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What Is a Bank Receipt?
A bank receipt contains detailed information about a financial transaction conducted at a bank. The transaction receipt generally includes the amount of the transaction, the date it occurred, and the employee number of the bank employee who conducted the transaction. Aside from transactions involving deposit accounts, bank receipts are also given to customers who make loan payments, credit card payments, and conduct other similar types of transactions. Banks provide account holders with a copy of the bank receipt and the bank also maintains its own records of all transactions.
Financial institutions issue receipts to customers to avoid disputes relating to the details of transactions. Immediately after taking possession of the bank receipt, the account holder has the opportunity to dispute any information that is incorrectly recorded on the receipt. If an error occurs after an account holder leaves the bank and funds are deposited into the wrong account, the customer can use the bank receipt as a means of having the transaction corrected and funds deposited into the correct account.
Banks encourage account holders to use their transaction receipts to balance their accounts at least once a month. Many people review their monthly bank statement and compare the amounts and transaction dates of items listed on the statement with their own bank receipts. Businesses typically keep bank receipts until the end of the year so that the receipts can be used for tax preparation purposes. Individuals who claim tax deductions for certain kinds of expenses must also keep copies of bank receipts to prove that they qualify for deductions related to banking transactions, such as interest charges on mortgages.
Only an account holder can usually make a withdrawal from a deposit account, but anyone can make a deposit into an account. To protect the privacy of depositors, banks typically do not print account numbers on bank receipts in case the person making the deposit is not the actual account owner. Banks normally do not print account balances on receipts, although customers can request to have the balance printed if they can establish their identity at the time they make a request.
Historically, bank receipts were paper slips. In recent years, many banks have begun to offer online receipts. These receipts are normally sent to the account holder via e-mail. Using online receipts rather than paper receipts enables the bank to save on printing costs and also provides convenience for account holders who no longer have to keep track of numerous paper receipts.
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![Banks encourage clients to review their monthly statement and compare the amounts and transaction dates of items listed on the statement with their own bank receipts.]()
By: littleblokeBanks encourage clients to review their monthly statement and compare the amounts and transaction dates of items listed on the statement with their own bank receipts. -
![Shredding old bank receipts may help protect an individual against identity theft.]()
By: Debbie TorkelsonShredding old bank receipts may help protect an individual against identity theft. -
![In recent years, many banks have begun to offer online banking receipts.]()
By: darko64In recent years, many banks have begun to offer online banking receipts.
Discussion Comments
I keep all of my cash register receipts and bank deposit receipts in a tray. Once a week, I will sit down with my calculator and figure out my balance. I always make sure it coincides with my online bank statement.
I am grateful for online account access. I can check my balance from my computer at any time. It updates frequently, and it even tells me about pending purchases I made just a short while ago that are about to go through but haven’t yet.
I can print out a user-friendly sheet of my transactions at any time during the month. It will list all my purchases and deposits for the month up to the date that I print it.
I am glad that banks do not include your account number nor your balance on transaction receipts. I know that anyone who has misplaced one of these receipts feels the same way.
I had just been to the bank to deposit my regular paycheck, along with my rather large income tax refund. The day was extremely windy, and I had gone to the drive-through. I had my windows rolled down to let the breeze in, and I retrieved my bank receipt from the capsule and put it in my lap while I opened my purse.
A strong gust picked the receipt up off of my lap and carried it out the passenger window. It floated up really high and landed in some briar bushes behind the building. Since no confidential information was on it, I felt safe leaving it out there.
I frequently use ATM receipts to balance my checkbook. They do include your balance on these receipts, and your ATM transaction is reflected in that balance.
In the days before account access was available online, I would go to the ATM just to check my balance, since I can do that without getting any money out. I received paper statements during the first week of each month, and I wanted to double check my records every week.
Balancing your checkbook once a month can be hard if you are off even a little bit somewhere along the way. I keep all my bank receipts, as well as my debit card receipts, and I update my transaction register several times a week for accuracy.
I recently opened a savings account at the bank where I hold a checking account. I expected to receive a bank receipt for my first deposit to my savings account, but instead, they gave me a savings record in brochure format to write in every time I make a deposit to it. They also said I could bring the savings record and have the teller write in it.
I assumed that since I already had a checking account there, they could simply transfer the money from it to my savings. The customer service rep told me that’s not how it works. I had to make a check out to myself and endorse it to deposit money to my savings account. I received a bank receipt for the deduction from my checking, but not for the deposit to my savings.
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