Why do banks use deposit slips?

Why do banks use deposit slips?
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1 Answer

Answer :

For tracking purposes. Supposing at the end of the day the take (drawer) ends up over or under. They need to research accounts to make sure everything was credited properly.
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Related questions

This reading device is readily used in banks to read the numbers on the bottom of checks and deposit slips: a) MICR b) OCR c) GRE d) None of The Above

Description : This reading device is readily used in banks to read the numbers on the bottom of checks and deposit slips: a) MICR b) OCR c) GRE d) None of The Above

Last Answer : a) MICR

How much do preprinted deposit slips cost?

Description : How much do preprinted deposit slips cost?

Last Answer : In most cases preprinted deposit slips are gven to account holders at no charge.With some banks you may also be able too print deposit slips online.

How did deposit slips originate?

Description : How did deposit slips originate?

Last Answer : Deposit slips originated when "organized" banking became widespread in the 1800s. They serve as a record that the depositor actually deposited the funds in the bank. These days, deposit slips are being supplanted by electronic transactions, however.

Do you use your bank's mobile deposit (take a picture of the check with a smartphone) capability?

Description : Do you use your bank's mobile deposit (take a picture of the check with a smartphone) capability?

Last Answer : I just hold the check in a folder for a few weeks – just in case there is a problem.

Will technical problems on my banks website and toll free number effect my direct deposit due today?

Description : Will technical problems on my banks website and toll free number effect my direct deposit due today?

Last Answer : Technical problems on your banks system may affect processing of your deposit. Technical problems on your banks website will disable you to access their system so you can't check your balance but ... systems are up and check your balance. Also, banks usually have time outs for maintenance purposes.

Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Description : Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Last Answer : A person with 10 million dollars probably has a diversified investment portfolio with a variety of risk levels and return levels. As a result, his insurance is that not everything will collapse at the ... 10% above inflation, banks are a very poor choice for someone with lots of money to invest.

Can you make a deposit in a different bank's ATM?

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What do banks do with the money we deposit there? -SST 10th

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Last Answer : Banks keep only a small proportion of their deposits as cash with themselves.They use the major portion of the deposits to extend loans.

Can money be deposited or employed in a bank or association ? Many banks or associations in our country have interest , is it legal to deposit money or work in these banks or associations ? And if someone works in such an association or bank, is it permissible to offer prayers behind him ?

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Are banks required to make electronically deposited funds available on the same day of the deposit?

Description : Are banks required to make electronically deposited funds available on the same day of the deposit?

Last Answer : No, they have the right to put a hold on such funds and canspecify the duration of such holds according to their own policiesand internal rules. These holds are usually from 2 to 5 businessdays and sometimes vary with the amount deposited.

Are there any major banks that offer a free checking account without direct deposit?

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Last Answer : Yes there are. From personal experience I can tell you Associated Bank offers a free checking account without direct deposit.

Which banks offer free checking with direct deposit?

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Last Answer : US Bank offers free checking with direct deposit. Wells Fargo and Bank of America are two others that offer free checking with direct deposit. All of these banks have locations around the United States.

what banks are safe to deposit my money?

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Last Answer : In theory all banks should be safe places to put your money into. Reality is though no banks are 100% safe. The issue is what banks do you trust to put your money into? What kind of money ... to do with the money that you have; and which bank can meet your financial needs while providing safety.

The reserves held by Commercial Banks over and above the statutory minimum, with the RBI are called - (1) Cash reserves (2) Deposit reserves (3) Excess reserves (4) Momentary reserves

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The ratio of a bank's cash holdings to its total deposit liabilities is called the - (1) Variable Reserve Ratio (2) Cash Reserve Ratio (3) Statutory Liquidity Ratio (4) Minimum Reserve Ratio

Description : The ratio of a bank's cash holdings to its total deposit liabilities is called the - (1) Variable Reserve Ratio (2) Cash Reserve Ratio (3) Statutory Liquidity Ratio (4) Minimum Reserve Ratio

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Which of the following is not a measure of the Risk Management in Banks? A. CRR B. RTGS C. SLR D. Deposit Insurance

Description : Which of the following is not a measure of the Risk Management in Banks? A. CRR B. RTGS C. SLR D. Deposit Insurance

Last Answer : B. RTGS Explanation: Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with the RBI. Statutory liquidity ratio (SLR) is the Indian government term for ... is mandatory, and pays claims from a pool of funds to which every depository institution regularly contributes.

Banks can not generally accept interest-free deposits. which of the following is an exception to this rule? A. Current Account B. Savings Account of Minors C. Deposit from Minority groups D. BSBDA E. None of the Above

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Last Answer : A. Current Account Explanation: Banks cannot accept interest free deposits other than in current account.

