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Allied Bank Account Opening

Allied Bank Account Opening

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Published by bilal_jutttt

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Published by: bilal_jutttt on Apr 06, 2010
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07/07/2013

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Work Done by Me
6
In the Allied Bank of Pakistan Limited, I really enjoyed to work with thestaff of Main Branch, Ghala Mandi, Toba Tek Singh from 2
nd
of July to 31
st
August, 2002 and have a wish to be employeeof Allied Bank of Pakistan Limited. I feel honour to think for my contribution to computerize the branch, because at thattime, the branch was being computerized. Initially I started of my training by entering the data in the computer. It wasalmost impossible to work in all the departments within thatlimited time. But on my request, they staff of the branchprovided me the opportunity to work in the differentdepartments for the sake of practical knowledge. I feel highlyindebted to work in the Saddar Bazar Branch on the requestof the manager of that branch sir Munir Sahib, because Ilearnt a lot in that branch.During my internship training in the Allied Bank of Pakistan as I earlymentioned that I have worked in different departments &seats and learnt the followings.
O
PENING
 
OF
N
EW
A
CCOUNT
Account opening and closing is the function of accounts departments.Bank’s customers may be individuals (Single or Joint), firms(partnership/proprietorship), Autonomous corporations,Limited Companies, Charitable Institutions, AssociationsEducational Institutions or Local Bodies. ABL normally opensfollowing types of accounts.1.Current account2.Saving accountBrief explanation of these accounts is as follows:
CURRENTACC
Current A/c is basically used to meet the daily transactions. Currentaccount provides safety to the customer’s money, gives the advantage for 
 Hailey College of Commerce, University of the Punjab
59
 
OUNTS
paying debts by the convenient and safe means of sending chequesthrough the post thus avoiding the trouble and loss.
SAVINGACCOUNT
In case of saving accounts, account holder gets profit. In Allied Bank of Pakistan Ltd. saving a/c is operated just like a current a/c andthere is no main difference between current & saving accountexcept profit.
B
ASICS
 
TO
 
OPEN
 
AN
 
ACCOUNT
During the span of mine internship in Allied Bank I learned and observed alot of about the opening of an account. Basically I think that the opening of an account is the establishment of a contractual relationship between thebanker and the customer. By opening an account at a bank a personbecomes a ‘customer’ of a bank. Further I am going to express the basicrequirements and steps involved in the opening of an account.
Introduction andpreliminaryInvestigation
Before opening an account Allied Bank of Pakistan as like the other banksin Pakistan ascertain whether or not the person who is going to open theaccount is a desirable customer or not. Then Allied Bank of Pakistandetermine the prospective customer’s integrity, respectability, occupationand the nature of business by the introductory references given at the timeof account opening. Negligence in this informal preliminary investigationmay result in serious consequences not only for the banker concerneddirectly but also for other bankers and the general public who may beaffected indirectly. In Ladbroke & Co. V Todd (1914), the banker did notobtain introduction at the time of opening the account, and it wasconstrued a negligence within Section 82 of the Bills of Exchange Act1882.In order to further strengthen and streamline this process, the FederalOmbudsman of Pakistan, vide his ruling on complaint No. II/31/5186, hasdirected the banks to retain with the account opening form a Photostatcopy each of the National Identity Cards of the person desiring to open anaccount as well as that of the introducer. As per these directions, theconcerned Branch Managers are required to obtain the original NationalIdentity Cards along with their Photostat copies and then return theoriginal after attesting the authenticity of the retained copy.
Preliminary investigation is necessary because of the followingreasons:Avoid Frauds:
In this regard I learned that If a banker does not make the
 Hailey College of Commerce, University of the Punjab
60
 
necessary inquiries mentioned above he may enable dishonest persons topossess cheque books for fraudulent purposes. If any such personhappens to be an undercharged bankrupt, the banker might be placed inan awkward position for having allowed such a person to open and open abank account.
Safeguard against unintended overdrafts:
Sometimes due to a mistakean account may be given an overdraft, For instance, the ledger keeper,misreading the balance of an account honors a cheque for an amountlarger than the balance. Similarly a credit entry belonging to a customer may be made by mistake in another customer’s account. In suchsituations the excess amount withdrawn by the customer can only berealized if the customer is a respectable person.
Negligence:
In Allied Bank of Pakistan I also observed, When a banker does not make the necessary investigation, he may be deprived of thestatutory protection provided to a clearing banker under section 131 of theNegligence Instrument Act 1881. This is because I such a case the banker will be deemed to have acted negligently.
Inquiries about clients:
Being a banker I think Allied Bank of Pakistanhas a business obligation to respond to inquiries from other banks etc.about his customer’s financial position. Though the banker gives only ageneral ideal about the financial standing of his customer, it shouldnevertheless have the necessary information available with him.
SpecimenSignature
When an account is opened with Allied Bank of Pakistan customer provides to the bank a specimen of the form of signature which wouldappear on all his cheques to express his authority for the payment of cheques drawn on his banker. This specimen is taken generally on a cardspecially designed for this purpose, and rule for the customers, full name,and account number are entered on it.If the bank has reasons to doubt the genuineness of a signature, heshould either get it confirmed for his satisfaction or return the cheque withthe remark ‘Signature differs’. If the signature of the customer is forged thebanker cannot escape his liability because he has actually acted on hiscustomer’s mandate.
Signature other than in English
If a customer signs in a language other than English or Urdu, he isrequested to fill a Vernacular Form. This is a type of indemnity wherebythe customer relieves the bank of any responsibility in case there is anymis-verification of signatures by the bank and the cheque is paid. Thevernacular Form is obtained because the bank officers are not used toverification of signatures other than in English or Urdu; hence there is
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