VATFIN2930 | Money (including transfer of money) and related services: operation of a current, deposit or savings account: what is meant by ‘operation’?

The question of what acts or services constitute the operation of a current, savings or deposit account has never been tested in court. In general terms operation might include any of the following:

• creating the account

• the deposit or withdrawal of funds to or from the account

• setting up and cancelling direct debit and / or standing order instructions

• processing credit and debit instructions

• issuing statements

• issue of cheque books

• issue of debit / cheque guarantee cards.

This list is not exhaustive.