What does it mean for a bank to act with "care and skill"?

When a bank acts with "care and skill," it fundamentally implies that the institution is committed to adhering to established procedures and standards in its operations. This approach ensures that all actions taken by the bank are in alignment with regulatory requirements and best practices, maintaining a high level of professionalism and reliability in service delivery.

Following proper procedures diligently encompasses a variety of responsibilities such as verifying customer identity, accurately processing transactions, and managing risks effectively. It ultimately helps protect the interests of customers and the institution alike, fostering trust and accountability in the banking system.

This practice stands in contrast to merely processing applications swiftly or minimizing operational costs, as those may compromise thoroughness and quality. Additionally, closing accounts without notice would represent a failure to uphold the principles of transparency and customer service, which are essential to acting with the care and skill expected in the banking industry.