Problems with E-Banking

The relevant statutes and cases 5 How the current legislations adequately 6 protect the consumers References 7 QUESTION: Analyse with relevant statutes and cases the problems with electronic banking and how the current legislations adequately protect the consumers overcoming these problems. ANSWER: The following are the problems with e-banking: 1. Time of payment:The opportunity for a customer to countermand or stop electronic payment is unclear. If the transfer is effective before the countermand is received, then the paying institution will have paid in accord with its mandate and is not liable to reverse or restore payment to the customer. Cheques are only paid or effective once cleared, and the paying bank holds records of the appropriate debit, however with EFT there are 5 possible times of payment: a. The time of transmission. b. The entering of the transfer instruction into the transfer system. c. The time of receipt of the transfer instruction by the paying institution. . The time when the recipient financial institution decides to accept the payment. e. The time when the recipient financial institution credits the sum to the account of its customer. 2. Malfunctions: ADIs accept liability for direct loss if there is a malfunction in the system. In the case where an electronic malfunction resulted in non-payment of an amount of money due under a charter party agreement, such that one of the parties lost the benefit of a ship charter, resulting in the loss of millions of dollars, it may result to indirect or consequential loss.The Uniform Commercial Code, in the USA, prohibits recovery of consequential damages from a recipient bank for a delayed or otherwise mishandled funds transfer unless there is express written agreement permitting recovery between the bank and its customer. 3. Evidence of transactions: EFT transactions are usually evidenced at the point of transaction by a document proffered to the customer. The problem arises with the unauthorized o r fraudulent use of the facility, this will result to the customer not discovering the unauthorized use until there is a periodic statement issued. . Security, fraud and liability: In accordance with cheques and bills, a customer is not ordinarily liable for losing a bill, cheque or cheque book or failing to check bank statements for inaccuracies; the duties owed by the customer to a bank are quite limited in scope. However in the case of debit and credit cards, the duties are quite different. The customer is under greater contractual duties regarding security and liability for fraud. He must keep the card in a safe place and is required to notify the bank immediately of its loss or theft. 5. Terms of contract:The terms of e-banking account are set by the ADI and are varied upon notice from time to time. Customers have little bargaining power and also problems with understanding the contractual obligations. To further illustrate this point, there is usually a â€Å"Conditions of Us e† document supplied with a debit or credit card but rarely is it understood, and as soon as the customer signs the card or first uses it, they are deemed to have accepted the card on these conditions. The relevant statutes and cases illustrating the problems with electronic banking: 1.ANZ vs Westpac (1988) 164 CLR 662, A meat company (Jakes) had an account with the branch of the Westpac Bank. At the relevant time the account was overdrawn in the amount of $67,000. A customer presented to ANZ a cheque in favour of Jakes for $14,000, but, by reason of clerial error, ANZ credited Jakes account with Westpac for $114,000. By the time ANZ notified Westpac for the error, Westpac had applied the money in reducing the overdraft and in honouring a number of Jakes’s cheques. Jakes paid back only $2,500 of the $100,000 before going into liquidation.ANZ brought an action against Westpac to recover the overpayment, however Westpac sought to rely on the defence of ministerial receipt . Bth parties acted on the basis of concessions made by Westpac that the reduction of the overdraft anad the payment of certain cheques which could have been dishonoured by Westpac at the time was notified of the mistake should be ignored for the purposes of determining whether the moneys had been applied. As a result of the concessions it was accepted by Westpac that it had not applied $17,021 of the payment and that it was liable to return this amount. . Mercedes Benz v ANZ and National Mutual Royal Savings Bank Ltd (Part 2), Mrs R was employed by the plaintiff as a payroll supervisor. By arrangement with the second defendant, she was given forms for opening accounts for new employees of the plaintiff, and she received cards and PINs for accessing those accounts. The plaintiff paid wages and commissions by issuing a cheque in favour of NMRB who then credited the appropriate accounts. There was virtually no supervision of Mrs R after her appointment, nor did the second defendant ev er question the creation of accounts.Mrs R defrauded the plaintiff company using several different schemes. For the purposes of the present note, the relevant scheme was to create accounts in fictitious names and then use those accounts for the deposit of cheques. How the current legislations adequately protect the consumers: To address these problems, a joint State and Federal Committee of Consumer Affairs Ministers prepared a Code of Conduct to be allowed by financial institutions. They were given some time to incorporate the Code into their standard EFT contracts or alternatively face legislation.After amendments recommended by the Trade Practices Commission in 1989, the Code was implemented along with the Australian Banking Ombudsman Scheme. The current Code is now part of ASIC’s scope of administration.REFERENCES: 1. Restitution law: By Sharon Erbacher pg. 639 2. Law 330 module 2 pg. 30-32 3. Cases and materials on the law of restitution:  By Andrew Burrows, Ewan McKen drick, James Edelman pg. 838 4. http://austlii. edu. au/~alan/mb2. html, Mercedes Benz v ANZ and National Mutual Royal Savings Bank Ltd (Part 2), accessed on 20/08/10.

