A bank does not issue a debit memorandum to notify the depositor of which of the following?
A) An uncollectible check.
B) A deposit to their account.
C) A fee assessed to the depositor's account.
D) Periodic payments arranged in advance, by a depositor.
E) All withdrawals through an ATM.

Question

Quizplus · Accepted Answer

A debit memorandum is issued by a bank to notify the depositor of any deductions from their account such as a fee or an uncollectible check. However, a deposit to the account is not a deduction, so there is no need for a debit memorandum to be issued in this case.

A Bank Does Not Issue a Debit Memorandum to Notify