INTRODUCTION OF BANKING INSTRUMENTS

Saving money instruments incorporate checks, drafts, bills of trade, credit notes and so on. It
is a report ensuring the installment of a particular measure of cash, either on request or at a
set time, with the player named on the archive. These are the accompanying
Checks:
It is an instrument in composing containing an unqualified request, tended to a financier, sign
by the individual who has kept cash with the investor, obliging him to pay on request a
specific whole of cash just to or to the request of the certain individual or to the conveyor of
the instrument. Test of a check: There are different sorts of checks:
• Bearer Check or open Check:
When the words “or conveyor” showing up on the substance of the check are not crossed out,
the check is known as a carrier check. The conveyor check is payable to the individual
indicated in that or to some other else who presents it to the bank for installment.
• Order Check:
When “carrier” showing up on the substance of a check is drop and when in its place “or
request” is composed of the substance of the check, the check is called a request check. Such
a check is payable to the individual determined.
• Crossed Cheque:
The crossing of checks means drawing two parallel lines on the substance of the check with
or without extra words like “and CO.” or “Record Payee” or “Not Negotiable”. A crossed
check can’t be encashed at the money counter of a bank yet it must be credited to the payee’s
record.
Demand Drafts:
A request draft (DD) is a debatable instrument like a bill of trade. A bank issues a request
draft to a customer (drawer), coordinating another bank (drawee) or one of its own branches
to pay a specific entirety to the predetermined party (payee).
Letters of Credit:
Revocable letters of credit give backer the change or cancellation right of the credit whenever
without earlier notice to the recipient. C. Unavoidable Letters of Credit. Permanent Letters of
Credit can’t be corrected or scratched off without the understanding of the credit parties.
Unsubstantiated permanent letters of credit can’t be changed without the composed assent of
both the issuing bank and the recipient.
Voucher:
Vouchers are bonds with a specific financial esteem, qualifying the conveyor for reclaim
them for particular products or administrations. Vouchers are tokens which qualify the carrier
for recover them for the products or administrations determined by the voucher.
Bills of Exchange:
A non-enthusiasm bearing composed request utilized essentially as a part of a global
exchange that ties one gathering to pay a settled total of cash to another gathering at a
foreordained future date. It is a promissory note.
Debit Card:
There are exchange charges past 5 quantities of exchanges in a month. The debit card
number is as a rule of 16 digits. A card used to make an electronic withdrawal from assets
on stored in a financial balance or in obtaining products through EDC (Electronic Data
Capture) machine.
Credit Card:
A card issued by a money related organization giving the holder an alternative to acquiring
stores, generally at the purpose of the offer. Visas charge intrigue and are essentially utilized
for transient financing. Intrigue, as a rule, starts one month after a buy is made and obtaining
points of confinement are pre-set by individual’s FICO score. There are the yearly expense,
benefit charges, late installment charges and different charges connected to a Visa.
Forex Card:
A Forex card is a sort of prepaid platinum card. Forex cards are valuable monetary
instruments for any individual who is voyaging abroad. Forex cards are sheltered,
advantageous and practical.
ATM:
Mechanized Teller Machine is a modernized machine that gives the clients of banks the office
of getting to their record for apportioning money and to complete other budgetary and non-
monetary exchanges without the need to really visit their bank branch
Internet Banking:
Web-based keeping money or the Internet saving money is an electronic installment system
that empowers clients of a monetary establishment to lead budgetary exchanges on a site
worked by the bank. Web-based saving money was initially presented in the mid-1980s in
New York. Four noteworthy banks—Citibank, Chase Manhattan, Chemical and
Manufacturers Hanover—offered this administration.
Mobile Banking:
Portable keeping money alludes to the utilization of a mobile phone or another cell gadget to
perform the internet managing an account errands. Versatile managing an account
administrations are normally constrained to an electronic development of assets and
information recovery.
Core Banking Solution:
This is a procedure in which the data is put away in a brought together server of the bank,
which is accessible to all system branches.

What is a Cheque ? Definition - Kinds and

Types of Cheques
Post: Gaurav Akrani. Date: 2/09/2011. Comments (5). Label: Banking.

What is a Cheque ? Meaning ↓

Cheque is an important negotiable instrument which can be transferred by mere

hand delivery. Cheque is used to make safe and convenient payment. It is less risky
and the danger of loss is minimised.
 Definition of a Cheque ↓

"Cheque is an instrument in writing containing an unconditional order, addressed

to a banker, sign by the person who has deposited money with the banker,
requiring him to pay on demand a certain sum of money only to or to the order of
certain person or to the bearer of instrument."

