英文版银行法论文.docx
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英文版银行法论文.docx
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英文版银行法论文
Introduction
ThisreportfocusesonapplyingrelevantlawandIndustryCodesonSouthBank’case,specifically,thereportoutlinesthenatureandscopeofSouthBank’slegalobligationsbasedontherelationshipbetweenbankandcustomers,afterwhich,itanalyzeswhetherSouthBank‘sconductcomplieswithitsdutiesanddiscussesthevalidityofSouthBank’steller’scommentduringtheoperation.
)Partone
1.0ThenatureofrelationshipbetweenSouthBankanditscustomers,Jane,JohnDoeandBeta.
1.1Astatementofpossiblelegalrelationshipsbetweenthebankerandthecustomer.
Variousservicesprovidedbymodernbankcorrespondinglyresultincomplexlegalrelationshipsbetweenthebankerandthecustomer,whicharedefinedbyaseriesofcommonlawjudgments.Eachcategoryshouldgenerallyfollowthecontractualbasis,nomatterwhichtherelationshipis,containingexpressandimpliedterms.Thebasiclegalrelationshipsbetweenthebankerandthecustomercanbestatedas:
bailor-bailee(ChapmanBrosvVerco[1933]49CLR306),trustee-cestuisquetrustent/beneficiary(JoachimsonvSwissBankCorp[1921]3KB110),agent-principalanddebtor-creditororcreditor/debtor(FoleyvBill[1848]2HLCas28).Thegeneralrelationshipbetweenbankerandcustomerisprimarilythatofadebtorandcreditor.Whencustomerdepositsmoneyintoabank,thebankthenisthedebtorandthecustomeriscreditor.Theownershipofthemoneyistransferredtothebanker,andthenthebankerusesthisamountinanywaythatheorshechooses.Thebankhasrighttoretaintheincomefromoranyotherbenefitofthismoneywhileithasacontractualobligationtorepaythemoneyondemandwithinbusinesshours.Reversely,ifacustomerobtainsloanfromabankthenthebankerbecomesthecreditorandthecustomeristhedebtor.(Blurtit,2010)
1.2TheapplicationtotherelationshipbetweenSouthBankanditsconsumers.
Likethecaseillustrated,JaneandJohnservedasthedirectorsofBetaPtyLtdsignedvariousapplicationformsinrelationtotheaccountstheyestablishedwithSouthBank,whichstatesthattheyenteredintoacontractualrelationshipwiththebank.Beta,performingasaseparatelegalentity,opensabusinessoverdraft(for$30,000)andabusinesssavingsaccountunderitsownname.Furthermore,JaneandJohnarrangedseveralfacilitiesforthemselveswithasavingsaccountintheirjointnames,separatesavingsaccountsintheirindividualnamesandindividualcreditcardaccounts(with$5,000limits).Knownfromtheinformationabove,thesecustomershavefourkindsofaccountsinrelationtotheSouthBank------savingsaccounts,jointsavingsaccount,creditcardaccountsandoverdraft.SouthBankprovidesdeposit-takingandloan-makingservicesthroughtheseaccounts,whichonlypresentsarelationshipofadebtorandcreditorbetweenSouthBankanditscustomers(FoleyvBill[1848]2HLCas28).Specifically,whenBeta,JaneandJohnusetheiroverdraftorcreditcardaccountstogetloanfromSouthBankthentheybecomedebtorsandthebankisacreditor.Adversely,ifthebankreceivesmoneyfromBeta,JaneorJohn’ssavingsaccountsthenitbecomesadebtorandthecustomersarecreditors.
2.0CharacteristicsofaccountsestablishedbyJane,JohnandBeta.
2.1Ageneralillustrationofthevariousexistingaccounts.
Thecustomerandthebank‘sfinancialpositionresultsfromthefinancialtransactionsbetweenthecustomerandthebankrecordedbythebankaccount,whichisafinancialaccountwithabankinginstitution.Whenthebankowesmoneytothecustomer,thebankaccountsmayhaveapositive(debit)balance.Ontheotherhand,thebankaccountmayhaveanegative(credit)balancewhenthecustomerowesthebankmoney.Generallyspeaking,accountsestablishedforholdingdebitbalancesarenamedasdepositsaccounts;whileotheraccountswiththepurposeofholdingcreditbalancesarecalledloanaccounts.(Baike,2011)
Specifically,theaccountscanbeclassifiedintovariousgroupsbasedonthedeposit/loanaccountbasis,e.g.savingaccount,termdepositaccount,currentaccount,termloan,overdraftandtrustaccount.Eachcategoryhasitsowncharacteristicbecauseofdifferentbasisandservicesoffered.Asthecasesaid,thecustomersholdanoverdraft,ajointsavingsaccount,savingsaccounts,creditcardaccountswiththeSouthBank,thecharacteristicsoftheseaccountsarestatedasfollows.
2.2TheanalysisofaccountsopenedbetweentheSouthBankanditscustomers.
