To ‘shine your eyes,’ like they say, as a bank customer, you should know your rights and duties when dealing with your bank. Last week, we came out with your rights, and today, we will like to intimate you of your duties as a bank customer. Alhough, all the aforementioned rights and the underlisted duties are not exhaustive, they, nevertheless, represent the core rights and duties expected of a bank customer.

It is, however, necessary to stress that these rights and duties are often unconditional there are instances where customers can only lay claim to their rights if they discharge their duties.

Duty of knowledge & understanding

This represents the cornerstone of your duties as a bank customer. It involves the search for relevant knowledge that should lead you to make informed decisions and enhance your benefits.

Without adequate knowledge, customers are bound to make ill-informed decisions which may precipitate an avalanche of complaints from customers against their banks. It is generally agreed that sophistication in the banking industry has tasked the understanding of even people that are financially literate; it is, therefore, your responsibility to “shine your eyes when dealing with your banks.

Duty of financial obligation

This requires customers to repay credit facilities and pay mutually agreed interest on loans and other financial services rendered by their banks when due.This is one of your major responsibilities to the extend that banks are established to provide loans and other financialservices to you and other customers. Thus, you are obligated to ensure that payments or repayments to your bank are not delayed in order not to suffer penalties in the form of default charges.

Duty to protect instruments, information

Related News

It is your duty as a bank customer to keep your cheque book, ATM and all information relating to your account like PIN, password and codes safe.It is important to stress that a bank cannot bear responsibility for any loss incurred by customers as a result of their negligence in protecting vital instruments or information.

Duty to provide factual information

As a bank customer,you owe your bank and the society a duty to provide factual information about yourself and, where necessary, about relevant transactions therefrom.You should bear in mind that just as your bank is required to provide you with truthful information about goods and services it offers, you are also required to provide the bank with truthful information yourself. You should also exercise reasonable care not to mislead your bank, failing which you may be liable.

Duty to report suspected fraud, error

Where you suspect a fraud or compromise, whether inyour accounts or in respect of relevant information or transaction, you are duty-bound to promptly report your discovery to your bank and relevant authorities accordingly. It is also your duty to report to your bank any wrong posting into your accunt so that such error can be corrected immediately.

Duty of personal, assets’ safety

This duty is shared between you and your bank. Whereas banks are required to discharge their obligation by complying with relevant safety laws and directives, customers,on the other hand, owe themselves a duty of personal safety while on the premises of their banks. For instance, it is the duty of customers to protect their assets like cars against theft while on the premises of their banks.