Problems with E-Banking

1051 Words5 Pages
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SUBJECT : LAW 330: FINANCE LAW
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TABLE OF CONTENTS PAGE
Problems with e-banking 3-4

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
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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.
2. 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 ever 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
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