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An Account Agreement sets out the rules and terms between you and your bank or financial institution in New Zealand when you open any type of account. It covers essential details like fees, interest rates, account access, and how your money will be handled under the Financial Markets Conduct Act 2013.

This legally binding contract protects both parties by clearly stating your rights and responsibilities. It explains important features like overdraft policies, online banking security, dispute resolution processes, and how the bank follows Reserve Bank of New Zealand regulations. Many agreements also include specific provisions for KiwiSaver accounts and other local investment products.

You need an Account Agreement whenever you're opening any type of financial account in New Zealand - from basic checking accounts to investment portfolios. Banks and financial institutions require this agreement before activating your account to comply with Financial Markets Authority regulations and protect both parties' interests.

The agreement becomes especially important when setting up business accounts, joint accounts, or specialized products like term deposits and KiwiSaver schemes. It's also crucial when modifying existing account features, adding new services, or changing account holders. Having this document in place helps prevent disputes and ensures clear understanding of fees, access rights, and liability terms.

• Joint Account Agreement: Establishes shared ownership and access rights between multiple account holders, commonly used for couples or business partners
• Accounts Receivable Assignment Agreement: Transfers rights to collect payment from one party to another, often used in business financing
• Authorization Agreement For Direct Deposits: Sets up automatic payment deposits, typically for salary or regular payments
• Accounts Receivable Agreement: Manages payment collection terms between businesses and their customers
• Account Receivable Purchase Agreement: Facilitates the sale of accounts receivable to third parties for immediate cash flow

• Banks and Financial Institutions: Draft and issue Account Agreements to protect their interests and comply with Reserve Bank regulations
• Account Holders: Individual customers or businesses who sign these agreements to access banking services and understand their rights
• Legal Teams: Review and update agreements to ensure compliance with Financial Markets Authority requirements and consumer protection laws
• Business Managers: Oversee commercial accounts and ensure staff understand account terms and responsibilities
• Financial Advisers: Help clients understand agreement terms, especially for investment and KiwiSaver accounts
• Compliance Officers: Monitor adherence to agreement terms and maintain regulatory compliance

• Account Details: Gather all account holder information, including full legal names, addresses, and identification documents required by NZ law
• Service Specifics: List all account features, fees, interest rates, and terms that will apply
• Access Rights: Define who can operate the account and their authority levels
• Legal Requirements: Check current Financial Markets Authority regulations and Anti-Money Laundering obligations
• Digital Features: Specify online banking access, security measures, and transaction limits
• Dispute Resolution: Include clear procedures for handling complaints and resolving conflicts
• Document Generation: Use our platform to create a legally-sound agreement that includes all mandatory elements

• Party Information: Full legal names, addresses, and identification details compliant with AML/CFT Act requirements
• Account Terms: Clear description of account type, features, fees, and interest calculations
• Operating Rules: Deposit/withdrawal procedures, transaction limits, and account access protocols
• Privacy Clause: Information handling practices under Privacy Act 2020 requirements
• Termination Terms: Conditions for closing accounts and handling remaining funds
• Dispute Resolution: Clear process following Financial Markets Authority guidelines
• Governing Law: Explicit statement of New Zealand jurisdiction and applicable regulations
• Digital Banking: Online access terms and security measures

While an Account Agreement establishes the relationship between a financial institution and its customer, an Advisory Agreement focuses on financial advice services and investment management. Let's explore their key differences:

• Primary Purpose: Account Agreements govern day-to-day banking operations and account management, while Advisory Agreements outline investment strategy and financial planning services
• Regulatory Framework: Account Agreements follow Reserve Bank and banking regulations, whereas Advisory Agreements must comply with Financial Advisers Act requirements
• Scope of Services: Account Agreements cover transactions, fees, and account access, while Advisory Agreements detail investment advice, portfolio management, and fiduciary responsibilities
• Duration and Flexibility: Account Agreements typically remain active until account closure, but Advisory Agreements often have fixed terms with periodic reviews
• Fee Structure: Account Agreements focus on transaction and maintenance fees, while Advisory Agreements outline service fees, performance fees, and investment management charges