Pay In Slip

What is a pay in slip; withdrawal slip and bank statement?

Expert Answers
William Delaney eNotes educator| Certified Educator

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.