Different Kinds / Types of Cheques ↓

1. Bearer Cheque

When the words "or bearer" appearing on the face of the cheque are not cancelled,
the cheque is called a bearer cheque. The bearer cheque is payable to the person
specified therein or to any other else who presents it to the bank for payment.
However, such cheques are risky, this is because if such cheques are lost, the finder
of the cheque can collect payment from the bank.

2. Order Cheque

When the word "bearer" appearing on the face of a cheque is cancelled and when
in its place the word "or order" is written on the face of the cheque, the cheque is
called an order cheque. Such a cheque is payable to the person specified therein as
the payee, or to any one else to whom it is endorsed (transferred).

3. Uncrossed / Open Cheque

When a cheque is not crossed, it is known as an "Open Cheque" or an "Uncrossed

Cheque". The payment of such a cheque can be obtained at the counter of the bank.
An open cheque may be a bearer cheque or an order one.

4. Crossed Cheque

Crossing of cheque means drawing two parallel lines on the face of the cheque
with or without additional words like "& CO." or "Account Payee" or "Not
Negotiable". A crossed cheque cannot be encashed at the cash counter of a bank
but it can only be credited to the payee's account.

5. Anti-Dated Cheque

If a cheque bears a date earlier than the date on which it is presented to the bank, it
is called as "anti-dated cheque". Such a cheque is valid upto three months from the
date of the cheque.
6. Post-Dated Cheque

If a cheque bears a date which is yet to come (future date) then it is known as post-
dated cheque. A post dated cheque cannot be honoured earlier than the date on the
cheque.

7. Stale Cheque

If a cheque is presented for payment after three months from the date of the cheque
it is called stale cheque. A stale cheque is not honoured by the bank.

Demand Draft
What is a Demand Draft?

A demand draft or a DD is a negotiable instrument issued by the bank. The meaning of negotiable instrument is that it
guarantees a certain amount of payment mentioning the name of the payee. It cannot be transferred to another person
in any situation.

The bank issues the draft to a client (drawer) directing another bank or own branch to pay the specific amount to the
payee. Demand drafts can be compared to cheques but these are hard to counterfeit and more secure. This is because
the drawer has to pay before issuing a demand draft to the bank whereas cheque can be issued without ensuring the
sufficient funds in your bank account. Therefore, cheques can bounce but drafts assure a safe and on-time payment.

The drafts are payable on demand. It cannot be paid to the bearer but the beneficiary has to present the instrument
directly to the branch. It can also be collected by the clearing mechanism of the bank. Mostly, demand drafts are
issued in situations where the parties are unknown to each other and lack trust. It comes handy in such situations as
there are almost no chances of fraud and counterfeiting.

History of Demand Draft in India

Indian demand drafts are similar to cashier’s cheque in the United States but they have certain differences. Cashier’s
cheques or orders were cleared locally whereas demand drafts were cleared at National Clearing House. Cashier’s
orders involve a lower commission charged by the issuing bank and they are cleared on the next business day. On the
contrary, Indian demand drafts that are cleared at National Clearing House take around 7 to 15 days. However, both
are guaranteed by the issuing bank. After the advent of electronic clearance system and digital banking, both process
faster but the terminologies still live and so do the charges along associated with these instruments.

How a Demand Draft Works?

The draft facility is available for people regardless of them having a bank account or not. Anyone who wants to pay a
certain amount to an institution or to someone with a proof of payment can issue a demand draft. Individuals can visit
the bank and ask for a draft form or they can also fill the form online.

The amount mentioned in the form can be paid either by cheque or cash

Types of Demand Drafts

Demand drafts are of two types:

 Sight Demand Draft: This type of DD is approved and paid only after the verification of certain documents.
The payee will not be able to receive any money if he/she fails to present any of the required documents.
 Time Demand Draft: A Time DD is payable only after a specific period of time and before that, it cannot
be drawn from the bank.

How to Make Demand Drafts?

The form for demand drafts can be collected from the bank or can be filled online. You need to input some important
details such as your mode of paying for the draft (cheque or cash), the name of the beneficiary, the place of encashing
the draft, cheque number, your bank account number, signature, etc. You would also have to provide your PAN card
details if you are paying more than Rs. 50,000 by cheque.

