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Zero Balance Account Agreement

Zero Balance Account Agreement Template for England and Wales

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Key Requirements PROMPT example:

Zero Balance Account Agreement

"Need a Zero Balance Account Agreement between Deutsche Bank and our manufacturing company with 5 subsidiary accounts, all in GBP, with daily sweeps to be implemented from March 2025, including specific provisions for electronic banking access for our treasury team."

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Document background
The Zero Balance Account Agreement is essential for organizations seeking efficient cash management solutions under English and Welsh law. This document is typically used when a company needs to maintain multiple accounts while centralizing its cash position, enabling automated sweeping of funds between accounts. The agreement addresses key aspects including account structure, sweep timing, fees, and operational procedures, while ensuring compliance with UK banking regulations and financial conduct requirements. It's particularly valuable for businesses with complex treasury operations or multiple operating units requiring streamlined cash management.
Suggested Sections

1. Parties: Identification of the contracting parties including full legal names, registered addresses, and company numbers

2. Background: Context and purpose of the agreement, explaining the zero balance account structure and relationship between parties

3. Definitions: Key terms used throughout the agreement including technical banking terms and operational definitions

4. Account Setup and Operation: Terms governing the establishment and operation of the zero balance account, including account activation and maintenance

5. Sweep Mechanisms: Details of how funds are transferred between accounts, including timing, thresholds, and processing procedures

6. Fees and Charges: Any applicable fees for the service, payment terms, and billing procedures

7. Termination: Conditions for ending the agreement, notice periods, and post-termination obligations

Optional Sections

1. Foreign Currency Provisions: Terms governing transactions in multiple currencies, exchange rates, and currency conversion procedures

2. Group Company Arrangements: Specific provisions for multiple related entities using the zero balance account structure

3. Electronic Banking Services: Terms and conditions for online banking access and electronic payment services

Suggested Schedules

1. Schedule 1 - Account Details: Specific account numbers, sort codes, and technical details of all linked accounts

2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees, charges, and payment terms

3. Schedule 3 - Authorized Signatories: List of persons authorized to operate the account and their signing authorities

4. Appendix A - Technical Specifications: Technical details of the sweep mechanism, timing, and operational procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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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Relevant Industries
Relevant Teams
Relevant Roles
Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services in the UK, establishing regulatory framework and authorities

Banking Act 2009: Key legislation establishing the legal framework for banking services and bank regulation in the UK

Payment Services Regulations 2017: Regulations governing payment services, including bank transfers and payment accounts

FCA Handbook - BCOBS: Banking Conduct of Business Sourcebook - Details specific rules for retail banking conduct

FCA Handbook - SYSC: Senior Management Arrangements, Systems and Controls - Governance requirements for financial institutions

Consumer Rights Act 2015: Main consumer protection legislation covering unfair terms and consumer rights

Consumer Credit Act 1974: Legislation governing consumer credit and related banking services

Unfair Contract Terms Act 1977: Controls unfair terms in contracts, particularly relating to limitation of liability

UK GDPR: Post-Brexit data protection regulation governing handling of personal data

Data Protection Act 2018: UK's implementation of data protection requirements, working alongside UK GDPR

Money Laundering Regulations 2017: Anti-money laundering requirements for financial institutions including customer due diligence

Proceeds of Crime Act 2002: Legislation covering money laundering offences and reporting requirements

Terrorism Act 2000: Legislation covering terrorist financing and related banking obligations

Electronic Commerce Regulations 2002: Regulations governing electronic contracts and online banking services

Financial Services Distance Marketing Regulations 2004: Rules for marketing and providing financial services at a distance

Payment Accounts Regulations 2015: Specific regulations governing payment accounts including transparency requirements

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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