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The statutory definition of banker which refers exclusively to 'banker' and not 'bank' can be found in the Bills of Exchange Act 1882 and the Cheques Act 1957. The banker is a person who: (1) accepts money from, and collects cheques for, his customers and places them to his credit; (2) honours cheques or orders drawn on him by his customers when presented for payment and debits his customers accordingly; and (3) keeps current accounts in his books in which the credits and debits are entered.

There are many other types of transactions which may be considered to be within the ambit of bankers and many other types of transactions are taken by current banks. These include the payment, discounting and collection of bills; money transfers; the issue of letters of credit and performance bonds; the operation of credit and cash card systems; the issue of certificates of deposit and other commercial paper; the custody of valuables; and the issue of travellers' cheques. The