You are required to pay certain charges for the draft which are subject to the bank’s policies. The charges may vary
but there always remain a certain criterion. Here is a list of charges levied by the popular banks of the country.

Demand Draft Issued by Cheque:

Bank Amount Charges

Up to Rs. 5,000 Rs. 25 + GST

From Rs. 5,000 to Rs. 10,000 Rs. 50 + GST

SBI

Rs. 5 per part of Rs. 1,000 which is Min.

From Rs. 10,000 to Rs. 1 lakh
Rs. 55 & Max. Rs. 15,000

Up to Rs. 10,000 Rs. 50 + GST

ICICI
More than Rs. 10,000 Rs. 3 per part of Rs. 1,000 which is Min.
 Rs. 75 & Max. Rs. 15,000

Demand Draft Issued by Cash:

Bank Amount Charges

No cash handling charges will be levied in

Up to Rs. 5000 addition to the previously explained
charges for a cash transaction.
SBI
From Rs. 5,000 to Rs, 10,000

From Rs. 10,000 to Rs. 1 lakh

Rs. 4 per thousand rupees subject to a

Up to Rs. 10,000
minimum of Rs. 100 & Max. of Rs. 15,000
ICICI

More than Rs. 10,000

How to Cancel a Demand Draft?

The amount you give to issue a draft is immediately accepted by the bank whether it is cash or cheque and you have to
go to the bank to cancel a DD as there is no online provision for it. As per the payment methods, there may be two
cases in which you have to cancel the DD.

 You Paid Through Cash: You have to submit the original draft along with the receipt to the bank to get the
refund. The bank will deduct around Rs. 100 to Rs. 150.
 You Paid Through Cheque: If you paid the amount through cheque and the amount is deducted from your
bank account, you need to submit the original draft with a duly filled cancellation form and the amount will
be credited back to your account with a deduction of Rs. 150.

In any case, you might land in trouble if you have lost the DD or missed it in the postal service. This is because the
bank will ask for a proof of issuing the instrument. However, with some request and cooperation of the bank, you may
find the copy of the draft receipt in the bank and precede the cancellation.

What to do if Demand Draft is Expired?

A draft is valid for a period of 3 months from the date of issue. The draft will be expired after that period if not
presented to the bank. However, despite being expired, the money will not be refunded in the drawer’s account. The
drawer then has to approach the bank to revalidate the draft. Here one thing should be noticed that the payee or any
other person cannot approach the bank in any condition to revalidate the DD.

The bank verifies the original details before revalidating the draft and extends its usability for another 3 months.
However, a revalidated draft cannot be revalidated further.
What is a Demand Draft Fraud?

Despite being one of safest mediums of money transfer, demand draft fraud is a common practice. Misuse of digital
information and easy availability of sophisticated equipment is also a possible reason for such crimes.

A demand draft fraud is a scenario when someone issues a fake DD in the name of the payee. In such situations, it
becomes harder to track down the person who issued the draft from the bank and the payee has to face legal hassles.
In the case of presenting a fake DD to the bank, the bank can file an FIR in the name of the payee and he/she has to
face the legal procedures.

This might land someone in serious troubles and thus it is important to follow a set of simple set of rules to avoid and
deal with such fraud.

 Keep Proper Information of the Drawer: Always extract proper contact information of the drawer and do
not forget to verify it. This is not a full proof step but it will help you narrow down your area of search and
track down the fraudster. Keep proper details of your conversation or deal with the drawer so that you
always remain out of the circle of doubt.
 Always Keep a Copy of the Draft: Make a coloured photocopy of the draft and keep it safe. This will help
you identify the methods used in forging the draft especially in situations where the draft carries a significant
amount with them.
 Take Legal Action Immediately: Banks usually take legal action immediately against the payee when
presented a fake draft. This is because they are bound by rules and their actions are directed towards
avoiding any mishap. Launch a counter FIR and take serious legal advice as you have to fight on three fronts
now. One is to face the legal procedure, the second is to track down the fraudster and third is to try and
recover your loss. In addition, contacting the drawer branch is also a good idea as they can provide you vital
information about the drawer such as CCTV footage, contact information, etc.

Difference between a Demand Draft and a Cheque

Demand draft and cheque look quite similar but not many people understand the difference between them. The table
below can help in understanding the distinction between both.

