The Bank Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Australia. This agreement is essential for establishing bank accounts and must comply with strict Australian banking regulations and consumer protection laws. The document is designed to cover all aspects of modern banking services, including traditional account operations, electronic banking, security measures, and privacy requirements. It provides comprehensive terms and conditions that protect both the bank's and customer's interests while ensuring compliance with regulatory requirements such as the Banking Act 1959, AML/CTF regulations, and the Banking Code of Practice. The agreement is structured to accommodate various account types, from basic savings accounts to complex business banking arrangements, and includes provisions for both electronic and traditional banking services.

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

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement

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

5. Account Holder Obligations: Customer responsibilities, including accurate information provision and security measures

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

7. Deposits and Withdrawals: Terms governing how money can be deposited and withdrawn

8. Interest and Fees: Interest calculation methods and fee structure

9. Electronic Banking Services: Terms for online, mobile, and electronic banking access

10. Security and Access: Security measures, PINs, passwords, and access protocols

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

12. Anti-Money Laundering Compliance: AML/CTF obligations and compliance requirements

13. Account Statements: Frequency, format, and verification of account statements

14. Complaints and Dispute Resolution: Process for handling disputes and customer complaints

15. Changes to Terms and Conditions: How and when changes can be made to the agreement

16. Termination: Conditions and process for closing the account

17. Governing Law: Specification of Australian law as governing law