Customers Rights and Responsibilities
RESPONSIBILITIES OF BANK CUSTOMERS
- exercise reasonable care in drawing cheques to prevent fraud,forgery, and not to mislead the bank.
- immediately inform the bank whenever a forgery is discovered in the operation of the account.
- have sufficient funds in the account or leeway in an overdraft limit to meet cheques drawn.
- use cheque cards or cash cards only in accordance with their conditions of use.
- demand repayment of a credit balance only in writing during business hours.
- pay reasonable interest and commission to the bank.
- allow the bank to use the deposits as the bank wishes.
- keep proper and reasonable custody of cheque books and all withdrawal instruments.
RESPONSIBILITIES OF BANKS TO CUSTOMERS
Banks are required to:
- honour customers cheques up to the credit balance or overdraft limit, provided they are in order and there is no stop order.
- maintain strict secrecy about customer's affairs, whiles the account is operational or after it had been closed except:
- the disclosure is by an Act of Parliament or a Court Order,
- the disclosure is in the public interest,
- the disclosure is in the bank's interest,
- the disclosure is with the express or implied consent of the customer.
- give reasonable notice to close an account in credit.
- provide an accurate statement of account per agreed period or within a reasonable time.
- receive money and cheques for collection and credit customer's account
- advise a customer immediately it suspects some forgery or fraudulent deals in the operations of the account.
- exercise due care and diligence in the operation of a customer account.
- give customer complete information on each product provided.