Business Account Agreement

Business Account Agreement Template for Germany

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Key Requirements PROMPT example:

I need a Business Account Agreement for a German tech company with multiple EU subsidiaries, requiring comprehensive digital banking services, foreign currency accounts, and integration with our treasury management system, to be implemented by March 2025.

Document background

The Business Account Agreement serves as the foundational document governing the banking relationship between financial institutions and their business customers in Germany. This agreement is essential for any company seeking to establish and maintain banking services in Germany, providing comprehensive coverage of account operations, digital banking services, security protocols, and regulatory compliance requirements. It is structured to comply with German banking regulations, including the Banking Act (KWG), Civil Code (BGB), and relevant EU regulations such as GDPR. The document is particularly crucial as it establishes the legal framework for all banking transactions, defines the scope of services, and outlines the rights and obligations of both parties while incorporating necessary safeguards for secure banking operations.

Suggested Sections

1. Parties: Identification of the financial institution and the business customer, including registration details

2. Background: Context of the agreement and basic intention of the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Services: Core banking services provided, account types, and basic operational terms

5. Account Operation: Rules for operating the account, authorized signatories, and transaction processing

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

7. Communications: Methods and requirements for communications between parties

8. Online Banking Services: Terms for digital banking access and security requirements

9. Security and Access: Security procedures, authentication, and access management

10. Customer Obligations: Customer responsibilities including documentation and reporting requirements

11. Bank's Rights and Obligations: Bank's responsibilities and rights in managing the account

12. Anti-Money Laundering: Compliance requirements and procedures related to AML regulations

13. Data Protection: GDPR compliance and data handling procedures

14. Term and Termination: Duration of agreement and termination provisions

15. Governing Law and Jurisdiction: Application of German law and jurisdiction details

Optional Sections

1. Foreign Currency Services: Terms for foreign currency accounts and international transfers, include when customer requires international banking

2. Overdraft Facility: Terms for overdraft services, include when offering credit facilities

3. Corporate Credit Cards: Terms for business credit cards, include when offering card services

4. Trade Finance Services: Terms for trade finance products, include for customers requiring import/export services

5. Investment Services: Terms for investment accounts and services, include when offering investment products

6. Special Conditions for Specific Industries: Industry-specific terms, include based on customer's business sector

7. Multi-Entity Management: Terms for managing multiple related business entities, include for corporate groups

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2 - Account Services Description: Detailed description of available account services and features

3. Schedule 3 - Technical Requirements: Technical specifications for online banking and electronic services

4. Schedule 4 - Security Procedures: Detailed security protocols and procedures

5. Schedule 5 - Authorized Persons: Template for designating authorized signatories and their powers

6. Schedule 6 - Processing Times: Standard processing times for various types of transactions

7. Appendix A - Know Your Customer Requirements: List of required KYC documents and verification procedures

8. Appendix B - Data Processing Agreement: Detailed GDPR-compliant data processing terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Manufacturing

Retail

Technology

Professional Services

Healthcare

Construction

Logistics

Hospitality

Energy

Agriculture

Real Estate

Entertainment

Education

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Compliance

Operations

Risk Management

Corporate Banking

Business Development

Account Management

Administrative Support

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Financial Controller

Accounts Manager

Company Secretary

Legal Counsel

Compliance Officer

Banking Relationship Manager

Corporate Banking Officer

Business Development Manager

Managing Director

Operations Director

Risk Manager

Finance Administrator

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Authors

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