0
What procedure does a banker follow to close the account of an undersizeable customer?
Wiki User
∙ 12y ago
1. Banker issues due notice of intention to close customer's account and requests him to withdraw the balance amount. banker must give sufficient time to customer to make alternative arrangements.
2. If the customer still doesn't close his account, the banker issues another notice stating the last date by which the customer must close his account, otherwise it will be terminated by the banker himself.
3. If the customer defaults to close his account, the banker terminates the account himself, and sends the balance amount of money to the customer by a draft.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is the difference between the banker and its customer?
the banker is the banker while the customer is the customer
Difference between collecting banker n paying banker?
When a check is written on a bank account, the banker at that particular bank is the paying banker. They are responsible for paying the check when a customer presents it for payment. A collecting banker collects the checks for his customers from a paying banker.
What is a primary relationship?
The relationship between a banker &customer is primarily that of debtor &creditor. On the basis of the existing state of account,respective position of the banker & customers will be determined.
Brifliy expline primary relation ship of banker and customer?
The relationship between a banker and a customer is called a contractual relationship.
Meaning of paying banker?
the banker on whom a cheque is drawn or the banker who is required to pay the cheque drawn on him by a customer is called the paying banker or drawee bank
What is a banker's lien?
A banker's lien is a right of a bank to satisfy a customer's matured debt by seizing the customer's money or property within the bank's possession.
What is a collecting banker?
A collecting banker is one who undertakes to collect the amount of a cheques & bills for his customer from the paying banker. A banker is under no legal obligation to collect cheques drawn upon other banks for a customer. But this function is performed by every modern bank.
Who is a paying banker?
The bank on which a cheque is drawn (the bank whose name is printed on the cheque) and which pays the amount for which the cheque is written and deducts that sum from the customer's account.
Explain the rights and duties of a banker?
DUTIES tO ACCEPT THE CHEQUES OF THE CUSTOMER TO KEEP THE PROPERTY OF THE DEPOSITOR SAFELY TO BE CONFIDENTIAL WHEN DEALING WITH THE CLIENT TO CORRECT ANY DESCRIPANCIES ON THE CUSTOMER'S ACCOUNT TO OBEY ANY STANDING ORDERType your answer here...
What is dishonored cheque?
A cheque is an unconditional order to the Bank by its customer ( account holder) to pay a sum of money to a person named in the order, if the cheque is drawn ( written) correctly. If such a cheque is presented to the banker, and if the order is not honoured by the banker, then the such a cheque is known is dishonoured cheque.
Explain special relationship between banker and customer?
Bankers and customers work together to do financial transactions. A good banker will help a customer secure mortgages, balance accounts, and maintain a good relationship with the bank.
What is the best way to build a relationship with a banker?
to have a bank account.