Oedipus Essay Example | Topics and Well Written Essays - 250 words - 1

Oedipus - Essay Example The story takes a slight twist when the prophet Tiresias predicts a curse if Polynices is not buried and Antigon is not released. The king finally gives in, but this comes a bit late as when Polynices is being buried Haemon’s cry is being heard from the tomb, Antigon dies hanging on a noose (Petterson 18). The fate of Antigon could have been controlled by her in different ways. First, being aware of the king’s pride as evidenced by his willingness to defy even the gods, she should have not attempted to rebury Polynices. After knowing of the king’s plan to kill her, she should have fled till the king was dead. Thirdly when she was condemned to death, she should not have taken her life. Her death cannot be blamed on the curse because the curse had not yet been spelt. The major role she had that led to her fateful death was committing suicide. Petterson M. Oxford Guide to Plays: A-Z to 1000 best plays of world theatres. 2009. Web. July, 15 201

Law of Property Act 1925's Research Paper Example | Topics and Well Written Essays - 1000 words

Law of Property Act 1925's - Research Paper Example The land is defined in the Law of Property Act 1925, s. 205(1)(ix) as including 'the surface, buildings or parts of buildings' and whatever is attached to the land becomes part of the land. This raises, in practice, an important problem relating to ownership of those items which, but for the fact that they are attached to the land, would constitute chattels. The distinction needs to be drawn between those items which are fixtures, and therefore part of the reality, and those which are not, and therefore remain personally. One of the very established presumptions of UK Land Law is that whatever is attached to the land is part of the land as a fixture. Thus, if the land is sold, items which can be classed as fixtures pass to the buyer as part of the reality. There is no need for separate mention of these items in the contract as would be the case for chattels. An object which is brought onto land may be classified under one of three Broadheads. In general, a thing fixed to or in a relationship with the land is a fixture and is legally treated as a party of the land itself. The doctrine, therefore, transforms the personal property into real property. The doctrine of fixtures can have dramatic consequences. In Brand Vs Chris Building Society Pty Ltd a house built on the wrong block of land became part of that land, rendering it the property of the owner of the land. It can be difficult to distinguish between chattels and fixtures. The general rule is that when something is annexed to the land it becomes part of the land. It is, however, very difficult to say with precision what constitutes sufficient annexation. Should first look at extrinsic clues, most notably any contract between the parties.

Comparing Two Similar Businesses Research Paper

Comparing Two Similar Businesses - Research Paper Example This research paper discuses more about the management strategies essentially in Amazon.com and Borders Books businesses. To arrive at the conclusion of this paper statistical analysis related to the topic of discussion was collected and previous works used. Amazon.com is considered the pioneer in online selling. It expanded in the late 1990s to sell the world’s largest selection of books, DVDs, videos, CDs, electronics, toys, tools, house wares, and kitchen gadgets. Through intermediaries’ conformities, Amazon.com in addition sells products from renowned retailers like Toysrus.com Incorporated., the Borders Group, etc. On the other hand, Borders Group incorporated is the largest after Amazon.com in the United States bookstore chains. It is the fastest rising bookstore chain. It runs 354 superstores in the name of Borders Books and Music. It features books and special events, like live music, and appearances by artists. This research paper analyzed and compared two buss inesses on such topics as management approach each took to Internet marketing and sales, three reasons for Amazon's success despite not turning a profit for the first five to six years, three reasons Borders, although initially successful and profitable, ended up in chapter 11 in relation for bankruptcy safeguard. In conclusion, in order for a company to flourish in the competitive market environment it should adopt the modern marketing strategies like marketing online, designing there website in a way that attracts many customers.

Charitable Organizations Essay Example | Topics and Well Written Essays - 1750 words

