Deposit Account Agreement​

This Deposit Account Agreement (“Agreement”) is entered into between you, the Account holder (“you” or “your”), and [Bank Name], (“we,” “us,” or “our”), governing your use of your deposit account with us. By opening or maintaining a deposit account, you agree to the terms and conditions outlined in this Agreement.

1. Definitions

• Account: The deposit account that you have opened with us, including savings, checking, or other types of accounts.
• Account Holder: The individual or entity in whose name the Account is held.
• Deposits: Money that you place into your Account.
• Withdrawals: Money that you remove from your Account.
• Bank: [Bank Name], the financial institution offering this deposit account.

2. Account Opening and Eligibility

• You must be at least 18 years old (or the age of majority in your state of residence) to open an Account.
• You must provide accurate and complete information during the Account opening process, including identification and other documents as required by law.
• By opening an Account, you agree to comply with all applicable laws, regulations, and this Agreement.

3. Account Usage

• Deposits: You may deposit money into your Account through various methods, including direct deposit, electronic transfers, checks, and cash deposits (subject to availability and fees).
• Withdrawals: You may withdraw funds from your Account subject to the terms of this Agreement, available balance, and any restrictions.
• Fees: Certain transactions may incur fees, including but not limited to monthly maintenance fees, overdraft fees, and insufficient funds fees. A schedule of fees will be provided and is subject to change.
• Account Statements: We will provide periodic statements detailing transactions and balances. You are responsible for reviewing these statements promptly and notifying us of any discrepancies within [X] days.

4. Account Types

• The Account may be subject to specific terms based on the type of deposit account you hold, such as a checking or savings account. These terms will be outlined separately and are incorporated into this Agreement.

5. Account Security and PIN

• You are responsible for maintaining the security of your Account, including your account number and PIN.
• Do not share your account information or PIN with anyone. Notify us immediately if you suspect unauthorized access or if your account information is compromised.

6. Deposits and Availability of Funds

• All deposits are subject to verification and may not be available for immediate withdrawal.
• Funds deposited via check may be subject to holds, and you will be notified of any such holds.

7. Overdrafts and Insufficient Funds

• Overdraft Protection: If your Account balance falls below zero, you may incur overdraft fees.
• We may, at our discretion, honor transactions that exceed your available balance, subject to applicable fees, or we may decline such transactions.

8. Account Termination

• Your Right to Close the Account: You may close your Account at any time by contacting us.
• Our Right to Close the Account: We may close your Account at any time with notice or without notice if we suspect fraud, illegal activity, or if your Account is inactive for an extended period.

9. Disputes and Liability

• In the event of a dispute, you agree to attempt to resolve the issue through informal negotiations with us.
• You are responsible for all transactions conducted using your Account and must promptly report any errors or unauthorized transactions.

10. Amendments to the Agreement

• We may modify or amend this Agreement at any time. We will provide you with notice of any material changes.
• By continuing to use the Account after the changes become effective, you accept the revised terms and conditions.

11. Limitation of Liability

• We are not liable for any loss, damage, or inconvenience caused by circumstances beyond our control, including, but not limited to, system outages, errors, or third-party actions.

12. Governing Law

This Agreement shall be governed by the laws of the state in which [Bank Name] is incorporated, without regard to its conflicts of law principles.

13. Contact Information

For questions, to close your Account, or to report any issues, please contact us at:
[Bank Name]
[Bank Address]
[Bank Phone Number]
[Bank Email Address]