This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ... whom they are sent, thereby saving the time required for indorsing. Banks in all cities and towns, except a few commercial centers like New York City and Chicago, will have deposits with banks in these centers and will keep balances to their credit by remitting drafts for collection and credit, and currency or coin by ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ... whom they are sent, thereby saving the time required for indorsing. Banks in all cities and towns, except a few commercial centers like New York City and Chicago, will have deposits with banks in these centers and will keep balances to their credit by remitting drafts for collection and credit, and currency or coin by express if necessary to keep up their balances, thereby enabling them to sell drafts to parties who may wish to remit to other cities. It is customary to charge a small amount per hundred dollars, called "Exchange," in addition to the face amount of the drafts, to cover the cost of issuing the drafts and maintaining the account. Certificate of Deposit. It is sometimes desirable to place a sum of money in bank, which the owner does not wish to draw out through his personal checks. In this case the banker gives the depositor a "Certificate of Deposit," (see accompanying form) which is an acknowledgement by the bank that it has received the money, and that it is held subject to the depositor's order upon surrender of the certificate. A certificate of deposit may be transferred by indorsement, as in the case of a note or check. If it is desired to withdraw the money covered by a Certificate of Deposit, or to convert it into an ordinary deposit, subject to check, the certificate is surrendered. When the business man takes notes or drafts to the bank for discount, he delivers with them a ticket, listing the several papers, including accrued interest, if any, giving the total, the discount and the proceeds. If the latter is correct, the teller of the bank will give credit for same as a deposit. Drafts and Acceptances. A Commercial or Individual Draft is a fo1mal order for the payment of money, and drawn by a business firm on some...
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Add this copy of Modern Inductive Bookkeeping With Business Practice: By to cart. $44.02, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2011 by Nabu Press.
