Relationship between the banker and the customer
The relationship between the banker and the customer can be said to be a contractual one. This means that there is a contract between the banker and the customer in relation to any general transaction and some specific transactions. The contract specifies the obligations imposed on the banker and the customer, some obligations may however be agreed on at a later stage. Bankers are obliged to perform certain obligations; however some obligations are not obligatory and therefore must be agreed on in case that it is not a habit for the banker to perform them. Examples of such services which the bankers are not obliged to prove can be letters of credit, foreign currency for travel abroad etc. The relationship between the banker and the customer was not held to be so specific and close so as to amount to a relationship of an agent and the customer.
The Banking Code
The Banking Code is a set of rules, regulations and guidelines which set a standard of good practice with respect to banking practice.
For more information on:
- Obligations of the bank
- Implied terms of the contract and duties between the banker and the customer
- Duties owed by the bank to the customer
- Duties owed by the customer to the bank
- Business Days and Hours