For which item does a bank NOT issue a debit memorandum?
A)To notify a depositor of all withdrawals through an ATM.
B)To notify a depositor of a deduction to a depositor's account.
C)To notify a depositor of a bounced check.
D)To notify a depositor of periodic payments arranged in advance,by a depositor.
E)To notify a depositor of a deposit to their account.

Question

Quizplus · Accepted Answer

A debit memorandum is a notification of a deduction to an account. Deposits to an account would result in a credit memorandum. Therefore, a bank would not issue a debit memorandum for a deposit to a depositor's account (option E).

For Which Item Does a Bank NOT Issue a Debit