Depository Account Agreement

Depository Account Agreement

Drafts a regulation-compliant depository account agreement governing deposit accounts at U.S. financial institutions.

Prerequisites

1. Account type — checking, savings, money market, CD, or specialized deposit product
2. Institution details — name, charter state, federal regulator (OCC / FDIC / Federal Reserve)
3. Account features — interest-bearing (yes/no), tiered rates, minimum balance thresholds, overdraft protection options
4. Fee schedule — maintenance, overdraft/NSF, ATM, wire, and all other applicable charges
5. EFT services — ATM, debit card, ACH, online/mobile banking, bill pay, remote deposit capture
6. Arbitration policy — binding arbitration or jury trial waiver (if any)
7. Governing state law — charter state or account maintenance state
8. Existing agreements (if any) — upload for extraction of institution-specific terms

Output Structure

1. Account Type and Interest Terms

• Account classification and product description
• For interest-bearing accounts, disclose per Reg DD:

• Minimum balance thresholds: measurement method, breach consequences (fee, rate reduction, reclassification)
• Tiered balance structures with rate or fee-waiver triggers

2. Funds Availability Policy (Reg CC)

Standard availability:

Exception holds (§ 229.13):

• Hold notice: timing (at deposit or next business day), content (amount, availability date, reason)
• Business day: excludes weekends/federal holidays; cut-off no earlier than 2:00 p.m. for branch deposits

3. Electronic Fund Transfer Disclosures (Reg E)

Covered services: ATM, POS debit (PIN/signature), ACH, online/mobile banking, preauthorized recurring transfers, remote deposit capture, telephone banking

Unauthorized transfer liability:

Error resolution:

• Disclose daily ATM withdrawal, POS, and online transfer limits
• Reg E opt-in: overdraft fees on ATM and one-time debit transactions require separate affirmative consent — do not bundle into general acceptance

4. Fee Structure

• Fee increases: 30 days' advance notice (verify state law for longer periods); continued use = acceptance

5. Account Ownership and General Terms

Ownership structures:

• JTWROS — surviving owner gets full ownership; each owner has full transactional authority
• Tenants in common — interest passes to estate; specify fractional ownership if applicable

Operational provisions:

6. Regulatory Compliance

7. Execution and Acknowledgments

Signature block:

• Full legal name, signature, date
• Business accounts: signer title/capacity; corporate resolution or certificate of authority

Required acknowledgments:

• [ ] Funds availability disclosure (Reg CC)
• [ ] Electronic fund transfer disclosure (Reg E)
• [ ] Truth in Savings disclosure (Reg DD)
• [ ] Fee schedule
• [ ] Overdraft opt-in with Reg E consent (ATM/debit)
• [ ] Electronic banking security acknowledgment
• [ ] Debit card terms acceptance
• [ ] Online/mobile banking security procedure acceptance
• [ ] W-9 certification
• [ ] ESIGN Act / UETA compliance for electronic execution

Guidelines

• Reg DD APY: must appear in close proximity to interest rate; use exact regulatory terminology
• Reg E opt-in: ATM/debit overdraft requires separate written consent — never bundle into general acceptance
• Arbitration: CFPB rulemaking historically volatile; verify enforceability in governing jurisdiction [VERIFY]
• Processing order: some states restrict largest-to-smallest; verify governing state law [VERIFY]
• Federal benefit setoff: prohibited against Social Security, VA, and other federal benefits under 31 CFR Part 212 [VERIFY applicable types]
• Reg D savings limits: federal enforcement of 6-transfer limit suspended; confirm institution's contractual policy
• Escheatment: varies by state (3–5 years); verify governing state's unclaimed property statute
• Electronic disclosures: Reg CC/E/DD may only be delivered electronically after ESIGN Act § 101(c) consent
• Cite regulations in Bluebook format; verify effective dates via CFPB, OCC, FDIC, or Federal Reserve sources
• All outputs require attorney review in the account's jurisdiction