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This Checking Agreement is designed for use by Australian financial institutions to establish and govern the relationship with customers opening and maintaining transaction accounts. The agreement serves as the primary contract document defining the terms and conditions for checking account services, ensuring compliance with Australian banking regulations, consumer protection laws, and privacy requirements. It includes comprehensive provisions for account operation, electronic banking services, security measures, and fee structures. The document is essential for both personal and business banking relationships, incorporating specific Australian banking practices and terminology. This agreement should be used when establishing new checking accounts or updating terms for existing accounts, ensuring that both the financial institution and account holders understand their rights, obligations, and the scope of services provided.

1. Parties: Identification of the financial institution and the account holder(s)

2. Background: Context of the agreement and the banking relationship being established

3. Definitions: Key terms used throughout the agreement

4. Account Opening and Operation: Requirements and processes for opening and maintaining the account

5. Account Holder's Rights and Obligations: Customer responsibilities, authorized actions, and rights regarding the account

6. Bank's Rights and Obligations: Bank's services, responsibilities, and rights in managing the account

7. Fees and Charges: Standard fees, charges, and when/how they are applied

8. Interest: Interest calculations, payments, and variations if applicable

9. Account Statements and Communications: Frequency and method of statements, notifications, and other communications

10. Security and Access: Account access methods, security measures, and authentication requirements

11. Privacy and Confidentiality: How personal information is collected, used, and protected

12. Dispute Resolution: Process for handling disputes and complaints

13. Termination: Conditions and process for closing the account

14. General Provisions: Governing law, amendments, notices, and other standard legal provisions