banking


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banking

the business of receiving deposits from the public or via the financial markets, with the object of on-lending at a higher rate of interest. Sums deposited by customers with bankers become the property of the bank, over which the customer has no further control. In return, the customer obtains a personal right to repayment of the sum deposited on demand. The banker owes a number of duties to his customer, including the duty to encash cheques drawn on the account while in credit or within agreed overdraft limits and the duty to maintain confidentiality. To carry on the business of banking in the UK, authorization is required from the BANK OF ENGLAND. There is a banking code governing the relationship of banker and customer and a Banking Ombudsman to deal with disputes.
References in periodicals archive ?
Those enjoying the opportunity to check their account balances 24-hours a day, view their account activity and history no matter where they are, transfer money instantly, reorder checks electronically, and perform other banking functions from home without picking up the telephone, say there's no reason to continue sitting on the fence.
Although the Batesville banking market would remain highly concentrated on consummation of the proposal, the increase in the post-merger HHI would be consistent with DOJ Guidelines and Board precedent.
Although it has become fashionable for banks to portray themselves in warm and fuzzy terms, it soon becomes clear to the individual and small business customer that their accounts are not particularly valued by the larger banking organizations.
The difference between conventional banking and check cashing explains why a Fleet Bank opening across the street didn't cut into Consiglio's business.
In part, the trend towards relationship banking has been driven by the banking industry's sharp contraction over the past 10 years.
Some clients are very excited about electronic banking, while others could care less," says CPA Lamar Stoltzfus, one of 17 partners with Beard & Co.
Talk of a global regulatory system was bandied about by heavy hitters ranging from Treasury Secretary Robert Rubin to billionaire currency speculator George Soros, with Soros going so far as to assert that "the private sector is ill-suited to allocate international credit" and proposing an international oversight agency to help stabilize the world's banking system.
With many banking headquarters located hundreds of miles away, banking analyst Rubens notes that the new generation of community banks restores choice.
Citibank offers a program called "Personal Banking for the Overseas Executive.
China's city commercial banking industry will face fierce competition with the completion of the transition period of China's entry into WTO; meanwhile, the gradual opening of the market to foreign banks will stimulate more competition.
and by the mid-1990s operated both banking offices and nonbanking subsidiaries in the United States.
com) because it offers them the convenience of banking at any time.