You and Your Bank

By Ubong S. Ebong Esq. -
Today we will be discussing further on the relationship between banks and their customers. In today's society, almost everybody has an account with one bank or the other. But have you ever thought about the nature of the relationship between you and your bank?  Let's talk about it.

Basically the relationship between banks and their customers is contractual. You see those forms they give you to fill when you are opening a new account, I bet you don't read everything written there especially the parts written in small fonts. But those forms contain important terms which define your entire contractual relationship with your bank as far as that account is concerned. So next time be diligent enough to read the fine print because once you sign and the account is opened, you and your money are bound by the terms on that form until whenever you choose to close the account. Don't forget, ignorance of what was written is not a valid excuse and will not save you in the event of any crisis.

Moving further, the terms offered by each bank vary a bit but they are all quite similar to an extent. I won't be going into the details of each bank's terms because knowing the terms of your bank is your headache not mine. However, I will add that the simplest and commonest duty which every bank owes its customers is to receive monies from its customers through any of the approved legal channels and to pay out such amounts as may be demanded by a customer through any of the approved legal channels as long as such customer has enough credit.

So where the bank refuses to receive your deposit for reasons that are not within the ambit of the agreed terms and conditions, it will amount to a breach of your contractual right for which you can sue them. Similarly, if your bank refuses to make a payment from your account which you have authorized when you have enough money in your account based on reasons that are not covered by your contract with them, you can also sue for breach of contract.

In summary, read before you sign and contact your lawyer if your bank breaks any of the terms of your contract with them. They owe you obligations which they must fulfill and it's not optional. And to be fair, you also owe certain obligations to your bank which you are bound to fulfill (for example paying the various bank charges).

#KYR


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