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 fee assessed to the depositor's account.
C) To notify a depositor of an uncollectible 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 bank issues a debit memorandum to notify a depositor of any changes or deductions made to their account. However, a deposit to a depositor's account would not result in a deduction or a change to the account balance, so a debit memorandum would not be issued for that transaction.

For Which Item Does a Bank NOT Issue a Debit