RE: Legal Opinion regarding deposit of Tk. 50,000.00 without knowledge of an Account Bank 1, Mr. x.
We refer to your letter dated 17 September 2007 on the above subject.
From perusal of your letter it appears that, Mr. x, Deputy Commissioner of Taxes, Companies Circle – 2 has a savings account no. 2799 (“the Savings Account”) with Bank 1 (“the Bank”).
An amount of Tk. 30,000.00 was deposited in the Savings Account on 11.07.07 by a third party by cheque which was collected by the Bank from Bank 2.,. Further on 08.08.07, an amount to Tk. 20,000.00 was deposited in the Savings Account in cash by a third party.
Mr. x vide his letter dated 05.09.07 has stated that the two deposits were deposited without his signature in the deposit slip and without his knowledge and has requested the Bank to debit Tk. 50,000.00, the total deposited amount, from the Savings Account and take appropriate action under banking law.
In the above circumstances, you have requested us to give our legal opinion as to what should be the course of action taken by the Bank.
The general rule is that payments in by third parties to a customer’s account must not be revoked by the bank unless expressly authorised by the customer.
In the instant case, Mr. x, the account holder vide his letter dated 05.09.07 has requested the Bank to debit the two deposits totalling Tk. 50,000.00 from the Savings Account.
Therefore, the Bank may revoke the deposits totalling Tk. 50,000.00 in the following process:
i) Regarding the deposit of Tk. 30,000.00 by cheque: From the deposit slip it is apparent that the amount was paid from the Account No. MSA 4928849 maintained with Bank 2. Therefore, the Bank may debit Tk. 30,000.00 from the Savings Account and credit the same back to the Account No. MSA 4928849 maintained with Bank 2;
ii) Regarding the deposit of Tk. 20,000.00 by cash: As this payment was made by cash, it is not possible for the Bank to trace the depositor. In this situation, the Bank may open a sundry account and transfer Tk. 20,000.00 from the Savings Account into this sundry account. If the depositor subsequently claims this amount from the Bank, he may be paid from this sundry account;
provided that, express prior written authorisation from Mr. x is taken by the Bank regarding the above.
If you have any further query, please do not hesitate to contact the undersigned.
All papers/documents provided to us are returned herewith.
For: “The Lawyers & Jurists”