What is difference between banks & HFCs? A. HFCs cannot accept demand deposits B. It cannot issue cheques drawn on itself C. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of HFCs D. All of the Above E. None of the Above

Description : What is difference between banks & HFCs? A. HFCs cannot accept demand deposits B. It cannot issue cheques drawn on itself C. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of HFCs D. All of the Above E. None of the Above

Last Answer : D. All of the Above Explanation: HFCs are doing functions similar to banks as banks also provides housing loans. However, there are a few differences as given below: ♦ HFCs cannot accept demand ... Credit Guarantee Corporation(DICGC) is not available to depositors of HFCs, unlike in case of banks.

Which of the following is/are not eligible to issue Certificates of deposit(CD)? A. RRBs B. Co-operative banks C. Scheduled banks D. Both (A) and (B) E. None of the Above

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Mark the correct option a) Maximum 12 deposit can be made in a financial year and more than one deposit can be made in one month b) Only one account can be opened in Post office or SBI or any nationalized banks. c) The account can be transferred from one PO to another and PO to State bank or nationalized bank vice versa. d) All the above

Description : Mark the correct option a) Maximum 12 deposit can be made in a financial year and more than one deposit can be made in one month b) Only one account can be opened in Post office or SBI or any ... from one PO to another and PO to State bank or nationalized bank vice versa. d) All the above

Last Answer : d) All the above

What is the reserve deposit ration (rdr)? a) the proportion of money RBI lends to commercial banks b) the proportion of total deposits commercial banks keep as reserves c) the total proportion of money that commercial banks lend to the customers d) none of the above

Description : What is the reserve deposit ration (rdr)? a) the proportion of money RBI lends to commercial banks b) the proportion of total deposits commercial banks keep as reserves c) the total proportion of money that commercial banks lend to the customers d) none of the above

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Description : The rate of Simple Interest in UBI & BOI are in the ratio of 5:4. Mr.Naveen wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks.He should deposit in both banks UBI & BOI in the ratio of a) 2:5 b) 1:5 c) 4:5 d) 3:5 e) None of these

Last Answer : R1 =5x R2=4x T1=T2=1/2 yr [P1*5x*(1/2)]/100 = [P2*4x*(1/2)]/100 P1:P2 = 4:5 Answer: c)

The reserves held by Commercial Banks over and above the statutory minimum, with the RBI are called (1) Cash reserves (2) Deposit reserves (3) Excess reserves (4) Momentary reserves

Description : The reserves held by Commercial Banks over and above the statutory minimum, with the RBI are called (1) Cash reserves (2) Deposit reserves (3) Excess reserves (4) Momentary reserves

Last Answer : Excess reserves

Open Market Operations refer to __________ . (1) Borrowings by Scheduled banks from RBI (2) Lending by Commercial banks to industry (3) Purchase and sale of Government securities by RBI (4) Deposit mobilisation

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Last Answer : Purchase and sale of Government securities by RBI

The ratio of a bank’s cash holdings to its total deposit liabilities is called the (1) Variable Reserve Ratio (2) Cash Reserve Ratio (3) Statutory Liquidity Ratio (4) Minimum Reserve Ratio

Description : The ratio of a bank’s cash holdings to its total deposit liabilities is called the (1) Variable Reserve Ratio (2) Cash Reserve Ratio (3) Statutory Liquidity Ratio (4) Minimum Reserve Ratio

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Is there a wall somewhere (Rome?) where people place slips of paper hoping to further their romantic dreams?

Description : Is there a wall somewhere (Rome?) where people place slips of paper hoping to further their romantic dreams?

Last Answer : Perhaps it’s the Romeo & Juliet wall of love in Verona, Italy.

Do you keep all of your report cards , pay slips and tax forms?

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Women's slips? Do we wear them anymore? Or is it outdated?

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When should I plant my sweet potato slips?

Description : When should I plant my sweet potato slips?

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Freudian slips, semantic faux pas, funny verbal abuse?

Description : Freudian slips, semantic faux pas, funny verbal abuse?

Last Answer : My all time favorite only works in text. It’s “Your stupid!”

Good MacBook bags / slips?

Description : Good MacBook bags / slips?

Last Answer : WaterField makes some good bags. I use one of their sleeves with a strap. If I need more bag, I take the strap off and stick the sleeve in my messenger bag. Their sleeves are very specifically sized.

Do women still wear slips?

Description : Do women still wear slips?

Last Answer : I can’t speak for the rest of my generation, but I certainly do wear slips when I wear a dress or skirt. The outfit feels “staticy” almost and clings if I don’t wear a slip.

