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Checking Agreement

Checking Agreement Template for Singapore

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Key Requirements PROMPT example:

Checking Agreement

"Need a Checking Agreement for a new corporate banking relationship with multiple authorized signatories, including provisions for international wire transfers and online banking services, to be implemented by March 2025."

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What is a Checking Agreement?

The Checking Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Singapore. This contract type is essential for establishing checking accounts and defines the framework for account operations, including check writing privileges, electronic banking services, and related banking facilities. The agreement ensures compliance with Singapore banking regulations and incorporates necessary protections for both the bank and account holder, addressing crucial aspects such as fraud prevention, liability limitations, and dispute resolution procedures.

What sections should be included in a Checking Agreement?

1. Parties: Identifies the bank and account holder(s)

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Account Operation: Rules and procedures for operating the checking account

5. Fees and Charges: Details of applicable fees, charges, and interest rates

6. Customer Obligations: Account holder responsibilities and commitments

7. Bank's Rights and Obligations: Bank's responsibilities and reserved rights

8. Termination: Conditions and procedures for account closure

What sections are optional to include in a Checking Agreement?

1. Joint Account Provisions: Specific terms for joint accounts - used when account has multiple holders

2. Electronic Banking Services: Terms for online and digital banking services - used when electronic banking services are offered

3. Overdraft Facility: Terms for overdraft services - used when overdraft facility is provided

4. Foreign Currency Provisions: Terms for foreign currency transactions - used when foreign currency services are offered

What schedules should be included in a Checking Agreement?

1. Schedule of Fees and Charges: Detailed breakdown of all applicable fees and charges

2. Schedule of Services: List of available services and features

3. KYC Documentation Requirements: List of required documents for account opening and maintenance

4. Specimen Signature Card: Authorized signatures for account operation

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






























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Industries

Banking Act (Cap. 19): Primary legislation regulating banking business and operations in Singapore, setting requirements for banking services and accounts, and governing bank-customer relationships

Bills of Exchange Act (Cap. 23): Legislation governing checks and negotiable instruments, regulating their handling and processing, and defining rights and obligations of involved parties

Electronic Transactions Act (Cap. 88): Law covering electronic banking services, electronic records and signatures, particularly relevant for online banking aspects

Personal Data Protection Act 2012 (PDPA): Legislation governing the collection, use, and disclosure of personal data, setting compliance requirements for data protection in banking operations

AML/CFT Regulations: Regulations covering Anti-Money Laundering and Countering the Financing of Terrorism, including KYC requirements, transaction monitoring, and reporting obligations

Singapore Contract Law: Common law principles governing formation and validity of contracts, terms and conditions, and rights and obligations of parties

Consumer Protection (Fair Trading) Act: Legislation protecting consumer rights, preventing unfair practices, and ensuring fair trading provisions in banking relationships

MAS Guidelines: Regulatory guidelines from the Monetary Authority of Singapore covering banking practices, customer due diligence requirements, and risk management practices

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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