In Re Warner v Elders Rural Finance Limited [1992] FCA 473 the applicants sought to invalidate a mortgage alleging that all the bank had offered was a “book-entry credit created at no cost” and therefore the bank was engaging in deceptive and misleading practices.
The court noted it is well established that “A debit or credit by a banker or financial institution even though no money is transferred in specie operates as a payment” citing Eyles v. Ellis [1827] EngR 409; (1827) 4 Bing 112 at 113-114; Momm v. Barclays Bank International Ltd. (1977) 1 QB 790 at 800-803).