Money (including transfer of money) and related services: operation of a current, deposit or savings account: what is meant by ‘operation’?
The question of what acts or services constitute the operation of a current, savings or deposit account has never been tested in court. In general terms operation might include any of the following:
- creating the account
- the deposit or withdrawal of funds to or from the account
- setting up and cancelling direct debit and / or standing order instructions
- processing credit and debit instructions
- issuing statements
- issue of cheque books
- issue of debit / cheque guarantee cards.
This list is not exhaustive.