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Full Project – An assessment of the management of customers account in the commercial banking sector

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CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

According to Ojo (2002), bank is a commercial institution which performs various financial activities e.g. accepting and handling of deposit of its customers. Bank is an institution which perform or process credit and lending operation as well as accepting deposits and making advances, it also allow for the issuance of money and facilities, payment processing include automatic payment.

Commercial banking is a bank that provide services such as accepting deposits, giving business loan and basic investment product. In other words commercial bank also refer to a bank that mostly deal with deposit and loan for cooperation on large business as opposed to individuals members of the public.

The basic instrument used by a bank is to have a customer without the customer a bank cannot operate the management of the customers account is deemed to start immediately the banks agree to open an account for a person.

1.2 Statement of the Problems

Banking sector is getting competitive everyday in order to be successful in the field, total quality management ought to be the integral part of their strategy.

Management but unfortunately there are some problems that hinders the level of which they manage customers account. This research is designed to investigate the level of implementation of total quality management in theories commercial bank operating system in Nigeria. The following are some of the problems.

Unnecessary deduction of customers money in the bank
Poor customers relation (manners of approach)

Intermediation of customers standard

Unnecessary delay of customers in the bank

1.3 Objectives of the Study

The major purpose of this research work is to asses the management in the commercial banking for customers account.

The others specific objectives includes:

To examine the causes of unnecessary deduction of customers money in the bank
To determine poor customers relation (manners of approach) to the staff of First bank

To determine intermediation of customers standard

To determine unnecessary delay of customers in the bank

1.4 Research Questions

The following are the research questions for the collection of the needed data.

What are the causes of unnecessary deduction of customers money in the bank?
To what extent does poor customers relation (manners of approach) to the staff of First bank?

How does intermediation of customers standard?

What are the causes of unnecessary delay of customers in the bank?

1.5 Significance of the Study

The significance of this project work is aimed at knowing how the various accounts of different customers are being operated or managed, such as the current, savings and deposit accounts.

The research also make people to know their right and duties they owe the bankers and the duties the bankers also owned them.

Also, because of various comment and opinion on the policy of how loan is being allocated and various collateral security needed to secure loans and how account are being managed.

The researcher also urged people to know how government account are treated and how the cheque issued by the government are being honoured for payment by the commercial banks. And also how and overdraft is being granted to customer and how interest is being charged on the excess money, and the method of payment.

1.6 Scope of the Study

This project deals mainly with the management of customers account in the commercial banking sector of the economy with particular reference to first bank of Nigeria.

Particular attention is paid to how the various account of customers are being operated, such as current, savings and deposit account.

This project also deals with the use of cheques, how cheques are accepted for the credit of various current account holder and how account are opened and closed, and also the implication to the bankers.

1.7 Limitations of the Study

It is noted that in an attempt to carryout this research work. The researcher was confronted with some problems that limited the work to what we have endeavour to present so far.

The problems of limitation include:

Inadequate library facilities
Inadequate fund

Time factor was also another limitation as the time frame for the writing of this project was very limited due to other commodities.

1.8 Definition of Key Terms

Banks: These are financial institutions that regulate the flow of money and credit in an economy and as well facilitate the role of receiving customers deposits to be channelled into productive use.

Capital: The Associate of Certified Accountant (ACCA) defines capital as a stock of wealth existent at any time and basically consist of the physical assets of society which are used in the production of further wealth.

Customer: This refers to any person who opens and account with the bank

Collateral Security: This can be property such as security, cash, stock or bonds pledge as security for payment of loan.

Economic Depression: This occur when the economy of a country depreciate and the total income per head is below the standard of living of the people in the case, the gross domestic product (GDP) is unfavourable.

Economic Security: This is the term that connotes a remarkable appreciation of the state of the economy after a period of recession.

Development: The concept of development is not easy to define but for the purpose of this study, it could be defined as the overall improvement in the aspect of social, political, cultural and economic well being of the society.

Overdraft: This is the situation where the credit amount in his/her account is lower than what is withdrawn.

Fraud: This is a way of manipulating account

Financing: This refers to the fund which are usually raised from the legal owners of the firm, long term lenders and short term lenders financing e.g. trade credit firm.

customers: He or she who opens an account with a bank.

Banker: The staff of the bank whose duties include receiving of money collection of draft and hindering of cheques

Bank Loan: This is the amount of money lent to those who demand for it not necessary the depositor of the bank

Creditor: Persons or artificial human being who is owed

Debtors: Person or institution(s) who is standing legal liability to the bank

Banking: Profession of the bankers

Cheque: This is a written order directing a bank to pay money to the person bearing the cheque

Deposit: This is the money kept in one’s account not to be withdrawn without notice on which interest is payable and a person who deposit or called expositor.

Financial Market: Is a specialized type of market which trades only in securities.

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