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    The Bank Account

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    Jerima Pille
    The document discusses different types of bank accounts including savings accounts and checking/current accounts. Savings accounts earn interest and have restrictions on withdrawals, while checking accounts allow unlimited deposits and withdrawals but earn little interest. The document also outlines common bank forms like deposit slips, withdrawal slips, checks, and statements used for transactions.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    The Bank Account

    Uploaded by

    Jerima Pille
    202 views15 pages
    The document discusses different types of bank accounts including savings accounts and checking/current accounts. Savings accounts earn interest and have restrictions on withdrawals, while checking accounts allow unlimited deposits and withdrawals but earn little interest. The document also outlines common bank forms like deposit slips, withdrawal slips, checks, and statements used for transactions.

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    bank account

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    The document discusses different types of bank accounts including savings accounts and checking/current accounts. Savings accounts earn interest and have restrictions on withdrawals, while checking accounts allow unlimited deposits and withdrawals but earn little interest. The document also outlines common bank forms like deposit slips, withdrawal slips, checks, and statements used for transactions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    202 views15 pages

    The Bank Account

    Uploaded by

    Jerima Pille
    The document discusses different types of bank accounts including savings accounts and checking/current accounts. Savings accounts earn interest and have restrictions on withdrawals, while checking accounts allow unlimited deposits and withdrawals but earn little interest. The document also outlines common bank forms like deposit slips, withdrawal slips, checks, and statements used for transactions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    the bank account

    BANK ACCOUNTS

    -are the center of critical


    control policies for cash
    TYPES OF BANK ACCOUNTS

     SAVINGSACCOUNT
     CHECKING ACCOUNT/ CURRENT
    ACCOUNT
    SAVINGS ACCOUNT

     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
    SAVINGS ACCOUNT

    PASSBOOKS
    - is a booklet used to record bank transactions on savings account

    ATM
    - automated teller machines
    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.
    CHECKING OR CURRENT ACCOUNTS

     The depositor is given easy access to the funds as compared to a savings


    account

    Hybrid Accounts
    - these are combinations of savings and checking account.
    - these are atm-passbook accounts
    BANK FORMS

     DEPOSIT SLIP

     WITHDRAWAL SLIP

     BANK CHECK

     BANK STATEMENT
    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
    DEPOSIT SLIP

    • 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

     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
    .
    WITHDRAWAL SLIP

    • 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
    BANK STATEMENT

     At the end of every month, the bank furnishes a statement to the


    depositor showing the movement of the account. It contain all the
    withdrawals, deposits and balance of your account after every
    transaction. It may also indicate bank charges that were
    deducted by the bank automatically. Also, interest earned by the
    account is likewise reflected.
    Samples of Debit transaction

     •Bank service charge - monthly fee charged by the bank for its
    services (Ex. cost of printing checks writing funds to other locations
    and other fees) •NSF - (Not Sufficient Fund) – Banks also use a debit
    memorandum when a deposited check from a customer
    “bounces” because of insufficient funds. Nowadays bank refer to
    this as DAIF (Drawn Against Insufficient Fund) or DAUD (Drawn
    Against Uncleared Deposits)
    Samples of Credit transactions

     •Collection of cash proceeds from notes receivables.


     •Interest income earned by the deposit.

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