Q:

What is the definition of withdrawal slip?

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Quick Answer

A withdrawal slip is a bank document on which a person writes the date, account number and amount of money to withdraw from a bank. It is called a withdrawal slip because it is used to make a withdrawal from a person’s account. It includes important information that allows the bank to keep an accurate record of the withdrawal and provide the required amount.

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What is the definition of withdrawal slip?
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Full Answer

It is crucial to write accurate and readable information on the slip to ensure proper withdrawal. An official bank withdrawal slip is obtained at the bank branch where the person deposited money, and it contains a clear print of the bank name. When filling out a withdrawal slip, a person writes his complete name including a middle initial. If the slip asks for an address, it is important to write a complete address including the ZIP code. The amount to withdraw is written in words below the name. Any change is written as a fraction. If coin change is not needed, a fraction with a zero is included. After filling out the bank slip, a person signs it in the presence of a bank teller. Forms of identification are often shown to the bank teller before receiving the money. The teller processes the withdrawal and provides the money along with a receipt. It is also possible to withdraw the money using an ATM.

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