depository-account-agreement
Drafts a U.S. Depository Account Agreement governing the institution–depositor relationship for checking, savings, money market, and CD accounts. Enforces Regulation CC (funds availability), Regulation E (electronic fund transfers), Regulation DD (truth in savings), BSA/AML, PATRIOT Act, and OFAC. Embeds required disclosures, liability limits, error resolution, fee structures, and ownership provisions. Trigger keywords: "depository account agreement", "deposit account terms", "checking account agreement", "savings account agreement", "funds availability", "Reg CC", "Reg E", "Reg DD".
Full skill instructions
Drafts a regulation-compliant depository account agreement governing deposit accounts at U.S. financial institutions.
| Element | Disclosure |
|---|---|
| APY | Current rate as percentage |
| Calculation method | Simple or compound |
| Compounding frequency | Daily / monthly / quarterly / annually |
| Balance method | Minimum daily / average daily / collected |
| Rate adjustment | Index/benchmark, advance notice period |
Standard availability:
| Deposit Type | Availability |
|---|---|
| Direct deposits, wires | Next business day |
| Cash in person, on-us checks | Next business day |
| Treasury checks, USPS money orders | Next business day (first $225) |
| Cashier's/certified/teller's checks | Next business day (first $225) |
| Local checks | Second business day |
| Non-local checks | Up to fifth business day |
Exception holds (§ 229.13):
| Exception | Max Hold |
|---|---|
| New accounts (first 30 days) | 9 business days |
| Large deposits (>$5,525/day; excess only) | 7 business days |
| Repeated overdrafts | 7 business days |
| Redeposited returned checks | 5 business days |
| Reasonable cause to doubt collectibility | 5 business days |
Covered services: ATM, POS debit (PIN/signature), ACH, online/mobile banking, preauthorized recurring transfers, remote deposit capture, telephone banking
Unauthorized transfer liability:
| Notification Timing | Liability Cap |
|---|---|
| Within 2 business days of learning of loss | Lesser of $50 or actual unauthorized transfers |
| 3–60 days after statement transmission | Up to $500 |
| After 60 days | Potentially unlimited |
Error resolution:
| Step | Requirement |
|---|---|
| Depositor notice | Oral or written; oral effective without written confirmation |
| Investigation | 10 business days (20 for new accounts, POS, or foreign-initiated) |
| Provisional credit | Within 10 business days if investigation ongoing |
| Written explanation (no error) | Required; state right to request supporting documents |
| Category | Required Detail |
|---|---|
| Monthly maintenance | Amount; waiver conditions |
| Overdraft | Per-item; daily max; processing order |
| NSF / returned item | Per-item; daily max |
| Overdraft protection | Transfer fee; LOC rate; credit card advance fee |
| ATM (in-network / out-of-network) | Institution fee; operator surcharge (separate) |
| Foreign transactions | Percentage or flat fee |
| Wire transfers | Incoming domestic; outgoing domestic; international |
| Stop payment | Fee; 6-month duration; renewal |
| Dormancy / inactivity | Fee; trigger period |
| Early account closure | Fee; applicable window |
Ownership structures:
Operational provisions:
| Provision | Content |
|---|---|
| Right of setoff | May apply funds to depositor debts without notice; subject to federal benefit prohibitions (31 CFR Part 212) [VERIFY] |
| Statement review | Monthly (transaction) / quarterly (savings); 30-day unauthorized signature window; 60-day other errors; 1-year absolute bar |
| Check processing order | Disclose chosen method; verify state law before using largest-to-smallest |
| Stop payments | 6-month duration; must renew; institution liable if paid despite valid order |
| Account amendment | 30 days' notice most changes; 21 days EFT changes; immediate for security |
| Account closure | Depositor: any time (early fee if applicable); institution: 10–30 days' notice; immediate for fraud/illegal activity |
| Escheatment | 3–5 years inactivity (state law controls); notice before escheating |
| Death or incompetency | Freeze pending documentation; letters testamentary or probate order; honor POD/trust |
| Regulation | Required Provision |
|---|---|
| BSA / AML | May report transactions; may delay/refuse/reverse to comply |
| USA PATRIOT Act (CIP) | Customer identification program; may request additional documentation |
| OFAC | Prohibition on sanctioned transactions |
| FATCA | Foreign account certification where foreign indicia present |
| IRS Form W-9 | TIN certification; backup withholding |
| FinCEN Beneficial Ownership | Required for legal entity customers [VERIFY current threshold] |
Signature block:
Required acknowledgments:
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