Archive | Banking Service

Bank Customer: Meaning, Definition and Kinds

After reading this article you will learn about the meaning and kinds of customers. Meaning and Definition of a Customer: There is no statutory definition of a customer, but banks appear to rely upon to recognize a customer: 1. For a person a person to be known as a customer of the bank there must be either a current account [...]

By |2016-08-10T10:03:33+05:30August 10, 2016|Banking Service|Comments Off on Bank Customer: Meaning, Definition and Kinds

Nature of Accounts Opened in a Bank

After reading this article you will learn about the nature of account opened in a bank. Joint Accounts: A joint account is a banking account maintained by two or more people. All must sign on any relevant documents unless the mandate provides otherwise. All are jointly liable for any overdraft unless mandate establishes joint and several liability. On the death [...]

By |2016-08-10T10:03:33+05:30August 10, 2016|Banking Service|Comments Off on Nature of Accounts Opened in a Bank

Collection of Local and Out Station Cheques

After reading this article you will learn about the collection of local and out station cheques. Collection of Local Cheques: All cheques and other negotiable instruments payable locally are presented through the clearing system prevailing at the center. Cheques deposited at the counters and in collection boxes within the branch premises before the specified cut-off time are normally presented for [...]

By |2016-08-10T10:03:32+05:30August 10, 2016|Banking Service|Comments Off on Collection of Local and Out Station Cheques
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