About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $223.1 billion in assets as of June 30, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps 200 journal entry thought process its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the
convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia.

• The bank’s liability is reduced when the bank charges the company’s account for a bank fee.
• More information is available at  or visit us on Twitter, LinkedIn or Facebook.
• Prior to his role there he was the Head of Healthcare and Not-for-Profit Banking at Citizens and, previously, the National Sales Manager for Corporate Banking.
• (The bank accepted the company’s cash which is recorded by a debit to the bank’s Cash account, and the bank credits its liability account Customer Deposit Accounts. The liability is appropriate since the bank has the obligation to return the customer’s money on demand).

Hence, the credit balance in the bank’s liability account is reduced by a debit. A debit memo on a company’s bank statement refers to a deduction by the bank from the company’s bank account. In other words, a bank debit memo reduces the bank account balance similar to a check drawn on the bank account. One type of credit memo is issued by a seller in order to reduce the amount that a customer owes from a previously issued sales invoice. Another type of credit memo, or credit memorandum, is issued by a bank when it increases a depositor’s checking account for a certain transaction.

Definition of Bank Debit Memo

Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. More information is available at  or visit us on Twitter, LinkedIn or Facebook. The bank’s use of the term debit memo is logical because the company’s bank account is a liability in the bank’s general ledger. (The bank accepted the company’s cash which is recorded by a debit to the bank’s Cash account, and the bank credits its liability account Customer Deposit Accounts. The liability is appropriate since the bank has the obligation to return the customer’s money on demand). The bank’s liability is reduced when the bank charges the company’s account for a bank fee.

• Assume that SellerCorp had issued a sales invoice for $800 for 100 units of product that it shipped to BuyerCo at a price of $8 each.
• Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.
• In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the
  convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia.
• About Citizens Financial Group, Inc.
  Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $223.1 billion in assets as of June 30, 2023.
• Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions.

Valentino, who will be based in Massachusetts, is rejoining Citizens from LA Downtown Medical Center, a three-campus community hospital and affiliated long-term care business, where he served as CEO and CFO. Prior to his role there he was the Head of Healthcare and Not-for-Profit Banking at Citizens and, previously, the National Sales Manager for Corporate Banking. Online Banking and our Mobile Banking app can be the most convenient ways to perform many of your core banking needs. And if you haven’t already, it’s easy to enroll in Citizens Bank Online.

What is a credit memo?

In the company’s general ledger, the bank debit memo will reduce the company’s checking account (which is an asset) and will require the company to credit its Cash account (and debit another account such as Bank Fees Expense). Assume that SellerCorp had issued a sales invoice for $800 for 100 units of product that it shipped to BuyerCo at a price of $8 each. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Nicholson, who will be based in New York City, joins Citizens from Goldman Sachs, where he most recently led its Strategy and Insights team. He previously held senior roles in commercial strategy and payments at Silicon Valley Bank and Capital One.