Bank account

A bank account is based on a contract between a bank and a customer, usually combining deposit, payment and custody elements. In Switzerland, opening and operating an account requires identification of the client and beneficial owner, compliance with anti-money-laundering duties and observance of sanctions and tax-transparency rules. The account terms govern fees, interest, overdrafts, statements, mandates and termination. Client assets and deposits are treated differently depending on the product, and deposit protection applies only within its defined limits.