The Current Account Agreement serves as the foundational document governing the banking relationship between financial institutions and their customers in Belgium. It is required whenever a new current account is opened, whether for personal or business use, and must comply with the Belgian Banking Law, the Belgian Code of Economic Law, and relevant EU regulations including PSD2 and GDPR. The agreement outlines essential aspects such as account operations, fees, security procedures, and customer rights while incorporating mandatory consumer protection provisions required under Belgian law. This document is particularly important as it establishes the legal framework for daily banking operations and must be regularly updated to reflect changes in banking regulations and practices in the Belgian market.
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1. Parties: Identification of the bank and account holder(s), including full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the banking relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Account Services: Description of basic account services, features, and functionalities provided
5. Account Operation: Rules and procedures for operating the account, including deposits, withdrawals, and transfers
6. Fees and Charges: Detailed breakdown of all applicable fees, charges, and interest rates
7. Security and Access: Security measures, access procedures, and authentication requirements
8. Customer Obligations: Customer responsibilities including providing accurate information and maintaining security
9. Bank's Rights and Obligations: Bank's responsibilities, rights, and service commitments
10. Data Protection and Privacy: Handling of personal data in compliance with GDPR and local regulations
11. Communications: Methods and procedures for communications between bank and customer
12. Account Statements: Frequency, format, and delivery of account statements
13. Amendments to Terms: Process for changing agreement terms and notification requirements
14. Termination: Conditions and procedures for account closure by either party
15. Governing Law and Jurisdiction: Specification of Belgian law as governing law and jurisdiction for disputes
1. Joint Account Provisions: Additional terms for joint accounts, used when account has multiple holders
2. Corporate Account Provisions: Specific terms for corporate customers, used for business accounts
3. Foreign Currency Services: Terms for foreign currency transactions, used if multi-currency services are offered
4. Online Banking Services: Specific terms for digital banking services, if customer opts for online access
5. Overdraft Facility: Terms for overdraft services, included if overdraft facility is requested
6. Standing Orders and Direct Debits: Terms for automated payment services, if these services are requested
7. Minor Account Provisions: Special terms for accounts held by minors, used when account holder is under 18
8. Power of Attorney: Terms for authorized representatives, included if customer grants power of attorney
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and interest rates
2. Schedule 2 - Required Documentation: List of documents required for account opening and maintenance
3. Schedule 3 - Digital Banking Terms: Specific terms and conditions for online and mobile banking services
4. Schedule 4 - Cut-off Times: Schedule of cut-off times for various banking transactions
5. Appendix A - Privacy Notice: Detailed privacy policy and data protection information
6. Appendix B - Specimen Signatures: Form for recording authorized signatures for the account
7. Appendix C - Complaint Procedures: Details of the bank's complaint handling process
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