Basis of Difference Demand Draft Cheque

A cheque is also called a payment

This a negotiable instrument for
transferring money to a specific
Meaning person and at a specific place. It can
be issued for the local region or for
another city.
order, given specifically to a person.
Earlier, it used to be place specific
but now with Multi-city
Chequebooks, it can be encashed
wherever the payee wants. A cheque
can also be A/C payee or bearer.

Bearer’s, Order, Crossed, Uncrossed,

Types Sight DD and Time DD
Stale

Validation Period 3 months from the date of issue 3 months from the date of issue

Special Feature A DD worth Rs. 20,000 or more must All cheques are pre-printed with
 be printed with ‘A/C Payee’ crossing. ‘Non-Negotiable.’

It can be cleared at any branch of the It can be cleared at any branch of the
Clearance
same bank. same city.

To transfer money from one place to

Purpose Making payments in an easy way
another safely

Issuance Issued by the bank itself Issued by the customers of the bank

Bank Charges Applicable Non- Applicable

Payable to Always payable to a specific person Payable either to order or to bearer

Dishonour is possible due to

Dishonour Not possible insufficient balance in the bank
account

3 parties are involved, Drawer

(maker of the cheque), Drawee (the
2 parties are involved, one is drawer
Parties Involved bank on which the cheque is drawn)
and other is payee
and Payee (to whom the amount is
payable)

Frequently Asked Questions (FAQs)

Individuals always have queries related to such financial instruments such as demand drafts and banker’s cheques.
Some of those frequently asked questions are answered here.

Is it necessary to have a bank account to issue a demand draft?

Demand drafts are issued by the banks regardless of the bank accounts of the drawer. A DD can be issued either
against money paid by a cheque or in cash. Demand draft issuance through cheque requires a bank account.

What are the RBI’s instructions on demand drafts above Rs. 20,000 and above?

RBI has issued some instructions to the banks to tackle the unscrupulous elements who somehow approve fake
demand drafts. The instructions include that the DDs above Rs. 20,000 will be issued invariably with account payee
crossing.

How to issue a duplicate demand draft?

Banks also possess the right to issue a duplicate demand draft in the case of a missing or lost DD. Bank will charge a
small fee and cancel the old draft and issue a new one. A demand draft worth Rs. 5,000 or less can be issued by the
bank on the basis of adequate indemnity without obtaining NPA (Non-Payment Advice).
What is maximum amount of cash payment to issue a draft?

Banks allow a maximum of Rs. 49,999 as RBI has given clear instructions to not issue a demand draft paid by cash for
Rs. 50,000 or more.

Why demand drafts are preferred over cheques by institutions?

Demand drafts are always preferred by government and educational institutions because they have a value associated
to them. The drawer has to pay the specific amount to the bank upfront before issuing the draft and this makes it a
guarantee for the promised money. On the contrary, even the A/C Payee cheques do not assure that the payee will
receive the payment. There are millions of cases of cheque frauds.

Passbook
Passbook like other conventional passbooks is a paper book that is used to keep a record of transactions on a deposit
account such as savings and current accounts. Individuals that open an account with a bank receive it as a part of the
bank’s welcome kit.

Components of a Passbook

PNB passbook when first handed over to a customer is blank. However, the first page of the passbook contains the
customer’s KYC and bank account details, which are given as below:

 Account holder’s name

 Account holder’s address
 Account holder’s contact number
 Account holder’s account number with the bank
 Account holder’s customer ID
 Account holder’s scheme ID (if the account is opened via a government scheme)
 Bank’s name
 Bank’s branch address
 Bank’s IFSC
 Date of opening the account
 Account nominee details (if any)

All pages following the first page are blank. These blank pages are where your transaction details will get printed.
These pages are usually segmented into sections given as follows:

 Date (date when the transaction took place)

  Particulars (particulars of transaction
 such as transaction ID and name of an entity)
 Debit (Money withdrawn from the account)
 Credit (Money deposited in the account)
 Balance (Final Balance on the transaction date)

Uses of a Passbook

Passbook may seem unimportant to many, however, this booklet is important due to various reasons. Some of these
reasons are listed as follows:

 To keep a record of account statements

You can call passbook as a record book of your account transactions as the history of your account transactions
printed on your passbook is going to stay there forever. Whenever you need to check account transactions, you can
refer to this record book for details. The information that you can refer to through this booklet is the date of
transaction, amount credited and debited, particulars of transaction and balance.

