THE RIGHT AND RESPONSIBILITIES OF A BANK TO THEIR CUSTOMERS. RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
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.
BACKGROUND OF THE STUDY
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)