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For which item does a bank NOT issue a debit memorandum? To notify a depositor of all withdrawals through an ATM To notify a depositor of a deduction to a depositor’s account To notify a depositor of a bounded check To notify a depositor of periodic payments arranged in advance, by a depositor To notify a depositor of a deposit to their account

Finance Mar 25, 2021

For which item does a bank NOT issue a debit memorandum?

1. To notify a depositor of all withdrawals through an ATM
2. To notify a depositor of a deduction to a depositor’s account
3. To notify a depositor of a bounded check
4. To notify a depositor of periodic payments arranged in advance, by a depositor
5. To notify a depositor of a deposit to their account

Expert Solution

Answer:

e . To notify a depositor of a deposit to their account

Step-by-Step explanation

Option E

The Dr. memo is one which is generated for the purpose of retail banking in case of debits made to the holder' a/c such as the bank charges etc.which are deductions from such a/c. However, the deposit is of credit nature.

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