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Checking Account Agreement

Checking Account Agreement Template for Singapore

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Key Requirements PROMPT example:

Checking Account Agreement

"Need a Checking Account Agreement for our new digital banking subsidiary in Singapore, compliant with MAS regulations and including comprehensive electronic banking provisions, to be launched in March 2025."

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What is a Checking Account Agreement?

The Checking Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Singapore. This agreement is essential when establishing a checking account and must comply with stringent MAS regulations and the Banking Act. It outlines the rights, responsibilities, and obligations of both parties, including account operation procedures, fee structures, electronic banking services, and security requirements. The document incorporates specific Singapore regulatory requirements regarding customer due diligence, deposit insurance, and consumer protection measures.

What sections should be included in a Checking Account Agreement?

1. Parties: Details of the bank and account holder

2. Background: Brief context about the agreement and its purpose

3. Definitions: Key terms used throughout the agreement

4. Account Opening and Operation: Requirements and procedures for opening and operating the account

5. Deposits and Withdrawals: Terms governing deposits, withdrawals, and transaction processing

6. Fees and Charges: Schedule of fees, charges, and how they're applied

7. Account Statements: Frequency, delivery, and review of account statements

8. Security and Access: Security measures and access procedures

9. Termination: Conditions and procedures for account closure

10. Governing Law: Applicable law and jurisdiction

What sections are optional to include in a Checking Account Agreement?

1. Electronic Banking Services: Terms for online and mobile banking services - include when electronic banking services are offered

2. Joint Accounts: Additional terms for joint account holders - include when joint accounts are permitted

3. Foreign Currency Transactions: Terms for foreign currency dealings - include when foreign currency transactions are allowed

4. Overdraft Facility: Terms governing overdraft facilities - include when overdraft services are offered

What schedules should be included in a Checking Account Agreement?

1. Schedule of Fees and Charges: Detailed list of all applicable fees and charges

2. Schedule of Daily Transaction Limits: Limits for various types of transactions

3. Privacy Policy: Detailed privacy and data protection policies

4. Electronic Banking Terms and Conditions: Specific terms for electronic banking services

5. Deposit Insurance Scheme Information: Details about deposit insurance coverage

Authors

Alex Denne

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

alex.den.21@genieai.co
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Industries

Banking Act (Cap. 19): Primary legislation governing banking institutions in Singapore, establishing the framework for banking operations, licensing, and supervision

Banking (Non-Bank Deposit Holders) Regulations: Regulations specific to institutions accepting deposits, detailing operational requirements and consumer protection measures

Financial Advisers Act: Legislation governing financial advisory services and related banking products

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices and protecting consumers from unfair practices in banking services

Unfair Contract Terms Act: Law governing the fairness of contractual terms, protecting customers from unreasonable contract provisions

Monetary Authority of Singapore Act: Establishes MAS's regulatory authority and oversight of financial institutions

MAS Notice 626: Specific guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for banks

Personal Data Protection Act 2012: Comprehensive legislation governing the collection, use, disclosure, and care of personal data

Electronic Transactions Act: Legal framework for electronic transactions and digital banking services

Payment Services Act 2019: Regulatory framework for payment systems and payment service providers

MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair treatment of consumers in financial services

Deposit Insurance and Policy Owners' Protection Schemes Act: Legislation establishing deposit insurance protection for bank accounts

E-Payments User Protection Guidelines: Guidelines establishing standards for consumer protection in electronic payment services

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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