Bankers and Customers Relationship

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure

Scenario involving a long-term customer who habitually countermands cheques, is indebted to creditors, threatens to close account; bank closes account after insufficient funds cheque, applies fees, receives credit post-closure, returns subsequent cheque as "Account Closed"; customer threatens legal action; questions on circumstances for contract termination, continuation of relationship post-termination, and bank's position.

Question

Your customer Jimmy Moore has operated an account with you for the past ten years. Over the past year however you observe that Jimmy Moore has developed the habit of issuing cheques and countermanding payment of the cheques. You aware from reliable sources that he is indebted to a host of creditors who are on his neck. You also note that he is engaged in the bank. You have to a bank account with you have to a bank account with you have to a bank account with you had a meeting with him during which he explodes in anger and threatens to close his account with you.

Two days, later a cheque of GHC 15,500 issued by Jimmy is presented through clearing by another bank against a balance of GHC 15,3000 standing to the credit of his account. Your Open account against a balance of GHC 15,3000 standing to the credit of his account. You close the account, transferring the balance of GHC 200 to commissions and fees.

Later a credit of GHC 15,000 was received in favor of Jimmy being proceeds of Treasury Bills he had invested in. That same day the bank received a cheque through clearing drawn by Jimmy which your operations manager returned with the reason. “Account Closed”.

Jimmy is now at your banking premises today fuming with rage and threatening to proceed to count for redress.

(a) Mention the five circumstances that would lead to the determination of the banker customer contract. (b) The banker customer relationship has been said to continue notwithstanding the determination of the banker customer contract. Do you agree? Explain supporting your answer with relevant legal authority. (c) Discuss the bank’s position in the scenario above clearly explaining the legal principle, underlying your argument.

Answer

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Tags: account closure, banker-customer contract, countermanding cheques, ermination, insolvency risk, Legal Principles, reasonable notice, unsatisfactory accounts
Level: Level 3

Topic: Bankers and Customers Relationship, Banking Transactions, Determination of the Banker/Customer Relationship
Series: APR 2023

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts

Scenario involving a deceased customer who died intestate, where the sister withdrew funds using a next of kin letter, and later the son and siblings present Letters of Administration claiming the balance; questions on personal representatives, legal documents for testate and intestate cases, and bank's position.

Question

Later Jacob Mends, Mary Mintah’s son has come together with three other siblings brandishing Letters of Administration in your face claiming that the balance should be paid to them.

(a) Who is a personal representative of a deceased customer?

(b) When a customer dies testate having appointed an Executor, what legal document would the Executor have to obtain that gives the Executor authority to administer the deceased state?

(c) In the case of (b) what if the deceased Testaator failed to appoint an Executor, what legal document would the relevant persons have to obtain from the court that gives them the authority to administer the state of the deceased.

(d) Discuss the above scenario stating the bank’s position.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Liability, deceased customer, executor, Intestate, Letters of Administration, next of kin, Personal Representative, Testate
Level: Level 3

Topic: Bankers and Customers Relationship, Determination of the Banker/Customer Relationship, Types of Accounts Holders
Series: APR 2023

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

Question

a. State any five differences between a cheque and a bill of exchange. (10 marks)

b. Define a cheque and state the difference between a cheque and a payment order. (4 marks)

c. State any three instances when a cheque is said to be payable to a bearer. (6 marks)

(Total: 20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bearer Cheque, Cheque Definition, Cheque vs bill of exchange, payment order
Level: Level 1

Topic: Bankers and Customers Relationship
Series: APR 2023

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

Question

With reference to cheque operations, state and discuss any five risks faced by a paying bank.

(20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cheque operations, Compliance, Forgery, Fraud, Ghana Banking, paying bank, Risks
Level: Level 1

Topic: Bankers and Customers Relationship
Series: APR 2023

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure

Scenario involving a long-term customer who habitually countermands cheques, is indebted to creditors, threatens to close account; bank closes account after insufficient funds cheque, applies fees, receives credit post-closure, returns subsequent cheque as "Account Closed"; customer threatens legal action; questions on circumstances for contract termination, continuation of relationship post-termination, and bank's position.

Question

Jimmy is now at your banking premises today fuming with rage and threatening to proceed to count for redress.

Answer

Find Related Questions by Tags, levels, etc.

Tags: account closure, banker-customer contract, countermanding cheques, ermination, insolvency risk, Legal Principles, reasonable notice, unsatisfactory accounts
Level: Level 3

Topic: Bankers and Customers Relationship, Banking Transactions, Determination of the Banker/Customer Relationship
Series: APR 2023

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts

Scenario involving a deceased customer who died intestate, where the sister withdrew funds using a next of kin letter, and later the son and siblings present Letters of Administration claiming the balance; questions on personal representatives, legal documents for testate and intestate cases, and bank's position.

Question

Later Jacob Mends, Mary Mintah’s son has come together with three other siblings brandishing Letters of Administration in your face claiming that the balance should be paid to them.

(a) Who is a personal representative of a deceased customer?

(b) When a customer dies testate having appointed an Executor, what legal document would the Executor have to obtain that gives the Executor authority to administer the deceased state?

(d) Discuss the above scenario stating the bank’s position.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Liability, deceased customer, executor, Intestate, Letters of Administration, next of kin, Personal Representative, Testate
Level: Level 3

Topic: Bankers and Customers Relationship, Determination of the Banker/Customer Relationship, Types of Accounts Holders
Series: APR 2023

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

Question

a. State any five differences between a cheque and a bill of exchange. (10 marks)

b. Define a cheque and state the difference between a cheque and a payment order. (4 marks)

c. State any three instances when a cheque is said to be payable to a bearer. (6 marks)

(Total: 20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bearer Cheque, Cheque Definition, Cheque vs bill of exchange, payment order
Level: Level 1

Topic: Bankers and Customers Relationship
Series: APR 2023

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

Question

With reference to cheque operations, state and discuss any five risks faced by a paying bank.

(20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cheque operations, Compliance, Forgery, Fraud, Ghana Banking, paying bank, Risks
Level: Level 1

Topic: Bankers and Customers Relationship
Series: APR 2023

Topic: Bankers and Customers Relationship

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POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

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POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure

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POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts

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EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

You're reporting an error for "EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques"

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

You're reporting an error for "EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank"

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure

You're reporting an error for "POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q3 – Termination of Banker-Customer Relationship and Account Closure"

POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts

You're reporting an error for "POB-LAW-AND-PRACTICE – APRIL 2023 – L3 – Q2 – Personal Representatives and Deceased Customer Accounts"

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

You're reporting an error for "EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques"

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

You're reporting an error for "EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank"

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