This is a research on the right and responsibilities of banks to their customers.
The research sort to know the bank right right and responsibilities to their customers which has bee in existence in banking operation and has been felt by the people and to the extent, their objectives has been achieved.
In carrying out this research the researcher made use of oral interviews, questionnaire and library and the finding were rights and responsibilities of banks to their customers, which has been felt through many areas of their promotional activities such as loan advancement.
It has been find out that banks charges commission to their customers, banks accept money from their customers, and banks a turn irregular instrument to their customers, all his has been greatly achieved through banks and customers relationship.
Therefore, it was this base that the researcher made the conclusion that banking operation has been appreciated by the people and customers objectives has been achieved greatly.
1.1BACKGROUND OF THE STUDY
1.2STATEMENT OF THE PROBLEM
1.3OBJECTIVES OF THE STUDY
1.4SIGNIFICANCE OF THE STUDY
1.5LIMITATION OF THE STUDY
1.6DEFINITION OF TERMS
2.1 LITERATURE REVIEW
2.2 CAUSES OF BANK FRAUD
2.3 CONTROL OF FRAUD
3.1 RESEARCH DESIGN OR METHODOLOGY
3.2 SOURCES OF DATA (SECONDARY ONLY)
3.3 LOCATION OD DATA
3.4 METHOD OF DATA COLLECTION
4.1 SUMMARY OF FINDING
5.1 RECOMMENDATION AND
5.2 CONCLUSION
Banking operation in Nigeria has gone through very dramatic changes within this decade. The bank has grown beyond optimistic expectations. Over the period, the number of banks expanded five fold, the variety of banks increased, banking operation were substantially deregulated, competition increased and bank were forced to be more innovative and service oriented.
This has made the researcher to go in for the topic the rights and responsibilities of banks to their customers. The banks right to their customers are to charge commission to their customers for service render to them, banks return irregular instrument like unpaid cheques, which are not properly drawn, also banks return cheques exceeding authorized overdraft, this are customers which want to make overdraft facilities but the customer did not come with the duration and so banks will return the cheque exceeding the overdraft.
And some of banks responsibilities to their customers are: to pay cheques to their customers banks receive money from their customers, banks gives reasonable notice before closing credit account of a customers. All this has made baking operation to be well structure and service oriented. When banks has much fund in their banks the right and responsibilities is fully achieved.
As a matter of fact between 1947-1952 a total of 22 banks were registered by Nigeria according to the study concluded by the C.B.N. of Nigeria but within four years because they cannot met up with their rights and responsibilities they well all out of duties (Distress)
A bank is s financial institution, which provide minimum banking services and which is licensed as a bank by the federal government of Nigeria as a financial institution. This banks are duely bound to posses their rights and responsibilities to their customers but as a matter of fact, there are some with standing problems which comes across the banking operation, some of which are:
Lack of fund when customers or banks balance or overdraft is not sufficient to cover his cheques the bank is not liable to pay the customers cheques.
Customers Death: The death of a customer cancels all mandates and authorities relating to his account, the banker may receive in express or constructive notice of his customer’s death and in either case, no further cheques must be honored.
Bankrupty of customers where notice of presentation of a bankrupty petition against the customer has been received by the banker, cheques should not be paid.
Forged signature: Banks to faced problem from customers who forged signature to receive money from the bank, when the signature is not related or look alike with the drawer signature, the banks disregard the cheque.
Irregularity in drawing of cheques demand during non-banking hours-banks do faced a problem from their customers who make demand during non existing hours of the day.
The objectives that made the researcher to go into this topic.
The rights and responsibilities of a bank to their customers are as follows:
Banks right to their customers
i) To charge a reasonable commission for services
ii) Rights to return irregular instruments
ii) Right to return cheques exceeding authorized overdraft.
The researcher want to find out how banks charges commission to their customers.
To find out why banks return irregular instrument.
To find out why banks return cheques exceeding authorized overdraft.
Banks responsibilities to their customers are:
i) To pay cheques
ii) Banks receive customer’s money
iii) Banks give reasonable notices before closing customers’ credit account.
iv) Banks has the responsibility to keep the affaire of the customer secret (Duty of secrecy).
The researcher want to find out the responsibility of a bank to their customers. They are:
1. To find out how banks pay their cheques to their customer
2. To find out whether banks receive customer’s money
3. To find out whether banks give reasonable notice before closing customer’s credit account.
4. To look for or how banks take care to their customers.
5. To find out whether banks keep the affair of their customer secret that is the duty of secrecy.
RESEARCH QUESTIONS
In order to attain the following objectives, the researcher is expected to employ or ask the following research question:
According to Willy Nnamani research arises when there are problem to solve, preculiarities or puzzles about phenomena or the question of giving meaning to them. There are many reasons for the study of banks rights and responsibilities to their customer which both banks, customers and country as a whole (communities, individual) has benefited from this study they are:
The study will serve as a means to tackle the problem of lack of fund in banking operation and as a matter of percentage of money or fund is kept in bank to ensure the daily running of banking service to their customers.
Also, this study has enlighten the customers on how to make bank for loan even on over draft bases or facilities and how customers can present their collateral to the bank they wish for loan
Further more, this study will help banks to use instrument to evaluate their customers rather than driving them by low interest rate.
Finally, through the researcher restricted the study right and responsibilities of bank to their customers by rediscounting facilities for stabilization securities, holding will be valuable to bank for finding purpose, subject to condition that the bank (CBN) may specify from time to time.
These are conditions beyond control of the researcher that may place restrictions on the conclusion of the study and their application to other condition. These restrictions are:
In a study of this nature, one would like to accumulate data from many areas put in view of length of time allowed for this research, such as wide range samples study was almost external difficult. The researcher therefore, concentrated his fieldwork in Enugu metropolis
The choice of Enugu metropolis was base on the time factor allowed and upon practical consideration including the fact that researcher knows almost
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