Charitable Organizations - Essay Example They just have to manage funds. Lastly, the intangible benefits are immense when it comes to serving in a charitable organization. As for the disadvantages, employee retention and recruitment is a matter of concern as the salary is low and commitment needed is high. Lastly, when charities are newly established, fund raising is a major issue as people doubt their credibility. Charitable organizations are those companies who are working for the sole purpose of doing something good for the society. The organization has charity-oriented factors as its aims and objectives as opposed to a normal company, whose major aim is to maximize its profits. There can be many types of charitable organizations, namely trusts, foundations and associates which are working as unincorporated (Petit-Zaman, 2006). A company might start off with charitable purposes or might become a charitable organization after some time passes after its establishment. There is a difference between a charitable organization and not-for-profit organizations. Charitable organizations are a subset of not-for-profit organizations. Not-for-profit organizations are those which are incorporated as an organization. They have a separate legal entity. They are neither working for purely charitable purposes nor for profit maximization. ... It is actually the responsibility of the state to fulfill these traditional duties, to work for the welfare of the citizens of the state. But often the state is ignorant of these duties and that is when these charitable organizations step in and do some good work. CHARITIES IN UNITED KINGDOM The United Kingdom has a total number of 200,000 charitable organizations (UK Tax). This is a huge quantity and the graph is rising as the sector of charity is rapidly growing and accelerating. Many of these charities are established as limited liability companies so that the owners, i.e. the trustees, are not liable to pay more than their share of investment in the company and so that this factor results in the establishment of more charitable organizations. Charitable organizations are finding new ways to cater to the humanity. The various charitable organizations are basically registered with three regulatory bodies, namely the Charity Commission, the Office of the Scottish Charity Regulator and the Inland Revenue. These regulatory bodies are essential to supervise and take care of the activities that these charitable organizations are indulging in. these bodies make sure that these charities do not misuse the money that they collect from the general public for charitable purposes . These charities also have to report its activities to the government. This makes the government fully aware of whether these organizations are fulfilling their purposes or not, as their collections are tax free. This reporting aims to see whether any fraud is being done by an organization opened by the name of charity but eating up money for personal purposes. If a fraud is detected, the license of the

Thesis Essay Example | Topics and Well Written Essays - 1000 words - 1

Thesis - Essay Example GOD created human being as a reflection of him. There are some scholars according to Toulmin who believe that god created us so that we can rule his creation, therefore human beings should use his creations for livelihood (Mead, 2008).Bottom of Form When god created the universe, he tasked the Christians to care for the environment but some of them still don’t show the care thinking that it is not their responsibility to care for the environment (Nachtigall, 2008). Some believe that when Christ come back he will change the world the way it is so caring is not necessary. Many of them are concerned with the behavior of the environmentalist that places them above that of the creator. Some think that everything in the universe should be explained with respect to God or Christian values. They believe that Christians should only be focused on the things that will guarantee them the kingdom of heaven while paying no attention to earthly things. This people also think that if non Chri stians see them paying attention to earthly things they will think that they have nothing to focus on other than these earthly things. They will think that earthly things are of more importance to then Christians. Though this Christians arguments are prevalent God actually wants us to care of the universe and even the moral grounds dictates so. It is the responsibility for the Christians to take care of the environment (Mead, 2008). In these modern days the environmental challenges are threatening the existence of humanity that firstly supports its existence. Environmental problems are monster facing us and it can’t be wished away. Some of these challenges will have dire consequences if not sorted out early enough. There are many reasons why Christians should restore the environment. First, Christians should support God’s work by protecting gods’ creations (Nachtigall, 2008). God created the earth and human beings and placed them on earth to take care of it. Hen ce, Christians should not neglect the responsibility of working with God to protect and preserve all the creations. This will in turn ensure Christians preserve the environment and restore it. In addition, it will help Christians serve the Lord through the environment by preserving and conserving it. Second, Christians should start programs that focus on conserving the environment (Nachtigall, 2008). In religion, the only basic concept is to serve God and Holy Son; there is no concept of worldly concerns in the religion. This concept is what is driving Christians away from the topic of environmental conservations. All the holy people are always involved in the service of mankind so there is no point in staying away from the world. God has sent us all in this world for a purpose and we have to fulfill it. It is our own mistake if we do not understand it, and harm other people and this world. This is why there is need to understand the basic concept and relation between the nature and Christianity. One of the greatest challenges is the global warming. This is the trap of gases near the earth surface raising the temperatures just like in the green house. This effect is rising at an alarming rate and scientists are developing different models to explain and try to understand it. This increase in temperatures will cause

Creative brief Essay Example | Topics and Well Written Essays - 250 words - 1

Creative brief - Essay Example The information is equally vital in determining emerging lifestyles, habits, and way of thinking because the creative design team finds relevance with the single parent. Evaluation of the psychographic information, on the other hand, helps the team in designing both interesting and smart products that appeal to the single parent who prefers IKEA products. A single parent in the above case is in her late 30s, uses modern communication platforms such as emails, Facebook, and Twitter, and prefers e-commerce delivery systems. Consequently, it is upon the creative design team to assess new marketing tools that match the customer’s tastes and preferences while targeting the wider market segment. That suggests that advertising attracts clients similar to the single parent with the need to expand the business in terms of increased profits (Sutherland 156). The message, thus, is to add more people through innovative ways that do not interfere with the overall operation of the business. As a result, audiences would believe this message because it resonates with their desires and contemporary ways of conducting