Consumers, community activist, and politicians are decrying the new line of acco

ID: 2739691 • Letter: C

Question

Consumers, community activist, and politicians are decrying the new line of accounts because several include a $3 service charge for some customers who use bank tellers for transactions that can be done through an automated teller machine. Bill Wade banks at a local bank that charges this fee. He was having difficulty balancing his checkbook because he did not notice this fee on his bank statement. His bank statement showed a balance of $822.18. Bill's checkbook had a balance of $206.48. Check No. 406 for $116.08 and Check No. 407 for $12.50 were outstanding. A $521 deposit was not on the statement. Bill has his payroll check electronically deposited to his checking account - the payroll check was for $1,015.12 (Bill's payroll checks vary each month). There are also a $1 service fee and a teller fee of $6. What is Bill's reconciled balance?

Explanation / Answer

Bill's Reconciled Balance = $ 822.18

Bank Reconciliation Statment

Balance as per Check Book

Add:- Cheques Outstanding (116.08 + 12.50)

Payroll Check directly deposited to the Checking account

Less: Cheque deposited but not cleared by bank

Bank Charges (1 + 6)

206.48

128.58

1015.12

(521)

(7)

(NOTE):- Figures in the brackets are to be Deducted / Subtracted.

Particulars Amount (In $)