What is the relationship between the bank and the customer called in case of locker operation? (2024)

What is the relationship between the bank and the customer called in case of locker operation?

Ans: The relationship between the bank and the locker holder is that of Licensor and Licensee. Underlying facility is an agreement between the Bank (licensor) and the customer (Licensee) allowing use of the former's locker by the latter.

What is the relationship between client and bank?

The general legal relationship between bank and its customer

The general legal relationship of bank and customer is contractual relationship, started from the date of opening an account. [1] When customer deposits money into his bank account, the bank becomes a debtor of the customer.

What is the relationship between banker and customer?

Principal- Agent relationship- A banker acts as an agent of his customer and performs a number of agency functions e.g., the banker collects cheques on his behalf and makes payment of various dues of his customer viz., insurance premium etc.

What is the relationship between banker and customer in safe custody?

The customer is keeping the goods in the safe deposit vault secretly and hence the banker will not be a bailee. As a bailee, the goods coming into his custody will be protected and the banker is totally aware of the nature of the goods.

What is the relationship between a banker and a customer in case of issuing of demand draft?

When a bank prepares a demand draft, the amount of the draft is taken from the account of the customer requesting the draft and is transferred to an account at another bank. The drawer is the person requesting the demand draft; the bank paying the money is the drawee; the party receiving the money is the payee.

What is the relationship with the client?

Trust is the cornerstone of any strong client relationship. Building trust begins with transparency. Clients appreciate open and honest communication. Start by setting clear expectations, discussing project timelines, and addressing any potential challenges from the get-go.

Which one of the following is the most important relationship between bank and customer?

Explanation: A) Debtor and Creditor is the correct response. A banker's relationship with a customer is primarily one between a debtor and a creditor.

What are the duties of a banker in a banker customer relationship?

For example, bankers have a duty to keep customer information confidential and to use reasonable care to protect customer accounts from fraud. Bankers also have a duty to follow their customers' instructions when dealing with their accounts.

What are the duties of a banker and customer?

To honor cheques: The banker must honor the customer's cheques, provided that there are sufficient funds in the customer's account to cover the amount of the cheque. To keep the customer's account safe: The banker has a duty to take reasonable care to protect the customer's account from fraud and other losses.

What is general relationship?

General relationship: All other relationships fall into this category; i.e., a general relationship is one in which the min-max cardinalities of a participating entity is neither (1,1) nor (0,1), as shown in Figure 4. ... Context 2.

What is the difference between safekeeping and custodian?

Most safekeeping entities operate on an actual receipt of funds basis, subject to delayed credit until securities transactions actually settle. Bank custodians typically operate on a contractual settlement basis and offer comprehensive reporting, including roll-ups and customizable reporting options.

What is the relationship when a person has raised loan from a bank?

When bank lends money to customer then bank becomes Creditor and customer who receives money becomes Debtor. So, lending of money creates Creditor and Debtor relationship between bank and the customer. While lending home loan banks generally takes some assets or security with the banks in order to give loan.

When a bank lends money to the corporate person the relationship is?

The answer is Debtor-Creditor.

What is the relationship between banker and customer when the customer opens deposit account?

Debtor - Creditor Relationship: On the opening of an account, the banker assumes the position of a debtor. The money deposited by the customer with the banker is in legal terms, lent by the customer to the banker, who makes use of the same according to his discretion.

What is the relationship between bank and customer in the case of complying standing instructions?

The banker, by providing these services acts as an agent and the customer who gives the standing instructions, acts as a principal. Hence, the relation of banker and customer is that of agent and principal as far as these services are concerned.

Who is called a banking customer?

The customer is one who has a bank account. "Customers are bank depositors, who entrust their money, banking facilities, for storage and fruiting, for which they receive interest and applicants or those who need temporary, some additional money for paying interest or commission" (Pîrvu, 2004, p.

What are some examples of customer relationships?

What is most important in client relationship?

Communication is key to building strong relationships so make it clear from the beginning that you will work with your client to develop value statements that align with their business goals and that you will evaluate progress against these agreed-upon value statements as the project progresses.

What are the different types of client relationships?

Client relationships differ for a variety of reasons, depending on the client's needs and resources. These relationships can be loosely categorized into three types: vendor, resource, and partner. A vendor-client relationship focuses on a specific resource, or service, rather than in-depth expertise or strategy.

Why is it important for banks to maintain good relationship with customers?

Good customer service is key to gaining success for financial services providers. Customers are likely to depend on those banks which provide exceptional service and good experience. Customer Relationship in Banks also known as CRM (Customer Relationship Management).

What is most important to bank customers?

Consumers consider just about every banking feature important. They look for accounts with low fees and competitive interest rates. They want their money to be both secure and easy to access. They expect quality customer service and a good brand reputation.

Why are customers so important to a bank?

A long-term relationship with a satisfied customer can result in significant revenue generation for the bank over time. Competitive Advantage: In an increasingly competitive banking sector, providing excellent customer service can serve as a differentiator.

How a banker customer relationship can be terminated?

The bank-customer relationship, being a contractual bond, may terminate via agreement or consent, notice of termination, death or dissolution of one of the parties, sequestration, insanity of the customer, and the natural effluxion of time.

Is banker customer relationship fiduciary?

[extract] Bankers' relationships with those who use their services are recognised to have a fiduciary nature in at least some of their aspects.

Who are the special types of customers of a bank?

These include minors, lunatics, drunkards, married women, undischarged insolvents, trustees, executors, administrators etc. Extra care is also needed for the banker while he deals with customers like public authorities, societies, joint stock companies, partnership firms etc.