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Part 6 Chapter 2 - Banking and Finance Law

from Part 6 - Banking and Finance Law

Published online by Cambridge University Press:  05 August 2012

Nicholas Ryder ,
Margaret Griffiths  and
Lachmi Singh
Nicholas Ryder
Affiliation:
University of the West of England, Bristol
Margaret Griffiths
Affiliation:
University of Glamorgan
Lachmi Singh
Affiliation:
University of the West of England, Bristol
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Summary

Introduction

The purpose of this chapter is to provide a detailed overview of the law relating to banks. The chapter begins by attempting to answer what in theory should be a very simple question. What is a bank? However, it will become clear that this is quite a difficult question to answer. The chapter goes on to define a customer and then progresses to highlight the very complicated relationship between a bank and its customers. Particular attention is paid to the duties a bank owes to its customers, including the duty of confidentiality. The chapter also outlines the different types of bank accounts offered to customers and deals with some of the legal issues relating to cheques, e-banking and the regulation of bank accounts.

What is a bank?

The first question faced by students studying the law relating to banks is how do you define a bank? This is not an easy question to answer, a point raised by Wadsley and Penn, who took the view that:

[The question is] notoriously difficult to answer. The question has become much harder to answer in recent years, with the advent of telephone and Internet banking as well as banks in supermarkets. The traditional idea of a bank with many local branches dealing with customers face to face (core retail banking) seems odd and out of date.

Type
Chapter
Information
Commercial Law
Principles and Policy
 , pp. 439 - 461
Publisher: Cambridge University Press
Print publication year: 2012

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