The Cash Deposit Agreement is a fundamental banking document used in Australia to formalize the relationship between financial institutions and their depositors. It is required whenever a customer (individual or corporate) wishes to establish a deposit account with a bank or financial institution. The agreement ensures compliance with Australian banking regulations, including the Banking Act 1959, APRA requirements, and consumer protection laws. It covers essential aspects such as deposit terms, interest calculations, account operation, fees, and regulatory compliance requirements. The document is particularly important as it provides legal protection for both parties and ensures clarity regarding the deposit arrangement, while also addressing crucial aspects such as the Financial Claims Scheme protection and anti-money laundering obligations.
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1. Parties: Identifies the financial institution and the depositor(s), including their legal names, addresses, and any registration numbers
2. Background: Brief context explaining the purpose of the agreement and the relationship between the parties
3. Definitions: Defines key terms used throughout the agreement, including 'Deposit', 'Interest Rate', 'Term', 'Account', etc.
4. Deposit Terms: Core terms regarding the deposit amount, currency, and duration
5. Interest: Details of interest calculation, rates, payment frequency, and payment method
6. Account Operation: Rules for operating the account, including deposits, withdrawals, and account statements
7. Fees and Charges: Any applicable fees, charges, and how they will be deducted from the account
8. Term and Renewal: Duration of the agreement and provisions for renewal or termination
9. Security and Access: Security measures, authentication requirements, and access protocols
10. Representations and Warranties: Standard declarations by both parties about their capacity and authority
11. Privacy and Confidentiality: Obligations regarding personal information and confidential data
12. Anti-Money Laundering Compliance: AML/CTF obligations and requirements for both parties
13. Notices: How formal communications between parties should be made
14. General Provisions: Standard boilerplate clauses including governing law, amendments, and dispute resolution
1. Joint Account Provisions: Include when the deposit account has multiple account holders
2. Corporate Authority: Include for corporate depositors, specifying authorized signatories and operational mandates
3. Foreign Currency Provisions: Include when the deposit is in a currency other than AUD
4. Internet Banking Services: Include when online access is provided for the deposit account
5. Tax Considerations: Include when specific tax arrangements or withholding requirements apply
6. Break Costs: Include for term deposits where early withdrawal penalties may apply
7. Trust Account Provisions: Include when the deposit is held in trust
8. Set-off Rights: Include when the bank requires rights to set off against other accounts
1. Schedule 1 - Account Details: Specific details of the deposit account including account number, initial deposit amount, and term
2. Schedule 2 - Interest Rate Schedule: Detailed interest rate information, calculation methods, and payment arrangements
3. Schedule 3 - Fee Schedule: Comprehensive list of all applicable fees and charges
4. Schedule 4 - Authorized Signatories: List of authorized persons who can operate the account (for corporate accounts)
5. Appendix A - Account Opening Forms: Standard forms required for account opening and regulatory compliance
6. Appendix B - Terms and Conditions: Bank's standard terms and conditions referenced in the main agreement
Relevant legal definitions
Account
Account Holder
ADI (Authorised Deposit-taking Institution)
APRA
ASIC
Authorised Signatory
Available Balance
Banking Day
Business Day
Cleared Funds
Confidential Information
Customer
Daily Balance
Deposit
Electronic Banking
Facility
Financial Claims Scheme
Force Majeure Event
GST
Interest Period
Interest Rate
Joint Account
Maturity Date
Nominated Account
Notice
Operating Instructions
Password
Personal Information
PIN
Privacy Laws
Regulatory Authority
Related Entity
Security Credentials
Statement of Account
Term
Term Deposit
Transaction
Uncleared Funds
Value Date
Withdrawal
Account Holder
ADI (Authorised Deposit-taking Institution)
APRA
ASIC
Authorised Signatory
Available Balance
Banking Day
Business Day
Cleared Funds
Confidential Information
Customer
Daily Balance
Deposit
Electronic Banking
Facility
Financial Claims Scheme
Force Majeure Event
GST
Interest Period
Interest Rate
Joint Account
Maturity Date
Nominated Account
Notice
Operating Instructions
Password
Personal Information
PIN
Privacy Laws
Regulatory Authority
Related Entity
Security Credentials
Statement of Account
Term
Term Deposit
Transaction
Uncleared Funds
Value Date
Withdrawal
Clauses
Deposit Terms
Interest
Account Operation
Fees and Charges
Term and Duration
Withdrawal Rights
Security
Access and Authentication
Electronic Banking
Privacy
Confidentiality
Anti-Money Laundering
Counter-Terrorism Financing
Financial Claims Scheme
Representations and Warranties
Customer Obligations
Bank Obligations
Joint Account Provisions
Trust Account Provisions
Set-off Rights
Lien
Force Majeure
Assignment
Notices
Amendment
Termination
Governing Law
Jurisdiction
Dispute Resolution
Indemnity
Liability
Severability
Entire Agreement
Force Majeure
Tax
Interest
Account Operation
Fees and Charges
Term and Duration
Withdrawal Rights
Security
Access and Authentication
Electronic Banking
Privacy
Confidentiality
Anti-Money Laundering
Counter-Terrorism Financing
Financial Claims Scheme
Representations and Warranties
Customer Obligations
Bank Obligations
Joint Account Provisions
Trust Account Provisions
Set-off Rights
Lien
Force Majeure
Assignment
Notices
Amendment
Termination
Governing Law
Jurisdiction
Dispute Resolution
Indemnity
Liability
Severability
Entire Agreement
Force Majeure
Tax
Relevant Industries
Banking
Financial Services
Retail Banking
Corporate Banking
Wealth Management
Investment Services
Trust Services
Private Banking
Commercial Banking
Public Sector
Relevant Teams
Legal
Compliance
Banking Operations
Customer Service
Risk Management
Treasury
Product Development
Regulatory Affairs
Finance
Front Office
Back Office
Client Relations
Documentation
Relevant Roles
Legal Counsel
Compliance Officer
Banking Operations Manager
Account Manager
Financial Services Manager
Risk Manager
Treasury Manager
Product Manager - Deposits
Customer Service Manager
Branch Manager
Relationship Manager
Regulatory Affairs Officer
Company Secretary
Chief Financial Officer
Operations Director
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