Modes of Operating Bank account: Modes of Operation The primary relationship between the bank and its customer is that of a debtor-creditor, various other relationships also arise out of the other functions performed by bank. Banks deals with different types of customers such as Individuals, companies, partnership firm, club, trusts, co-operative society etc. Banks are required to ascertain the capacity to contract of the persons opening bank accounts and also adhere to various legal provisions that apply to various categories of customers in the matter of opening and operation of the bank account. In this article, we will discuss about different types of customer and their mode of operation of accounts. Different Types of Account their Mode of Operation § Single § Jointly § Jointly or Survivor § Either or Survivor § Former or Survivor § Anyone or Survivor § Joint accounts with Special Instructions § ...
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