Nov
15

Court of Appeal Judgment Supports Bank’s Decision Not To Authorise Client To Withdraw Funds From His Account

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This article was written by​ Dr Maria Lisa Buttigieg & Tessa Borg Bartolo. In a recent decision delivered by the Court of Appeal in its Inferior Jurisdiction, the Court of Appeal overturned a decision delivered by the Arbiter for Financial Services concerning BNF Bank's decision not to authorize a client to withdraw funds from a bank account held in the client's name and this after the Bank was informed by the client that his mother, who was indicated as a debtor in a number of garnishee orders, was using his account to deposit her salary. Although the client ...
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Oct
15

Recent Court of Appeal Judgment Confirms Banking Practice of Charging of Commitment Fees

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This article was written by​ Dr Maria Lisa Buttigieg & Tessa Borg Bartolo ​ ​. A client of BNF Bank p.l.c. instituted proceedings before the Arbiter for Financial Services against the said Bank in order to obtain a refund on certain fees imposed by the Bank in relation to loan facilities granted by the Bank to the said client.The fees which the client requested a refund of consisted of relative processing fees, legal fees and commitment fees. The client in her complaint alleged that the fees were not clearly communicated to her and that the commitmen...
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