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 ?
Only listing "Yes" and "No" answers in the Annual Report when exploring the most controversial issues in today's international economic and financial debate is not what the central banking and financial world traditionally expects from the BIS flagship publication in times of global disorientation.
The Department of Justice also has reviewed the anticipated competitive effects of the proposal and advised the Board that consummation of the proposal would not likely have a significant adverse effect on competition in any relevant banking market.
African Americans who are fearful of mixing their finances with the World Wide Web are being left behind by those who have embraced the technology and convenience of online banking. 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.
"So those that went into the bank side used a careful, more narrowly defined way that is part of a broader strategy than just building a banking activity," he said.
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.
After a comprehensive and professional evaluation of our outsourcing services, Peoples Community Bank recognized that BISYS' Internet-accessible banking solutions, core functionality, and suite of more than 70 integrated ancillary products will enable it to deliver the high-demand products and services its customers want.
In the private banking segment, Latin financial institutions will find the current low-rate environment to be a continuing challenge, according to Noonan.
In early December, Mizuho Financial Group announced a new reorganization program under which as much as [Yen]5 trillion of NPLs will be separated from banking operations and transferred to a new entity set up to recover loans and oversee the restructuring of distressed borrowers.
Banking deregulation, for example, did cause banks to rethink, retarget, and reprice products.
"The benefits to the customer should be obvious, too," says Jack Neal, a managing director in charge of corporate banking relationships at Bank One.
As a result, members of the banking community and law enforcement agencies forged a new, close-knit working relationship.
(As the result of secrecy laws, bank regulators failed to recognize that BCCI was lending to itself.) Offshore banking also facilitated the frauds involving Daiwa and Barings banks and the Sumitomo trading company in the mid-1990s, which led to jail terms for the employees involved.