A method of reducing bank charges in which two related companies offset their receipts and payments with each other, usually monthly, to save on transaction costs and paperwork.
A debit memorandum is a notice sent by a bank or financial institution indicating a deduction or charge made to an account, often due to reasons such as insufficient funds or returned checks.
The charge imposed by a bank or savings institution for withdrawing funds from a time deposit before its maturity. This penalty may be deductible by individuals as an adjustment to gross income.
