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Bank Account Agreement

Bank Account Agreement Template for Germany

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Key Requirements PROMPT example:

Bank Account Agreement

I need a Bank Account Agreement in German and English for a new digital-only banking service launching in March 2025, with emphasis on online banking features and mobile payment integration, suitable for retail customers in Germany.

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Document background
The Bank Account Agreement (Kontoeröffnungsvertrag) is a fundamental legal document used in the German banking sector to establish and govern the relationship between financial institutions and their customers. This agreement is essential when opening any type of bank account in Germany, whether for private individuals or business entities. The document must comply with German banking regulations, including the Banking Act (KWG), Civil Code (BGB), and EU financial services directives. It covers crucial aspects such as account operations, fees, online banking services, security procedures, and data protection requirements under GDPR. The agreement serves as the primary reference point for all account-related services and obligations, incorporating both mandatory regulatory requirements and bank-specific terms and conditions.
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: Key terms used throughout the agreement, including banking-specific terminology

4. Account Services: Basic account features, types of transactions permitted, and general service provisions

5. Customer Identification: KYC requirements and documentation in accordance with GwG (Anti-Money Laundering Act)

6. Account Operation: Rules for operating the account, including deposits, withdrawals, and authorized signatories

7. Fees and Charges: Structure and calculation of banking fees, charges, and interest rates

8. Online Banking Services: Terms for accessing and using online banking facilities

9. Security and Access: Security procedures, PIN/TAN requirements, and customer obligations regarding account security

10. Data Protection: GDPR compliance and data processing terms

11. Termination: Conditions and procedures for account closure by either party

12. Governing Law: Confirmation of German law application and jurisdiction

Optional Sections

1. Overdraft Facility: Terms for overdraft services, if offered with the account

2. Joint Account Provisions: Additional terms for accounts with multiple holders

3. Foreign Currency Services: Terms for foreign currency transactions and accounts

4. Credit Card Services: Terms for linked credit card services

5. Investment Services: Terms for any investment or securities services linked to the account

6. Special Account Types: Specific terms for special account types (e.g., business accounts, minor accounts)

7. Standing Orders: Terms for recurring payment arrangements

8. Direct Debit Authorization: Terms for SEPA direct debit arrangements

Suggested Schedules

1. Schedule of Fees: Detailed listing of all applicable fees, charges, and interest rates

2. Schedule of Services: Comprehensive list of available services and their features

3. Account Opening Documentation: Required forms and documentation for account opening

4. Online Banking Security Procedures: Detailed security protocols and user guidelines

5. Data Processing Information: Detailed information about data processing activities and privacy practices

6. SEPA Direct Debit Terms: Specific terms and conditions for SEPA direct debit services

7. Special Conditions: Additional terms for specific services or account types

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 Statement
Authorized Signatory
Authentication
Available Balance
Banking Business Day
Banking Services
BIC (Bank Identifier Code)
Credit Balance
Debit Balance
Direct Debit
Electronic Banking Services
Fees
IBAN
Interest Rate
Joint Account
Login Credentials
Overdraft
Payment Instrument
Payment Order
PIN
Reference Interest Rate
SEPA
SEPA Direct Debit
Single Euro Payments Area
Standing Order
TAN (Transaction Authentication Number)
Terms and Conditions
Transaction
Transfer
Two-Factor Authentication
Online Banking
Mobile Banking
Security Credentials
Payment Service Provider
Personal Data
Processing Day
Reference Account
Specimen Signature
Value Date
Relevant Industries

Banking

Financial Services

Retail Banking

Corporate Banking

Investment Banking

FinTech

Payment Services

Professional Services

Legal Services

Regulatory Compliance

Relevant Teams

Legal

Compliance

Customer Service

Account Management

Operations

Risk Management

Product Development

Regulatory Affairs

Data Protection

Treasury

Branch Operations

Client Relations

Documentation

Relevant Roles

Legal Counsel

Compliance Officer

Bank Manager

Account Manager

Customer Service Representative

Risk Manager

Data Protection Officer

Operations Manager

Product Manager

Relationship Manager

Banking Operations Specialist

Regulatory Affairs Manager

Treasury Manager

Branch Manager

Financial Services Consultant

Industries
Bürgerliches Gesetzbuch (BGB): German Civil Code - Provides the fundamental legal framework for contracts, including provisions on contract formation, terms and conditions, and contractual obligations
Kreditwesengesetz (KWG): German Banking Act - Regulates banking activities and establishes requirements for financial institutions, including licensing and operational requirements
Zahlungsdiensteaufsichtsgesetz (ZAG): Payment Services Supervision Act - Implements EU payment services directives and regulates payment services in Germany
Geldwäschegesetz (GwG): Anti-Money Laundering Act - Establishes requirements for customer identification and verification (KYC procedures)
Datenschutz-Grundverordnung (DSGVO): General Data Protection Regulation (GDPR) - Regulates the processing of personal data and privacy requirements
AGB-Recht (§§ 305-310 BGB): Law on General Terms and Conditions - Specific provisions within the Civil Code governing standard form contracts
Bundesbank Act: Establishes the framework for the German banking system and monetary policy implementation
Verbraucherkreditgesetz (within BGB): Consumer Credit Law - Specific provisions for consumer credit and related banking services
Preisangabenverordnung (PAngV): Price Indication Regulation - Requirements for the disclosure of prices and fees in banking services
EU-Überweisungsverordnung: EU Credit Transfer Regulation - Regulates cross-border payments and transfers within the EU
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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