Asked by: Atanaska Filgueirasasked in category: General Last Updated: 18th February, 2020
What are the rights and obligations of a banker?
In this way, what are the obligations of a banker?
Obligations of Banker. Banks have an obligation to honour the cheques drawn on it if the customer has sufficient funds in his account. It is also obliged to honor cheques up to the overdraft limit of a customer. Banker is bound to act as per the directions given by the customer.
Similarly, what are the duties of a banker to his customer? Banker Duties
- Keep Records. Bankers record all the daily financial transactions they conduct.
- Advise Clients. One of the primary duties of a banker is to help clients fulfill their financial needs.
- Gather Financial Information.
- Disburse Funds.
- Enforcing Security.
Subsequently, one may also ask, what is Banker right of set off?
The contract between the banker and borrower is a contract between debtor and creditor. Right of set off is the right of the bank to combine the two accounts of the same person where one account which is in credit balance and the other account is in debit balance in order to cover a loan default.
What are the statutory obligations of banker to Honour Cheques?
Obligation of Banker to Honour Cheques The bank has a statutory obligation to honour the cheques of its customers up to the amount standing to the credit of the customer's account. If a bank wrongfully refuses to honour the cheque of its customer, the bank shall be liable to compensate the customer.