📝 One-liners · 66 cards
A ANCILLARY SERVICES
What is a locker facility offered by banks classified as?
A locker facility is classified as an ancillary service provided by banks, where customers rent safe deposit boxes to store valuables and important documents.
What is a bill payment service offered by banks to customers?
Facility to pay utility bills through bank on behalf of customers.
Under what contract does a bank provide locker services to customers?
Locker services are governed by a contract of bailment and licence, where the bank acts as a licensor and the customer as a licensee, not a bailor-bailee relationship for the contents.
What is a bank's collection agency service in the context of ancillary services?
Banks collect cheques, bills, and dues on behalf of customers for a fee.
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