When a person deposits money into the account, the person becomes the creditor of the bank. In other words, the bank becomes indebted to pay the deposited amount to the depositor whenever the depositor asks for it. Therefore, a relationship of debtor-creditor is established between them. Secondly, when the bank receives money from the depositors, it uses the same money to lend to other people. However, the rate of interest charged is way more than that which is given to the depositors. When the bank grants a loan, a debtor-creditor relationship is created, but this time, the bank is the creditor, and the person to whom the money is loaned becomes the debtor of the bank. In both the above cases, the relationship of debtor-creditor is established; only the parties are different. Following is an illustration: Luke opens an account in Standard Chartered Bank. He deposits $5000 in the account. Here, Luke is the creditor, and the bank is the debtor. Luke also obtains a loan of $10,000 for buying a house. Now, Luke is the debtor, and the bank is the creditor.
Types of Accounts and Its Influence on Relationship
The contractual relationship between the banker and the customer also depends on the opened account. If the account is a fixed deposit, the banker is the debtor, and the depositor is the creditor. However, the depositor cannot ask for the money back at his/her whims and leisure. It depends upon the time for which the fixed deposit is made. If the deposit is for a tenure of five years, the bank shall only be liable to pay after five years. If it is a current account when the balance in the account is positive, then the banker is the debtor, and the account holder is the depositor. In case the account balance becomes negative, the relationship changes one hundred and eighty degrees. The bank becomes the creditor of the negative balance, and the account holder becomes the debtor. It keeps on shifting as the transactions go on. In the case of a saving account, the bank is always the debtor of the depositor unless the balance is zero. After that, the depositor can make the transactions, but the same is limited to a particular extent. A credit card is a mechanism whereby the bank allows the customer to make certain payments provided that the customer shall repay the same. For example, Ron has a credit card from a bank. The bank has 5000 dollars as the credit limit. Here, Ron can spend up to 5000 dollars from the credit card. In this case, the bank is the creditor, and Ron, the customer, becomes the debtor until he pays the requisite credit card bill. If nothing is spent from the 5000 dollars, no debtor or creditor relationship arises between the two parties.
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