BANKS must generally comply with the customers mandate and - TopicsExpress



          

BANKS must generally comply with the customers mandate and authorisation regarding funds in an account. However, as stated in the letters (Iras can appoint banks to recover overdue taxes by the Inland Revenue Authority of Singapore and Banks legally obligated to make deductions in certain cases by The Association of Banks in Singapore; both published on Tuesday), the Iras can appoint banks as its agents to collect overdue taxes from account holders. There are other situations where a bank can move funds from a customers account without notifying him. When a customer opens an account with a bank, among the documents he executes is consent for the bank to consolidate and combine accounts, and set off a credit balance in one account against a debit in another account.
Posted on: Thu, 10 Jul 2014 03:17:11 +0000

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