Can I withdraw my Book Balance in GTBank? This is a common question among GTBank account holders in Nigeria.
In today’s guide, we will give you all the information you need to answer your questions.
We will first briefly explain what a book balance is in accounting.
What Is Book Balance
According to its account records, book balance is your cash balance and helps you or your company manage your monthly cash flow.
This can include transactions that have yet to settle or clear through the bank account.
Book balance reflects the funds you own after adjustments have been made for checks that are yet to clear, deposits in transit, and any other pending deductions from an account.
The GTBank book balance includes money you can withdraw and money you cannot withdraw.
What Is The Difference Between GTBank Bank Balance And Book Balance?
Outstanding checks may be recorded in a company’s book balance which may not have been presented to the bank, so they are not recorded in the bank balance.
The company may have incorporated a deposit in transit into its book balance, but the bank may not have yet processed it, so it will not appear in the bank balance.
Suppose the bank charges you various fees such as interest charges, account maintenance charges, and check processing charges. In that case, the charges are included in the bank balances and not in the book balance.
If there were an erroneously recorded transaction by either the company or the bank, there would be a difference between the book and bank balance.
These are the differences between the GTBank Book Balance and the Bank Balance in Nigeria.
Can I Withdraw My Book Balance In GTBank
No! you can’t withdraw your book balance in GTBank, but you can withdraw money from your available balance in your book balance.
The book balance in GTBank is fixed and cannot be withdrawn under any circumstance.
All GTBank accounts have a book balance where cash is inaccessible.
This answers the question of whether you can withdraw your Book Balance in GTBank in Nigeria.
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