What is a pay-in slip, withdrawal slip, and bank statement?

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Americans call a "pay-in slip" a "deposit slip." This is a preprinted form which is the size of a standard check and typically comes in the back of the checkbook. It has the customer's name and account number, and customers write down how much money they want to deposit into a checking or savings account. They detail the exact amount of each physical check they are bringing to the bank and/or the exact amount of cash and coins they are depositing. Once the deposit is made at the bank, the customer is given a receipt to prove that the deposit has been made into the proper account. This is becoming a less common practice as many people are switching to direct (electronic) deposits.

A withdrawal slip is a piece of paper that customers take into their banks requesting that money be removed from an account and given to them (usually in cash). The paper contains the customer's name, date, account number, and amount of money the customer wishes to withdraw. Again, once the withdrawal is made, the customer is given a receipt to verify that they money has been withdrawn and for the exact amount on the receipt. Sometimes customers who are withdrawing large sums from their accounts are asked to provide identification to verify that the person making the withdrawal has permission to do so.

Banks typically send a bank statement (those now come electronically as often as in paper form) each month to review for customers the status of their accounts each month. The statement will detail each deposit and withdrawal made from the account, as well as any interest earned (if applicable). It also contains the starting balance and ending balance for the month and any additional fees the customer has been charged for banking services. It is important for customers to go over this statement and reconcile their own record keeping to make sure that the amount of money they think they have in their bank is the actual total the bank claims is in the accounts and that no errors have been made by either party.

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The term "paying-in slip" is a British equivalent of the American term "deposit slip." This is a piece of paper that accompanies a deposit into a bank account. It contains the account holder's name and account number and routing information. The account holder normally fills in the date and itemizes the items being deposited. These are used when making deposits at automated teller machines (or "cash points") or at bank branches.

A withdrawal slip is a piece of paper used to withdraw money from a bank account. It contains the account holder's name, the account number, the date and amount of the withdrawal, and an account holder signature.

A bank statement is a record of all the transactions made over a specific period (typically one month) by a specific account. These include deposits, withdrawals, interest, and fees.

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A pay-in slip sounds like another term for what is more commonly called a deposit slip. When a person wants to deposit checks or cash in his bank account he customarily fills out a slip to show the number of his account, the date, and the details of the deposit. Some deposits will consist of checks, and the depositor will list each check with the check number and the total amount of the deposit.

A withdrawal slip shows the customer's name, date, account number, and amount of the withdrawal from his account. This will require his signature. The teller will probably require some proof of identity. Currently this is shown in most banks with a plastic card which is "swiped" through a little machine.

Typically banks send the depositor a statement every month showing the "activity" in his account. This will show the account number, the dates covered by the statement, the deposits made during that period, the withdrawals made, and the bank's charges, if anything. The statement will also show the balance as of the date the statement was printed and mailed. "Activity" is the standard term.

However, it should be noted that banks, especially the big ones, are trying to get away from paperwork and switching over to computer technology. For example, at some banks the customer can insert his plastic card in the ATM (automated teller machine), punch in his four-digit PIN number (personal identification number), and deposit cash or checks into the machine without filling out a deposit slip. Same is true with withdrawals. Some banks no longer mail monthly statements but make the information available on the Internet with proper protection. They will print out and mail a statement if requested, and some banks now charge a fee for printed statements. In the future the banks will probably eliminate deposit slips, withdrawal slips, and paper statements altogether. At the present time the deposit slips and withdrawal slips are still available on the counters in almost all banks. Anyone can take these slips, and they could be attached to a term paper as examples.

 

 

 

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