Debit and Credit Memo on Bank Statement

What is debit memo and credit memo? 

Debit memo

Debit memo refers to deduction amount from the bank balance.

In other words, debit memo decreases bank balance.

Debit memo is for service charge, interest on bank loan, loan payment, check printing fee, debit/credit card fee etc.

Credit memo

Credit memo is just apposite of debit memo.

Bank allows interest on deposit amount.

When bank credits interest in the account, it is known credit memo.

Keep in Mind (KIM)

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