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 [...]
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 [...]
This article throws light upon the top five instruments used for making and receiving payments. The instruments are: 1. Cheques 2. Demand Draft 3. Banker Cheque 4. Pay Orders/Payment Orders 5. Transfer Pay Orders. Instrument # 1. Cheques: A cheque is a bill of exchange payable on demand and is drawn on a banker. A cheque is not cash, as [...]