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Business Account Agreement
"I need a Business Account Agreement for my technology startup in Sydney, launching in March 2025, that includes provisions for international transactions and merchant services integration with our e-commerce platform."
1. Parties: Identifies the financial institution and the business customer, including ABN/ACN and registered address details
2. Background: Outlines the context of the agreement and the intention to establish a business banking relationship
3. Definitions: Defines key terms used throughout the agreement
4. Account Opening and Operation: Details the process of opening accounts and basic operational requirements
5. Authority and Access: Specifies who can operate the account and the levels of authorization
6. Account Transactions: Covers deposits, withdrawals, transfers, and transaction processing
7. Fees and Charges: Details all applicable fees, charges, and when they are payable
8. Interest: Explains interest calculations, rates, and payment terms
9. Statements and Notices: Covers frequency and method of statement delivery and communications
10. Security and Access Methods: Details security procedures, passwords, and electronic access requirements
11. Privacy and Confidentiality: Outlines how customer information will be handled and protected
12. Anti-Money Laundering Compliance: Sets out AML/CTF obligations and requirements
13. Liability and Indemnity: Defines the parties' liabilities and indemnification obligations
14. Termination: Specifies how the agreement can be terminated and the consequences
15. General Provisions: Includes standard clauses like governing law, notices, and assignment
1. Foreign Currency Services: Include when the business requires foreign currency accounts or international transactions
2. Merchant Services: Include when the business requires payment processing facilities
3. Online Banking Platform: Include for businesses requiring specific corporate online banking services
4. Term Deposit Conditions: Include if term deposit accounts are part of the service offering
5. Overdraft Facility: Include if overdraft facilities are being provided
6. Business Credit Cards: Include if business credit card services are part of the agreement
7. Trust Account Provisions: Include if the account is being operated as a trust account
8. Partnership Provisions: Include specific terms for partnership accounts
1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule 2 - Interest Rate Schedule: Current interest rates for different account types and balance tiers
3. Schedule 3 - Authorized Persons: List of authorized signatories and their access levels
4. Schedule 4 - Account Types and Features: Details of different account types and their specific features
5. Schedule 5 - Electronic Banking Terms: Specific terms for electronic banking services
6. Appendix A - Required Documentation: List of required documents for account opening and maintenance
7. Appendix B - Security Procedures: Detailed security procedures and requirements
8. Appendix C - Transaction Limits: Standard and custom transaction limits for different account types
Authors
Banking and Financial Services
Retail
Manufacturing
Professional Services
Technology
Healthcare
Construction
Agriculture
Mining
Education
Hospitality
Real Estate
Transport and Logistics
Non-Profit Organizations
Small and Medium Enterprises
Legal
Finance
Compliance
Risk Management
Operations
Treasury
Business Banking
Customer Service
Account Management
Corporate Banking
Chief Financial Officer
Finance Manager
Business Owner
Company Director
Financial Controller
Treasury Manager
Accounts Manager
Business Banking Manager
Relationship Manager
Compliance Officer
Legal Counsel
Company Secretary
Risk Manager
Operations Manager
Branch Manager
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