Savingbankaccountsservedpartlyasserviceapproachandpartlyasinvestmenttool,whichisinlawaloantothebanker(PearcevCreswick[1843]2Hare286).Thesavingsaccountisonecontinuingcontractandnotafreshcontractmadewitheachdepositbythecustomer(HartvSangster[1957]1Ch329).Asavingsaccountcanbeopenedwithaminimuminitialdepositthatvariesfrombanktobank,andissuitedforacustomerwhowantstosavemoneyforfutureusinglimitedincome.Moneycanbedepositedatanytime,whilethereisoftenarequirementthatnoticebegivenbeforewithdraws.Nowadays,customersarepermittedtodrawmoneyfromthesavingsaccountbysigningawithdrawalformorbyissuingachequeorbyusingATMsandEFTPOStransactions.However,banksnormallyputsomerestrictiononthenumberofwithdrawalfromthesavingsaccount.Interestisallowedonthebalanceofdepositintheaccount.Theinterestrateonsavingsbankaccountvariesfrombanktobank,aswellastimetotime.(Articleblast,2010)
Broadlyspeaking,overdraftaccountisacurrentaccounthasanegativebalance.Itisafluctuateaccountandtheincurreddebtisrepayableondemand.Iftheborrowerfailstomeetdemand,itwillconstitutedefault.Specifically,anoverdraftaccountgivesacustomertherighttowithdrawmoneyfromabankleadingtotheavailablebalancerunbelowzero.Overdraftiscommonlyusedasamethodofbanklendingtomeetshort-termbusinesscreditneeds.Ifitisoperatedforarelativelong-termbusiness,thebankerwilltakeasecurityinterestfromthecustomer.Theamountoverdrawnislimitedunderaprioragreementforanoverdraft,suchastheamount---$30,000agreedbyBetaandtheSouthBank.Thebankmaychargeaninterestattheagreedratewhentheoverdrawnamountiswithintheauthorizedoverdraftlimit.Ontheotherhand,ifthenegativebalanceexceedstheagreedterms,thebankwillchargeadditionalfeesandhigherinterestratesmayapply.(Wikipedia,2011)
Ajointaccountisonewhichisopenedinthenameoftwoormorecustomers,justlikethesavingsaccountinJaneandJohn’sjointnames.Becausethereismorethanonecustomerunderthejointaccount,itisnecessarytoestablishwhichsignatureswillberequiredtooperatetheaccount.Ifthereisnoagreementexists,thebankerisowedjointlyandseverallytothecustomersforthebank’sdebtowedtothem.Consequently,chequesshouldbearthesignaturesofalltheaccountholders(JacksonvWhiteandMidlandBankLtd[1967]2Lloyd’sRep68).
Acreditcardoffersthecustomeraccessestoobtaincreditfunds,whichrepresentsaseriesofcommercialarrangementbetweenthecardissue,asignificantnumberofmerchantsandssignificantnumberofcustomerswhoareissuedwiththecard.Creditcardsarebecomingmorepopularevenifwithhighcostsduetotwomainreasons.Firstly,authorizeddeposit-takinginstitutionsandotherbusinessactivelypromotethisformofpayment.Secondly,creditcardsrepresenttheonlyconvenientmethodofmakingpaymentfortelephoneorinternetpurchases.CreditcardaccountsforconsumersfallwithintheoperationoftheUniformConsumerCreditCodeasacontinuingcreditcontract.
3.0Bank‘sdutytobetruthfultocustomers.
3.1Therelevantlawandcasestothedutyofbeingtruthful.
TheASICActstatesthatapersonmustnot,intradeorcommerce,engageinconductinrelationtofinancialservicesthatismisleadingordeceptiveorislikelytomisleadordeceive.(Section12DA)Therelevant‘conduct’coverspromotionalactivities,advertising,printedmaterials,verbalorwrittenadvice,andanyrepresentationsmade.Whetherconductismisleadingordeceptivedependsontheaudience.Theaudiencemayvarydependingonthecircumstances,thenatureofthefinancialservicesandtheconductinquestion.Thebankmustensurethatthestatementisaccurateandhonestandthatallmaterialfactsareproperlydisclosed.Whatthebankeroutlinedtohis/hercustomershouldcomplywiththeactualperformanceofthebank,avoidingengaginginmisleadinganddeceptiveconduct.
3.2TheapplicationoflawonSouthBank’scase.
AtthebeginningofsettingaccountswiththeSouthBank,JaneexpressedconcernaboutBeta’soverdraftbeingpayable‘ondemand’.However,thebankofficermadeastatementtoassurethemboththatSouthBankalwaysgivesitscustomersplentyoftimetomeettheirdebtsortoarrangealternativefinance.Sixmonthslater,theBeta’soverdraftisfastapproachingitslimitduetothepoorperformance.InordertopaysomeofBeta’screditors,JaneandJohnresortedtousetheirowncreditcardsforthesepaymentsandthentheircreditcardsreachedthemaximumlimits.Worsemore,JaneandJohnfoundthattheywereunabletoreducethebalancesowingundertheseaccounts.Atameeting,SouthBankrequiredJaneandJohntopaytheoverdraftinfullwithinthenextthreedays.Then,JaneandJohnaskedforanother10daystoarrangealternativefinance,butSouthbankrefused.Thebankhasstatedthatitwouldprovideaplentyoftimetomeettheirdebtsorarrangealternativefinance.Inversely,thebankonlygivethecustomersthreedaysfortherepaymentofBeta’soverdraftandnomoretimeforarrangingalternativefin
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