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Current Account Agreement

Current Account Agreement Template for Belgium

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Key Requirements PROMPT example:

Current Account Agreement

"I need a Current Account Agreement under Belgian law for a corporate client in the technology sector, including provisions for multi-currency transactions and advanced digital banking services, to be implemented by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Account Holder
Account Information
Account Statement
Authorized Person
Available Balance
Banking Day
Banking Hours
Bank
Beneficial Owner
Business Day
Card
Cut-off Time
Data Protection Laws
Digital Banking Services
Direct Debit
EEA
Electronic Banking
Electronic Communication
SEPA
Fees and Charges
Force Majeure
Governing Law
Interest Rate
Joint Account
Login Credentials
Mandate
Minimum Balance
Notice
Online Banking
Operating Instructions
Overdraft
Party/Parties
Payment Instrument
Payment Order
Payment Service
Payment Transaction
Personal Data
PIN
Power of Attorney
Privacy Notice
Reference Exchange Rate
Reference Interest Rate
Regulatory Requirements
Security Credentials
Standing Order
Strong Customer Authentication
Terms and Conditions
Transaction
Transfer
Unique Identifier
Value Date
Working Day
Clauses
Definitions
Services
Account Opening
Account Operation
Payment Services
Electronic Banking
Security
Authentication
Fees and Charges
Interest
Overdraft
Customer Instructions
Bank's Rights
Customer Obligations
Joint Accounts
Powers of Attorney
Data Protection
Privacy
Confidentiality
Force Majeure
Set-off
Liability
Indemnification
Assignment
Notices
Communications
Statements
Complaints
Amendments
Termination
Governing Law
Jurisdiction
Severability
Entire Agreement
Anti-Money Laundering
Regulatory Compliance
Consumer Protection
Records
Language
Relevant Industries

Banking & Financial Services

Retail

Corporate Services

Legal Services

Financial Technology

Professional Services

Public Sector

Non-Profit Organizations

Small & Medium Enterprises

Large Corporations

Educational Institutions

Healthcare

Insurance

Real Estate

Relevant Teams

Legal

Compliance

Retail Banking

Corporate Banking

Risk Management

Operations

Customer Service

Product Development

Regulatory Affairs

Documentation

Account Management

Branch Operations

Treasury

Internal Audit

Relevant Roles

Legal Counsel

Compliance Officer

Bank Manager

Account Manager

Corporate Banking Officer

Retail Banking Manager

Risk Manager

Operations Manager

Product Development Manager

Customer Service Manager

Branch Manager

Relationship Manager

Documentation Specialist

Regulatory Affairs Officer

Treasury Manager

Financial Controller

Industries
Belgian Banking Law of 25 April 2014: The primary legislation governing banking activities in Belgium, including requirements for operating current accounts and providing banking services
Book VII of the Belgian Code of Economic Law: Contains provisions on payment services, credit agreements, and consumer protection in financial services
EU Payment Services Directive 2 (PSD2): European regulation governing payment services, including current account operations, security requirements, and customer rights
Belgian Anti-Money Laundering Law of 18 September 2017: Implements EU AML directives and sets requirements for customer due diligence and transaction monitoring
EU General Data Protection Regulation (GDPR): Regulates the processing of personal data, including banking information and customer details
Belgian Consumer Protection Law: General consumer protection provisions that apply to banking services and contracts with consumers
Royal Decree on the Information Duties of Financial Institutions: Specifies what information banks must provide to customers regarding accounts and services
EU Regulation 924/2009 on Cross-border Payments: Regulates fees and charges for cross-border payments within the EU
Belgian Law on Electronic Signatures: Governs the use of electronic signatures in banking contracts and transactions
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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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