 To track and monitor account transactions

Since passbook contains the record of your account transactions, you can use it to track and monitor your bank
account’s cash flow. Tracking and monitoring your money will help you manage your money especially if you have
several accounts. Your transaction history will help you know your savings and expenses which will further help in
planning and strategizing ways to reach your financial goals.

 To present as a proof of the transactions

Passbook is a booklet that records all your financial transactions for a particular bank account, and it can be shared
with anyone that requires a proof of it. For instance, it can be handy when the HR of an organization asks for either
your payslips or a copy of account transaction that proves that salary from your previous organization was credited in
your account.

How to update a passbook?

Before 20th century, passbooks were updated by a bank teller or a postmaster. They would write the transaction entries
with their initials. Once inkjet printers or small dot matrix were introduced, updating passbooks become easier.
Account holders could get their passbooks updated as per their convenience. Even today, account holders can update
their passbooks at their leisure by visiting a branch and requesting bank representatives to update it. They can even
take mini statements from ATM but cannot keep it as a record as the ink of the printed mini statement vanishes with
time. If account holders want to update their passbooks themselves, they can do so by using a passbook updating
machine. However, not all banks provide this machine for updating passbook. One of the banks that offer this facility
to their customers is PNB (Punjab National Bank). PNB PUM (Passbook Updation Machine) is available at branches
and self-service terminal at e-lobbies. PUM was introduced by PNB with an aim to offer convenience to their
customers. There are various benefits that the machine has to offer, some of which are listed as follows:

 Customers will not have to stand in long queues to get their passbooks updated.
 Account holders can update passbook at their convenience.
 The passbook updating service is available even during after-office hours.
 The machine can update the passbook of saving fund accounts in a jiffy.
 To use this service, there are no charges involved.
If you’re always on the move and don’t have time to update your passbook every now and then then mPassbook is a
great option for you. PNB is one of the banks that offer mPassbook facility to its customers. Read further to learn
what is mPassbook and what more PNB mPassbook has to offer to its customers.

PNB mPassbook

PNB mPassbook is similar to a regular passbook but it is a digital version that can be viewed on a customer’s mobile
phone. It is a mobile application that customers can download on their smartphones and track their account
transactions.

The concept of mPassbook was initiated with an aim to offer convenience to customers. In addition, there are various
other benefits that mPassbook offers to its customers. Some of them are given as below:

 Time Saving

Earlier, customers had to visit bank and stand in long queues to get their passbook updated. On some unlucky days,
either the servers were down or the printing machines were faulty. However, with mPassbook, customers can retrieve
information on the latest transaction on their mobile phones anytime. They don’t have to waste their time by visiting
branch.

 Convenient

People who are old or don’t have time to visit PNB branch to get their passbook printed can opt for PNB mPassbook.
This mobile application provides ease and convenience to customers for getting information on latest bank
transactions whenever and from wherever they want. To do so, customers don’t need to visit bank and get their
passbook update.

 Options to Save and Download Details

mPassbook also saves people from the trouble of scanning their passbooks to save or send a copy of their transactions
online. The mobile application offers options to customers to save or download mini and detailed statements of their
account with ease.

 Display of Multiple Account Types

Traditional passbook contains transaction information only for one account. mPassbook saves customers from
carrying multiple passbooks if they have multiple accounts with a bank. Customers can download the mobile app to
view transaction information of all their accounts with PNB at a single place.

Features of PNB mPassbook

Some of the key features of PNB mPassbook are given as below:

 Customer ID based Registration

To view multiple accounts at a glance, PNB mPassbook offers the facility of customer ID based registration to its
customers.

 MPIN based Login

To save customers from the trouble of memorising and remembering usernames and passwords, PNB mPassbook
allows them to login using their MPIN.
  Mini and Detailed Account Statements

On PNB mPassboook app, customers can view both mini statement and detailed statement of their account(s).

 Download and Save Statements

With PNB mPassbook, customers no longer need to Photostat or scan their traditional passbooks as the app provides
them options to save and download detailed statements in their mobile devices.

 Direct Email

PNB mPassbook mobile app also offers customers an option to directly email their accounts detailed statements to
their registered email account.

 Statement for Different Accounts Types

Savings, recurring, overdraft and current are the types of account that customers can view on their PNB mPassbook
app. It is an easy and convenient way to view account information whenever and wherever required.

PNB mPassbook Requirements

To use PNB mPassbook, there are a few requirements that must be met. Those requirements are given as follows:

 Individuals who want to use PNB mPassbook must be retail customers of PNB with registered mobile
number.
 Customers with Android mobile devices can download this app only if their device’s operating system is of
version 5.1 or above.