What's your view on Freudian slips?

Description : What's your view on Freudian slips?

Last Answer : I think they could be a sign of the unconscious speaking . I have seen people slip sometimes where it did seem to reveal something they didn't wish to reveal. I know that it isn't guaranteed that they work ... wasn't lol. That's the closest my mom has come to saying Dominic, I think you're gay.

Do people really get pink slips when they get fired?

Description : Do people really get pink slips when they get fired?

Last Answer : answer:I don't this so, and this snopes article discusses the etymology of the phrase. It most likely comes from the fact that when copiers didn't exist, a single sheet of carbon paper would have a white, ... the NIH is a PDF file that is emailed to you. But, most people still call them pink sheets.

The V-belt on the washing machine slips

Description : Is there anything you can do about it? Or does he have to buy a new one? Sometimes when the washing machine is full it slips.

Last Answer : For most washing machines, you just need to put it on.

Why Clutch slips under acceleration?

Description : Why Clutch slips under acceleration?

Last Answer : Need answer

What is the simple subject of this sentence 'Where should we put the charge slips'?

Description : What is the simple subject of this sentence 'Where should we put the charge slips'?

Last Answer : we

What is the simple subject of this sentence 'Where should we put the charge slips'?

Description : What is the simple subject of this sentence 'Where should we put the charge slips'?

Last Answer : we

Why is water not suitable for putting out a petrol fire? (1) The oxygen content of water is isolated by petrol and thus it helps in burning (2) Petrol is too inflammable to be extinguished by water (3) The heat required for combustion of petrol is very low (4) Water, being heavy, slips below petrol which thus remains in contact with air and burns

Description : Why is water not suitable for putting out a petrol fire? (1) The oxygen content of water is isolated by petrol and thus it helps in burning (2) Petrol is too inflammable to be extinguished by ... very low (4) Water, being heavy, slips below petrol which thus remains in contact with air and burns

Last Answer : (4) Water, being heavy, slips below petrol which thus remains in contact with air and burns Explanation: Water is not effective on petrol fire because it has higher density than ... while petrol stays afloat and keeps burning. Petrochemical fires are nearly always extinguished with chemical foam.

Why is water not suitable for putting out a petrol fire? (1) The oxygen content of water is isolated by petrol and thus it helps in burning (2) Petrol is too inflammable to be extinguished by water (3) The heat required for combustion of petrol is very low (4) Water, being heavy, slips below petrol which thus remains in contact with air and burns

Description : Why is water not suitable for putting out a petrol fire? (1) The oxygen content of water is isolated by petrol and thus it helps in burning (2) Petrol is too inflammable to be extinguished by ... very low (4) Water, being heavy, slips below petrol which thus remains in contact with air and burns

Last Answer : (4) Water, being heavy, slips below petrol which thus remains in contact with air and burns Explanation: Water is not effective on petrol fire because it has higher density than petrol as a ... extinguished with chemical foam which forms a blanket over the flames and cuts off the oxygen supply.

In sunk key no slips occurs A. True B. False

Description : In sunk key no slips occurs A. True B. False

Last Answer : A. True

In sunk key no slips occurs A. True B. False

Description : In sunk key no slips occurs A. True B. False

Last Answer : A. True

The SB slips (SB 27 ) is used for ------------------ a) SB document is sent by the HO to SO b) withdraw money from counter c) SB documents is sent by the SO to HO d) None of the above

Description : The SB slips (SB 27 ) is used for ------------------ a) SB document is sent by the HO to SO b) withdraw money from counter c) SB documents is sent by the SO to HO d) None of the above

Last Answer : a) SB document is sent by the HO to SO

BO Slips are prepared in a) Duplicate b) Single c) Triplicate d) Quadruplicate

Description : BO Slips are prepared in a) Duplicate b) Single c) Triplicate d) Quadruplicate

Last Answer : a) Duplicate

BO slips are prepared by a) HO b) BO c) SO(AO d) All the above

Description : BO slips are prepared by a) HO b) BO c) SO(AO d) All the above

Last Answer : c) SO(AO

Acknowledgement card attached to an unclaimed/returned registered article for redelivery to sender should be a) Delivered back to sender along with article b) Filled along with delivery slips c) Destroyed d) None of these

Description : Acknowledgement card attached to an unclaimed/returned registered article for redelivery to sender should be a) Delivered back to sender along with article b) Filled along with delivery slips c) Destroyed d) None of these

Last Answer : c) Destroyed

Botanical seed of potato is a. Seed potato b. Potato seed c. None of above d. Slips

Description : Botanical seed of potato is a. Seed potato b. Potato seed c. None of above d. Slips

Last Answer : Potato seed