Duty of knowledge and understanding
This represents the cornerstone of your duties as a bank customer and 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 bank.
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 as and when due.
This is one of your major responsibilities to the extent that banks are established to provide loans and other financial services 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 and information
It is your duty as a bank customer to keep your cheque book, ATM and all information relating to your account like PIN, passwords and codes safe. It is important to stress that your bank cannot bear responsibility for any loss you incur as a result of your negligence in protecting vital instruments or information.
Duty to provide factual information and not to mislead the bank
As a bank customer, you owe your bank and the society a
duty to provide factual information about relevant t r a n s a c t i o n s t h e r e f r o m . 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 to provide the bank with truthful information about yourself. You should also exercise reasonable care not to mislead your bank failing which you may be liable.
Where you suspect a fraud or compromise, whether in your accounts or in respect of relevant information/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 account so that such error can be corrected immediately.
Duty of personal safety and safety of assets
This duty is shared between you and your bank. Whereas your bank is required to discharge it obligation by complying with relevant safety laws and directives, you owe yourself a duty of personal safety while on the premises of your bank. For instance, it is your duty to protect your assets (e.g. a car) against theft while on the premises of your bank.
For a presentation of the Bank Customers’ Bill of Rights, see the article Bank Customers’ Bill of Rights in Nigeria – CBN
Although the foregoing rights and duties of bank customers are not exhaustive, they nevertheless, represent the core rights and duties. It is necessary to stress that these rights and duties are often unconditional even though there are instances where customers can only lay claim to their rights if they discharge their duties.