The Cash Account Management Agreement serves as the foundational document governing the relationship between financial institutions and their clients in South Africa. This agreement is essential for establishing and maintaining banking relationships, whether for individual, corporate, or trust accounts. It comprehensively addresses account operations, security measures, fees, and regulatory compliance requirements under South African law, including adherence to the Banks Act, FICA, and POPIA. The agreement is designed to protect both the financial institution and the account holder while ensuring transparent and efficient account management services. It becomes necessary when opening new banking relationships or updating existing account management terms to reflect current banking practices and regulatory requirements.
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1. Parties: Identification of the contracting parties - the bank and the account holder(s)
2. Background: Context of the agreement and the banking relationship being established
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation
4. Account Opening and Operation: Terms and conditions for opening and operating the account, including authorized signatories
5. Bank's Rights and Obligations: The bank's responsibilities, duties, and rights in managing the account
6. Client's Rights and Obligations: The client's responsibilities, obligations, and rights regarding the account
7. Fees and Charges: Details of all applicable fees, charges, and the method of calculation
8. Security and Access: Security measures, access protocols, and authentication requirements
9. Instructions and Communications: Procedures for giving and receiving instructions, notices, and other communications
10. Compliance and Regulatory Requirements: FICA requirements, reporting obligations, and other regulatory compliance matters
11. Data Protection and Privacy: Handling of personal information in accordance with POPIA
12. Liability and Indemnity: Limitations of liability, indemnifications, and force majeure provisions
13. Term and Termination: Duration of the agreement and circumstances for termination
14. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction
15. General Provisions: Standard boilerplate clauses including entire agreement, variation, and severability
1. Electronic Banking Services: Terms for online and mobile banking services, if offered
2. Overdraft Facility: Terms and conditions for overdraft facilities, if available
3. Foreign Exchange Services: Provisions for foreign currency transactions and exchange services
4. Joint Account Provisions: Special terms for jointly held accounts
5. Business Account Specific Terms: Additional terms specific to business accounts
6. Trust Account Provisions: Special provisions for trust accounts
7. Standing Orders and Debit Orders: Terms for recurring payment arrangements
8. Specific Product Features: Terms for specific account features or benefits offered
1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees, charges, and transaction costs
2. Schedule 2: Authorized Signatories: List of authorized signatories and their signing powers
3. Schedule 3: Electronic Banking Services: Specific terms and conditions for electronic banking services
4. Schedule 4: Security Procedures: Detailed security procedures and protocols
5. Schedule 5: KYC Requirements: List of required KYC documents and verification procedures
6. Appendix A: Account Opening Forms: Standard forms required for account opening
7. Appendix B: Specimen Signatures: Specimen signatures of authorized signatories
8. Appendix C: Supporting Documentation: List of supporting documents required for account operation
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