Scribd
Upload
17 views

Fabm Bank Related Transaction

Bank Related Transactions

Uploaded by

PHEGIEL HONCULADA MAGAMAY
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
17 views

Fabm Bank Related Transaction

Bank Related Transactions

Uploaded by

PHEGIEL HONCULADA MAGAMAY
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 3

Type of Bank Accounts Normally Maintained by a Business

Business usually maintain two types of account: (1) savings account , and (2) checking or current account
A. Savings Accounts
• These are intended to provide an incentive for the depositor to save money.
• The depositor can make deposits and withdrawals using the form provided by the bank.
• Banks usually pay an interest rate that is higher than a checking account or a current account.
• Some savings accounts have a passbook, in which transactions are logged in a small booklet that the
depositor keep
• Some savings accounts charge a fee if the balance falls below a specified minimum
B. Checking or Current Accounts
• Money held under a checking account can be withdrawn through issuance of a check
• Banks usually allows numerous withdrawals and unlimited deposit under this type of account.
• The interest rate for checking account is usually lower as compared to a savings account.
• The account holder or depositor of a checking account is normally provided at the end of the month a
bank statement showing all the deposits made, checks paid by the bank, and the balance of the account.
• The depositor is given easy access to the funds as compared to a savings account.
C. Time Deposit Accounts
A type of a savings account that is held for a fixed-term and can be withdrawn only after the lapse of the
agreed period and by giving notice to the bank. The account may be withdrawn also anytime
however the bank usually charges penalties. This type of account yield high interest.

In order to open a particular account, the bank will require individuals certain documents such as
valid identification card and will ask you to fill-up the forms prepared by the bank. Upon approval
of the application to open an account, the bank will give the depositor his account number.

A withdrawal slip and deposit slip are written orders to the bank. These slips are used to take out
money or to put in money to the depositors account..
A) Withdrawal Slip
Without a withdrawal slip, the bank will not allow you to get money from your account. The
required information in the withdrawal slip are:
• Account Name - the name of the depositor
Account Number – the unique identifier given by the bank for every account maintained
• Date of the withdrawal
• Type of account - savings or current
• Currency
• Amount to be withdrawn - the amount that the depositor wishes to withdraw from his account.
The amounts in words and in figures are indicated.
• Signature of the Depositor – this is the most important part in the withdrawal slip. The signature is a
proof that the depositor is authorizing the bank to get money from his account. Usually, the bank
compares the
signature in the withdrawal slip against the signature in the bank records submitted during the opening of
the account. There are instances that the depositor cannot attend personally to withdraw the funds, he
may
authorize a representative by indicating the name of the representative in the space provided and the
representative must sign. There is a need for the representative to bring a valid identification card
upon withdrawal otherwise the bank will not approve the withdrawal.
B) Deposit Slip
The bank provides deposit slip that the depositor will fill up every time the depositor will put
in money to his account. The usually required information in a deposit slip are:
• Account Name – this is the complete name of the depositor that is reflected in the records of the bank. If
it has a pass book, the account name is indicated on first page inside the passbook.
• Account Number – this is a unique identifier of the account maintained by the depositor.

> Date of Deposit > Type of Account > Currency


> Amount in words and in figures – the amount that the depositor wishes to put into his account. The
amount to be deposited maybe in form of cash or check. If it is a cash deposit, the breakdown of the cash is
usually listed in the deposit slip if it is a check deposit, the details of the checks are indicated in the deposit slip,
for example: Issuing Bank, Address of the Issuing Bank, date of the check and the amount.

Withdrawal Slip Sample


Deposit Slip Sample

3. Check (cheque)
A check is a document that orders a bank to pay a specific amount of money from a person's account to the
person in whose name the cheque has been issued. The person writing the cheque, the drawer, has a
transaction banking account where his money is held. The drawer writes the various details including the
monetary amount, date, and a payee on the cheque, and signs it, ordering his bank, known as the drawee, to
pay that person or company the amount of money stated.Checks are a type of bill of exchange and were
developed as a way to make payments without the need to carry large amounts of money. The check number is
usually indicated in the upper right portion of the check.
The following are the parties involved in a transaction that uses check as medium of exchange:
• Drawer, the person or entity who makes the check
• Payee, the recipient of the money
• Drawee, the bank or other financial institution where the cheque can be presented for payment.
Sample of a Cheque

You might also like