Management and Organizational Studies 2275A/B Chapter Notes - Chapter 25: Cheque, Payment Service Provider, Negotiable Instrument

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Frederick King

Document Summary

Banks have become financial marketplaces, offering services in cash management, payment services, investment advice, and business financing. The key (cid:396)e(cid:373)ai(cid:374)i(cid:374)g li(cid:373)it o(cid:374) (cid:271)a(cid:374)ks" (cid:271)usi(cid:374)ess is the p(cid:396)ohi(cid:271)itio(cid:374) agai(cid:374)st selli(cid:374)g o(cid:396) p(cid:396)o(cid:373)oti(cid:374)g i(cid:374)su(cid:396)a(cid:374)(cid:272)e products in their branches. Contract law is the prime source of guidance in interpreting and enforcing the rights and obligations of the parties in this relationship. Consists of one bank account into which the business deposits its cash receipts from customers and from which it makes payments to suppliers, employees, government, and owners. I(cid:374) te(cid:396)(cid:373)s of the (cid:272)usto(cid:373)e(cid:396)"s (cid:373)o(cid:374)ey o(cid:374) deposit (cid:449)ith the (cid:271)a(cid:374)k, the (cid:396)elatio(cid:374)ship is that of the (cid:271)a(cid:374)k as debtor and the customer as creditor. People should understand that banks have no obligation to look beyond their own self-interest. Financial services legislation established the financial consumer agency of canada (fcac) to protect and edu(cid:272)ate (cid:272)o(cid:374)su(cid:373)e(cid:396)s th(cid:396)ough the (cid:373)o(cid:374)ito(cid:396)i(cid:374)g of i(cid:374)stitutio(cid:374)s" (cid:271)usi(cid:374)ess p(cid:396)a(cid:272)ti(cid:272)es (cid:396)ega(cid:396)di(cid:374)g su(cid:272)h (cid:373)atte(cid:396)s as account fees and credit card rates.