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Joint Account Agreement Template for Singapore

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Key Requirements PROMPT example:

Joint Account Agreement

"Need a Joint Account Agreement for a married couple opening a savings account with DBS Bank Singapore, with equal signing rights and online banking access for both parties, to be effective from January 2025."

What is a Joint Account Agreement?

The Joint Account Agreement is essential when two or more individuals wish to establish a shared banking relationship in Singapore. This document is commonly used for family members, business partners, or any parties requiring shared access to financial resources. The agreement details crucial aspects such as signing authorities, liability structure, death/incapacity provisions, and account operation rules, all in compliance with Singapore banking regulations. It provides clarity on rights and obligations while protecting both the account holders and the financial institution.

What sections should be included in a Joint Account Agreement?

1. Parties: Identification of the account holders and the bank

2. Background: Context and purpose of the joint account arrangement

3. Definitions: Key terms used throughout the agreement

4. Account Operation: Rules for operating the account, including signing authorities

5. Rights and Obligations: Responsibilities and rights of each account holder

6. Liability: Joint and several liability provisions

7. Death/Incapacity: Provisions for death or incapacity of account holders

8. Termination: Conditions and process for closing the account

9. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Joint Account Agreement?

1. Electronic Banking Services: Terms for online/mobile banking access when electronic banking services are provided

2. Foreign Currency Provisions: Terms for foreign currency transactions when account allows foreign currency transactions

3. Special Investment Provisions: Terms for investment activities when account includes investment facilities

What schedules should be included in a Joint Account Agreement?

1. Schedule 1: Authorized Signatories: List of authorized signatories and signing requirements

2. Schedule 2: Fee Schedule: Applicable fees and charges

3. Appendix A: KYC Documentation: Required identification and verification documents

4. Appendix B: Operating Instructions: Detailed instructions for account operation

Authors

Alex Denne

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

Relevant legal definitions


























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Industries

Banking Act (Cap. 19): Primary legislation that regulates banking business and operations in Singapore, including provisions regarding bank accounts and customer relationships

Banking (Joint Account) Regulations: Specific regulations governing joint accounts and rules regarding survivorship rights

MAS Guidelines: Monetary Authority of Singapore guidelines on Fair Dealing and requirements for financial institutions in dealing with customers

Personal Data Protection Act 2012: Legislation governing data protection obligations and consent requirements for collection and use of personal data

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including KYC and suspicious transaction reporting obligations

Mental Capacity Act (Cap. 177A): Legislation covering provisions regarding account holders who may lose mental capacity and powers of attorney considerations

Civil Law Act (Cap. 43): Legislation containing general contract law principles and rights and obligations of parties

Banking Secrecy Provisions: Legal requirements regarding customer confidentiality and information sharing restrictions

Probate and Administration Act (Cap. 251): Legislation governing provisions regarding deceased account holders and estate administration requirements

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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