Bank Forms

• Withdrawal slip documents the withdrawal from a passbook account. It is a bank form filled out by the account holder. Unlike deposit transactions, only the account holder may withdraw from his account. Therefore, the signature of the account holder is required in the withdrawal slip. The bank will only release the cash after verifying the authenticity of the account holder’s signature. Upon the release of funds, the bank teller will again require the account holder on the “received by” portion of the withdrawal slip. A withdrawal slip is only applicable for passbook savings account.
• Bank check is a bank form filled out by the account holder that instructs the bank to pay the designated payee indicated on the check on or after the date specified on the check.
• Bank check is widely acceptable as form of payment. One can accommodate large sums and irregular amounts.

  However, a check should be covered by sufficient balance in the issuer’s checking account. in the Philippines,

  issuing a check with insufficient bank balance is a criminal offense under Batas Pambansa Blg. 22 or Bouncing

  Checks Law.
• A withdrawal slip is only applicable for passbook savings account. A checking or current account holder is not allowed to withdraw through a withdrawal slip. Moreover, if a person is a purely ATM account holder, he is required to use the machine and

  cannot withdraw over the counter.