A bank receipt contains detailed information about a financial transaction conducted at a bank. The transaction receipt generally includes the amount of the transaction, the date it occurred, and the employee number of the bank employee who conducted the transaction. Aside from transactions involving deposit accounts, bank receipts are also given to customers who make loan payments, credit card payments, and conduct other similar types of transactions. Banks provide account holders with a copy of the bank receipt and the bank also maintains its own records of all transactions.
Financial institutions issue receipts to customers to avoid disputes relating to the details of transactions. Immediately after taking possession of the bank receipt, the account holder has the opportunity to dispute any information that is incorrectly recorded on the receipt. If an error occurs after an account holder leaves the bank and funds are deposited into the wrong account, the customer can use the bank receipt as a means of having the transaction corrected and funds deposited into the correct account.
Banks encourage account holders to use their transaction receipts to balance their accounts at least once a month. Many people review their monthly bank statement and compare the amounts and transaction dates of items listed on the statement with their own bank receipts. Businesses typically keep bank receipts until the end of the year so that the receipts can be used for tax preparation purposes. Individuals who claim tax deductions for certain kinds of expenses must also keep copies of bank receipts to prove that they qualify for deductions related to banking transactions, such as interest charges on mortgages.
Only an account holder can usually make a withdrawal from a deposit account, but anyone can make a deposit into an account. To protect the privacy of depositors, banks typically do not print account numbers on bank receipts in case the person making the deposit is not the actual account owner. Banks normally do not print account balances on receipts, although customers can request to have the balance printed if they can establish their identity at the time they make a request.
Historically, bank receipts were paper slips. In recent years, many banks have begun to offer online receipts. These receipts are normally sent to the account holder via e-mail. Using online receipts rather than paper receipts enables the bank to save on printing costs and also provides convenience for account holders who no longer have to keep track of numerous paper receipts.
