MCS 3040 Chapter Notes - Chapter 25: Cheque, Negotiable Instrument, United Nations Commission On International Trade Law
10 Mar 2018
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Traditionally canadian law had four distinct sectors: banks, trust companies, In 1987, canadian legislation allowed banks to go beyond traditional banking and. Banks offering additional services, such as cash management, investment advice, financing stockbrokerages, and insurance companies. participate in other sectors in their branches or through subsidiary firms such as insurance. All this (cid:396)e(cid:395)ui(cid:396)es legislatio(cid:374) regulate the types of business they are permitted to conduct. Banks fall under federal jurisdiction, regulated through the federal bank act. Bank act main purpose is to ensure the stability and liquidity of banks and to identify and. Duties of the bank honour payment instructions and repay deposits collect payments for the customer provide account information to the customer on a regular basis maintain secrecy of the custo(cid:373)e(cid:396)"s affai(cid:396)s. Duties of the customer take reasonable steps in order to prevent fraud and forgery keep authorizations current notify the bank of any suspected problems provide safeguards for electronic communications.
