BANK RECORD Meaning and
Definition
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A bank record refers to any official documented information or evidence related to financial transactions and activities that are conducted by an individual, organization, or entity with a bank or financial institution. These records are created and maintained by banks to record and track the inflow and outflow of funds in various accounts held by their customers.
Bank records encompass a wide range of documents, such as deposit slips, withdrawal slips, bank statements, account statements, cancelled checks, loan agreements, credit card statements, and other similar documents that provide a comprehensive history of the financial dealings between the bank and its customers.
These records serve as essential proof and documentation of financial activities and are important for various purposes. They are crucial for tracking expenses, monitoring account balances, verifying transactions, preparing tax returns, managing budgets, and detecting any discrepancies or fraudulent activities.
In addition, bank records also play a vital role in establishing creditworthiness and financial history of individuals or businesses, as they reflect the pattern of their financial behavior. For lenders and creditors, these records serve as valuable evidence to evaluate creditworthiness and make informed decisions about granting loans or extending credit to borrowers.
Overall, bank records provide a detailed and organized account of an individual's or an organization's financial interactions with a bank, ensuring transparency, accuracy, and accountability in financial transactions.
Common Misspellings for BANK RECORD
- vank record
- nank record
- hank record
- gank record
- bznk record
- bsnk record
- bwnk record
- bqnk record
- babk record
- bamk record
- bajk record
- bahk record
- banj record
- banm record
- banl record
- bano record
- bani record
- bank eecord
- bank decord
- bank fecord
Etymology of BANK RECORD
The word "bank" has its origins in the Italian word "banca", which referred to a moneychanger's table or bench. This evolved from the Germanic word "bankiz" or "bench", eventually leading to the English term "bank".
The term "record" comes from the Latin word "recordari", meaning "to remember" or "to call to mind". It then passed through Old French as "recorder", meaning "to keep a record".
Therefore, the etymology of the phrase "bank record" combines the idea of "a financial institution" with "keeping a written account or memory", referring to the documentation or information kept by a bank regarding financial transactions, accounts, or statements.
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