Building Society vs. Bank

Building Society vs. Bank

Describe the legal customer relationship between the building society and the Bank. Be sure to cite your sources.
Building societies, just like banks, are deposit-taking financial institutions.
Consider the credit and debtor client relation amid the two litigants.
Clients who hold accounts with building societies, are also part of the owners of the organization and have rights to select leaders as well as receive information.
All members or customers enjoy equal rights irrespective of their account balances.

A board of executives runs building societies while stakeholders run banks.

Endowment Organization vs. Bank

Describe the legal customer relation amid the endowment organization and the Bank. Be sure to cite your sources of information.
The client institution relation of fiduciary.
The parameters of the endowment adviser’s trustee responsibilities rely on the extent of the avuncular relation.
The legitimate entitlements, as well as obligations of an endowment administrator, differ from that of a bank.
In general, a bank lacks the authority to influence its client on the suitability of the aptness of a transaction.
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Insurance Firm vs. Bank

Describe the legal relation amid the two parties and remember to cite your source of information.
Just like the other business, the insurance firm relation with its clients narrowly differs from the banks since the firm usually boasts of a unique connection with the customer holding its policies.
The unique link comprises of the fiduciary responsibilities as well as responsibilities of good faith.
The insurance firm is obliged by law to disclose some of the limitations attached to their policies to the policyholders.
On the other hand, the Bank is only obliged by law to furnish its client with only necessary information like APR computation as well as bank account balances.

Trust Firm vs. Bank

Describe the legal relations between the two entities briefly and cite your source of information.
An organized collaboration to carry out fiduciary of trusts, as well as agencies, is referred to as trust firm.
When a customer deposits their money through a trust firm, they lack any legal rights to question the Bank on the use of the same money. In this case, the Bank has a legal relationship with a trust firm and not the customer.
Nonetheless, if the Bank stands in as a trust organization, the client has the legal right to question the usage of their funds.

Similarities Amid the Lender and Various Service Providers

Discuss the above and take a keen interest in the Duty of confidentiality as well as undue influence. Remember to cite your work.
The major similarity among all these service givers and the Bank is that all of them have a legal obligation to keep the confidentiality of their clients.

Rights and Duties of a Banker

With precise citations, outline the rights as well as responsibilities of a banker.
A finance institution is entitled to some rights from its clients and equivalent obligations; it is obliged to discharge for the client. Such right may be such as the entitlement to charge some acceptable interest on loans given to the clients as well as other acceptable commissions for the services provided.

Rights and Responsibilities of a Customer

Describe the rights and duties of customers with precise citations of your sources.
On the other hand, the client is similarly entitled to some rights from their financial institutions and equivalent responsibilities; they are obliged to discharge in favour of the banking institution.

Conclusion