Bank - The home of money transactions
In monetary term Banks are the backbone of the economy. They are the main source of money transaction in the world. The Bank is a oldest financial institution of the world.A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the USA banks are prohibited from owning non-financial companies. Each country has some own rule and regulations regarding the function of the bank.
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Origin of the Bank
The name bank derives from the Italian word banco "desk/bench", used during the Renaissance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth. However, there are traces of banking activity even in ancient times. In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words banco and bank are derived.
Rule and Regulations of Banking
* The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
* The bank agrees to pay the customer's cheques up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
* The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.
* The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
* The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
* The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank.
* The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
* The bank must not close a customer's account without reasonable notice, since cheques are outstanding in the ordinary course of business for several days.
Questions and Answers
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