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Business Account Agreement Template for Australia

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Key Requirements PROMPT example:

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."

Document background
The Business Account Agreement serves as the foundational document governing the relationship between financial institutions and their business customers in Australia. It is essential when establishing new business banking relationships or updating terms with existing business customers. The agreement encompasses comprehensive terms for account operation, electronic banking, security procedures, and compliance with Australian regulatory requirements, including the Banking Act 1959, Anti-Money Laundering legislation, and Privacy Act. It is designed to accommodate various business structures and sizes, from sole traders to large corporations, and can be customized to include specific services such as merchant facilities, foreign currency accounts, or business credit cards. The document ensures compliance with Australian banking regulations while providing clarity on the rights and obligations of both the financial institution and the business customer.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions












































Clauses
































Relevant Industries

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

Relevant Teams

Legal

Finance

Compliance

Risk Management

Operations

Treasury

Business Banking

Customer Service

Account Management

Corporate Banking

Relevant Roles

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

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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