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Master Account Agreement

Master Account Agreement Template for Canada

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Key Requirements PROMPT example:

Master Account Agreement

"I need a Master Account Agreement for a fintech company operating in Ontario, Canada, that will primarily serve small business customers and needs to include comprehensive digital banking provisions and open banking capabilities planned for launch in March 2025."

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Document background
The Master Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Canada. It is used whenever a new banking relationship is established, whether for individual, joint, or business accounts. The agreement encompasses all essential aspects of the banking relationship, including account operation, service delivery, security measures, and regulatory compliance. Under Canadian federal and provincial laws, this agreement must address specific regulatory requirements including those from the Bank Act, PIPEDA, and various consumer protection regulations. The Master Account Agreement typically includes provisions for both traditional and electronic banking services, with flexibility to accommodate various account types and service offerings while ensuring compliance with Canadian banking and privacy laws.
Suggested Sections

1. Parties: Identification of the financial institution and the customer entering into the agreement

2. Background: Context of the agreement and the general banking relationship being established

3. Definitions: Comprehensive list of defined terms used throughout the agreement

4. Scope of Agreement: Overview of services covered and relationship structure

5. Account Opening and Operation: Requirements and procedures for opening and maintaining accounts

6. Authority and Instructions: Rules regarding account authorization, signing authorities, and instruction methods

7. Deposits and Credits: Terms governing deposits, funds availability, and credit to accounts

8. Withdrawals and Debits: Terms governing withdrawals, payments, and debits from accounts

9. Interest and Fees: Interest calculation methods and fee structure principles

10. Security and Access: Security measures, access protocols, and customer responsibilities

11. Communications and Notices: Methods and requirements for communications between parties

12. Privacy and Data Protection: Terms regarding handling of customer information and data protection

13. Liability and Indemnification: Allocation of risks and responsibilities between parties

14. Term and Termination: Duration of agreement and conditions for termination

15. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

Optional Sections

1. Electronic Banking Services: Terms for online and mobile banking services, if offered

2. Foreign Currency Accounts: Additional terms for accounts held in foreign currencies

3. Business Accounts: Specific terms applicable to business customers

4. Joint Accounts: Terms governing jointly held accounts

5. Overdraft Protection: Terms for overdraft facilities if offered

6. Payment and Transfer Services: Terms for specific payment and transfer services

7. Card Services: Terms for debit or credit card services if provided

8. Investment Services: Terms for investment accounts and services if offered

9. Trust Accounts: Specific terms for trust account arrangements

Suggested Schedules

1. Schedule A - Service Charges and Fees: Detailed listing of all applicable service charges and fees

2. Schedule B - Interest Rate Schedule: Current interest rates for various account types and balances

3. Schedule C - Account Types and Features: Detailed description of available account types and their features

4. Schedule D - Electronic Banking Terms: Detailed terms and conditions for electronic banking services

5. Schedule E - Business Account Operating Terms: Specific operational terms for business accounts

6. Schedule F - Security Procedures: Detailed security procedures and requirements

7. Appendix 1 - Required Forms and Documentation: List of required forms and documentation for account opening

8. Appendix 2 - Privacy Policy: Detailed privacy policy and information handling procedures

9. Appendix 3 - Electronic Banking Service Agreement: Specific agreement for electronic banking services

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






















































Clauses

















































Relevant Industries

Banking and Financial Services

Financial Technology

Professional Services

Retail

Manufacturing

Healthcare

Technology

Real Estate

Non-Profit Organizations

Education

Government Services

Insurance

Construction

Transportation and Logistics

Relevant Teams

Legal

Compliance

Risk Management

Operations

Customer Service

Product Development

Business Development

Treasury

Finance

Regulatory Affairs

Account Management

Corporate Governance

Information Security

Client Relations

Relevant Roles

Chief Legal Officer

Legal Counsel

Compliance Officer

Risk Manager

Account Manager

Branch Manager

Banking Operations Manager

Customer Service Manager

Treasury Manager

Chief Financial Officer

Financial Controller

Business Development Manager

Product Manager - Banking

Relationship Manager

Operations Director

Corporate Secretary

Privacy Officer

Regulatory Compliance Specialist

Industries









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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