An account agreement is a formal contract defining the terms and conditions of a bank serving as a securities mediator between a borrower and the financial institution. Throughout the term of the agreement, the bank keeps the borrower’s securities and deposits.
It is a set of terms that describes the rights and obligations you have in relation to your bank account as well as those of the bank. Your account cannot be enabled until you have read, accepted, and signed this agreement. In the case of opening a joint account, all account holders must sign the account agreement.
Account agreements include deposits and security assets used to secure funding, the responsibilities and liabilities of the bank or intermediary, and the type of interest that may be charged on the deposits or collateral. These agreements also assist in defining terms between parties so that the expectations are clear. If contract termination is necessary, there are specific procedures that must be followed.
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