Terms of Agreement Modern consumer protection legislation effectively requires the terms of the bank customer relationship to be set out in writing. It is particularly so in the case of loans and facilities where specific consumer protection provisions apply. The written terms are presumed to be the complete agreement. See generally the sections on contract law. A verbal side agreement, side letter or collateral contract […]
Opening/switching bank accounts and information on fees Directive 2014/92/EU — comparable and transparent fees and rules for all payment accounts and payment account switching It aims to tackle 3 main issues: access to basic payment accounts*, transparency and comparability of payment account fees, and bank account switching. Access to bank accounts The law says that anyone residing legally in the European Union has the right […]
Transfer to Fund The Dormant Account Act provides a scheme for the transfer of dormant funds in banks, building societies and the post office bank to the care of the State. It preserves the right to reclaim the funds. It provides for a scheme for the disbursement for charitable purposes or purposes of societal and community benefit, of funds that were not claimed. The Minister […]
Terms and Conditions The terms of an account between a customer and bank or other financial institution is governed by contract law. In practice, the bank will prescribe the terms and conditions for the account and the customer will have little choice but to accept them. The terms and conditions are usually be given to the customer on the opening of the account. The document […]
Nature of Account A bank account is a category of asset known as a chose in action. It is effectively a debt. It is not a piece of property. Ultimately, it may be asserted only in a legal action. If a bank fails to repay the monies deposited, the claim is for breach of contract and not for the monies itself in any proprietary sense. […]
Accounts. The terms of an account between a customer and bank or other financial institution, is governed by contract law. In practice, the bank will prescribe the terms and conditions for the account and the customer will have little choice but to accept them. The terms and conditions are usually be given to the customer on opening of the account. The document is commonly signed. […]
Set Off and Counterclaim When two parties have a claim, each against the other, for a monetary amount, one may set-off his obligation to pay against his right to receive from the other. A cross-claim may be raised as a defence to the other claim. Where one party has a claim of any kind against the other and brings an action to enforce that claim […]