Withdrawal
What is a 'Withdrawal'

A withdrawal involves removing funds from a bank account, savings plan, pension or trust. In some
cases, conditions must be met to withdraw funds without penalization, and penalization for early
withdrawal usually arises when a clause in an investment contract is broken.

A withdrawal can be carried out over a period of time in fixed or variable amounts or in one lump sum
and as a cash withdrawal or in-kind withdrawal. A cash withdrawal requires converting the holdings of
an account, plan, pension or trust into cash, usually through a sale, while an in-kind withdrawal simply
involves taking possession of assets without converting to cash.

BREAKING DOWN 'Withdrawal'

Some retirement accounts, known as IRAs, have special rules that govern the timing and amounts of
withdrawals. As an example, beneficiaries must start taking the required minimum distribution
(RMD), or withdrawal, from a traditional IRA by age 70 1/2. Otherwise, the person who owns the
account has a penalty assessed equal to 50% of the RMD. On the other hand, an account owner
must refrain from withdrawing funds until at least age 59 1/2 or the Internal Revenue Service takes
10% of the withdrawal amount in a penalty. Financial institutions calculate the RMD based on the
owner's age, the account balance and other factors.

Statistics Regarding IRAs

In 2013, the IRS compiled statistics about IRAs and people who withdraw money early. During the
2013 tax year, more than 690,000 people paid penalties for early withdrawals, which was much lower
than the 1.2 million in 2009. The amount paid in penalties dropped from $456 million to $221 million
over that same period. People earning between $50,000 and $75,000, and then $100,000 to
$200,000, made the most early withdrawals from IRAs. Despite these huge numbers, retirement
accounts are not the only way for investors to earn money on withdrawals at a later time.

Certificates of Deposit

Banks typically offer certificates of deposit as a way for investors to earn interest. CDs draw higher
interest rates than traditional savings accounts, but that's because the money stays in the bank's
possession for a minimum amount of time. CDs mature after a set amount of time, and then someone
can withdraw payments from the account, including any interest accrued during the time period.

In 2015, penalties for early withdrawals from CDs were steep. If someone withdrew early from a one-
year CD, the average penalty was six months of interest. For a five-year CD, the typical penalty was
12 months' interest. If someone withdrew money early from a three-month CD, the penalty included
the entire three months of interest accrued in the account. Some penalties from banks dipped into
taking a small percentage, such as 1% or 2%, of the principal amount invested in a CD. Banks assess
early withdrawal penalties proportional to the time an investor must leave the money in the account,
which means a longer-term CD gets a higher penalty.
Pay In Slip
A deposit sliporpaying slip is a form supplied by a bank for a depositor to fill out,
designed to document in categories the items included in the deposit transaction.
The categories include type of item, and if it is a cheque, where it is from such as a
local bank or a state if the bank is not local. The teller keeps the deposit slip along
with the deposit (cash and cheques), and provides the depositor with a receipt. They
are filled in a store and not a bank, so it is very convenient in paying. They also are a
means of transport of money.[1][2][3] Pay-in slips encourage the sorting of cash and
coins, are filled in and signed by the person who deposited the money, and some
tear off from a record that is also filled in by the depositor.[4][5] Deposit slips are also
called deposit tickets and come in a variety of designs. They are signed by the
depositor if the depositor is cashing some of the accompanying check and depositing
the rest.

Cash received[edit]
On a deposit slip, "cash received" means that part of the amount on a cheque that is
to be withdrawn as cash. The remainder is deposited into the person's
account.[8] with deposit slip is long life use that is machine programmer is one of the
machinery and raw material, goods and services in the industry [R.O.C] submitted
the document

Completion of slips[edit]
The description column on deposit slips has been used for over 100 years in the
U.S. to notate where the bank should send the check to reclaim the money; this was
done at first by notating in words the name of bank or its location. [9] The bank's
transit number, also called bank number, began to be used instead of
words.[10][11][12] The bank number was written as the upper line of a fraction, with the
bottom number referring to the central bank branch. Some people wrote just the top
of the fraction, others tried writing the entire fraction.[13][14] After the introduction of
automated sorting of checks, many people wrote nothing at all in the deposit slip's
description column.[15][16][17] Some people put the check writers' names in the
description column.[18][19] There was a tendency in the early teens of the 21st century
to write in the number of the check being deposited without mentioning who the
check was from.[20]