Definition
A document that outlines the rules, fees, and policies for your financial account. It’s important to review so you understand your rights and responsibilities.
What to consider
- Save a copy of this document with your other important files.
- Review it occasionally to stay aware of any fee changes.
- Use it as a quick reference if questions about your account arise.
Real world scenarios
- Before opening a new checking account, Kari reads multiple account agreements to compare fees and conditions. She chooses the one with straightforward policies that match her needs.
- Dean notices a surprise maintenance fee on his statement. He refers to the account agreement and successfully disputes the charge when he finds it wasn’t disclosed.
- During an account upgrade, Ben carefully reviews the agreement for any new terms or fees. His attention to detail helps him avoid unexpected costs.
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