Withdrawal & Deposit

Front

What is a withdrawal in banking terms?

Back

A withdrawal is a transaction that removes funds from a bank account, resulting in a decrease in the account balance.

Front

What is a deposit in banking terms?

Back

A deposit is a transaction that adds funds to a bank account, resulting in an increase in the account balance.

Front

What happens to your bank account balance when you make a withdrawal?

Back

The bank account balance decreases by the amount withdrawn.

Front

What happens to your bank account balance when you make a deposit?

Back

The bank account balance increases by the amount deposited.

Front

Give an example of a withdrawal.

Back

An example of a withdrawal is when a person buys a product, such as shoes, using money from their bank account.

Front

Give an example of a deposit.

Back

An example of a deposit is when a person receives birthday money and puts it into their bank account.

Front

What is the impact of a withdrawal on personal savings?

Back

Withdrawals reduce the amount of savings available in a bank account.

Front

What is the impact of a deposit on personal savings?

Back

Deposits increase the amount of savings available in a bank account.

Front

How do banks typically record withdrawals and deposits?

Back

Banks record withdrawals as negative transactions and deposits as positive transactions in account statements.

Front

What is the difference between a debit and a withdrawal?

Back

A debit is a broader term that refers to any deduction from an account, while a withdrawal specifically refers to taking cash out.