. Special Instructions: Terms for standing orders and special instructions - include if these services are offered

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

Suggested Schedules

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

2. Schedule 2 - Required Documents: List of required documentation for account opening and maintenance

3. Schedule 3 - Service Level Standards: Processing times and service standards for various transactions

4. Appendix A - Electronic Banking Terms: Detailed terms and conditions for electronic banking services

5. Appendix B - Privacy Policy: Bank's privacy policy and data protection procedures

6. Appendix C - Special Category Account Requirements: Additional requirements for special account categories (corporate, minor, etc.)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Corporate Services

Retail Banking

Islamic Banking

Commercial Banking

Investment Banking

FinTech

Professional Services

Legal Services

Relevant Teams

Legal

Compliance

Retail Banking

Corporate Banking

Customer Service

Operations

Risk Management

Product Development

Account Management

Branch Operations

Documentation

Know Your Customer

Internal Audit

Business Development

Client Relations

Relevant Roles

Bank Manager

Compliance Officer

Legal Counsel

Account Manager

Relationship Manager

Branch Operations Manager

Risk Manager

Customer Service Manager

Banking Operations Officer

Product Development Manager

KYC Officer

Financial Services Representative

Branch Director

Corporate Banking Officer

Retail Banking Manager

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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