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  1. #1
    viet_ghat is offline Junior Member
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    Default What is `minimum standards of banking practices'

    We are proud to announce that we have formulated and adopted a Code of Commitment that sets the minimum standards of banking practices for us to follow in our dealings with you.
    I think
    Code of commitment = Some rules to follow
    that set minimum standards of banking practices = I have no idea.


    Could anone explain it?

  2. #2
    BobK's Avatar
    BobK is offline Harmless drudge
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    Default Re: What is `minimum standards of banking practices'

    Quote Originally Posted by viet_ghat View Post
    We are proud to announce that we have formulated and adopted a Code of Commitment that sets the minimum standards of banking practices for us to follow in our dealings with you.
    I think
    Code of commitment = Some rules to follow It's a bit of a pompous name for it.
    that set minimum standards of banking practices = I have no idea.


    Could anone explain it?
    minimum standards of banking practices = the least a banking service ought to provide. It might specify things like 'Respond to new account requests within 10 working days'.

    Note that - in the UK at least - I believe there are already minimum standards specified; different banks conform to them without having to define their own. If a bank says 'we've defined our own', alarm bells ring in my head. It suggests that there's something in the agreed standards that that bank doesn't like (and probably doesn't conform to).

    b

  3. #3
    viet_ghat is offline Junior Member
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    Default Re: What is `minimum standards of banking practices'

    Quote Originally Posted by BobK View Post
    minimum standards of banking practices = the least a banking service ought to provide. It might specify things like 'Respond to new account requests within 10 working days'.

    Note that - in the UK at least - I believe there are already minimum standards specified; different banks conform to them without having to define their own. If a bank says 'we've defined our own', alarm bells ring in my head. It suggests that there's something in the agreed standards that that bank doesn't like (and probably doesn't conform to).
    Thank you.

  4. #4
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    Default Re: What is `minimum standards of banking practices'

    Though this is now resolved. As a point of interest, BobK mentioned a universal set of banking rules in the UK.
    This set of minimum requirements does exist. It is called "the Banking code" and is legislation set down by the British Banker's Association.
    In English banking law, it is stipulated that all banks must follow this code, which relates to many features such as how accounts are secured and accessed.

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