the bank account

BANK ACCOUNTS

-are the center of critical

control policies for cash
TYPES OF BANK ACCOUNTS

 SAVINGSACCOUNT
 CHECKING ACCOUNT/ CURRENT
ACCOUNT
SAVINGS ACCOUNT

 These are intended to provide an incentive for the depositor to

save money.
 The depositor can make deposits and withdrawals using the form
provided by the bank.
 Banks usually pay an interest rate that is higher than a checking
account or a current account.
 Some savings accounts have a passbook, in which transactions
are logged in a small booklet that the depositor keep
 Some savings accounts charge a fee if the balance falls below a
specified minimum
SAVINGS ACCOUNT

PASSBOOKS
- is a booklet used to record bank transactions on savings account

ATM
- automated teller machines
CHECKING OR CURRENT ACCOUNTS

 Money held under a checking account can be withdrawn through

issuance of a check
 Banks usually allows numerous withdrawals and unlimited deposit under
this type of account.
 The interest rate for checking account is usually lower as compared to a
savings account.
 The account holder or depositor of a checking account is normally
provided at the end of the month a bank statement showing all the
deposits made, checks paid by the bank, and the balance of the account.
CHECKING OR CURRENT ACCOUNTS

 The depositor is given easy access to the funds as compared to a savings

account

Hybrid Accounts
- these are combinations of savings and checking account.
- these are atm-passbook accounts
BANK FORMS

 DEPOSIT SLIP

 WITHDRAWAL SLIP

 BANK CHECK

 BANK STATEMENT
DEPOSIT SLIP

 The bank provides deposit slip that the depositor will fill up every
time the depositor will put in money to his account. The usually
required information in a deposit slip are:
• Account Name – this is the complete name of the depositor that is
reflected in the records of the bank. If it has a pass book, the account
name is indicated on first page inside the passbook.
• Account Number – this is a unique identifier of the account
maintained by the depositor. • Date of Deposit
• Type of Account
DEPOSIT SLIP

• Currency
• Amount in words and in figures – the amount that the depositor
wishes to put into his account. The amount to be deposited maybe in
form of cash or check.
If it is a cash deposit, the breakdown of the cash is usually listed in the
deposit slip if it is a check deposit, the details of the checks are
indicated in the deposit slip, for example: Issuing Bank, Address of the
Issuing Bank, date of the check and the amount.
WITHDRAWAL SLIP

 Without a withdrawal slip, the bank will not allow you to get money
from your account. The required information in the withdrawal slip
are:
• Account Name - the name of the depositor
• Account Number– the unique identifier given by the bank for every
account maintained
• Date of the withdrawal
• Type of account - savings or current
.
WITHDRAWAL SLIP

• Currency
• Amount to be withdrawn - the amount that the depositor wishes to
withdraw from his account. The amounts in words and in figures are
indicated.
• Signature of the Depositor – this is the most important part in the
withdrawal slip. The signature is a proof that the depositor is
authorizing the bank to get money from his account. Usually, the
bank compares the signature in the withdrawal slip against the
signature in the bank records submitted during the opening of the
account
BANK STATEMENT

 At the end of every month, the bank furnishes a statement to the

depositor showing the movement of the account. It contain all the
withdrawals, deposits and balance of your account after every
transaction. It may also indicate bank charges that were
deducted by the bank automatically. Also, interest earned by the
account is likewise reflected.
Samples of Debit transaction

 •Bank service charge - monthly fee charged by the bank for its
services (Ex. cost of printing checks writing funds to other locations
and other fees) •NSF - (Not Sufficient Fund) – Banks also use a debit
memorandum when a deposited check from a customer
“bounces” because of insufficient funds. Nowadays bank refer to
this as DAIF (Drawn Against Insufficient Fund) or DAUD (Drawn
Against Uncleared Deposits)
Samples of Credit transactions

 •Collection of cash proceeds from notes receivables.

 •Interest income earned by the deposit.