When a bank pays interest or collects an amount owed to a company by one of the bank's customers,the bank issues a credit memorandum.

Name: When a bank pays interest or collects an amount owed to a company by one of the bank's customers,the bank issues a credit memorandum.
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A credit memorandum is issued by a bank when it pays interest or collects an amount owed to a company by one of its customers. This memorandum serves as proof of the transaction and records the amount credited to the account.

When a Bank Pays Interest or Collects an Amount Owed