Question

Review the statements below to determine the correct definition of a credit memorandum.

A. The bank notifies the depositor of each deduction to the account with a credit memorandum.
B. The bank notifies the depositor of each increase to the account with a credit memorandum.
C. Whenever the balance in the account becomes overdrawn, the bank issues a credit memorandum.
D. Whenever a check is drawn against the account, the bank issues a credit memorandum.

Answer 1

Review the statements below to determine the correct definition of a credit memorandum.

A. The bank notifies the depositor of each deduction to the account with a credit memorandum.

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