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What does IOU mean in banking?

An IOU, short for “I Owe You,” is a document that acknowledges debt. Typically, it’s a casual arrangement where one person acknowledges owing money to another. It usually includes the amount owed and the debtor’s name, but it might lack specifics like repayment terms and interest rates. Is an IOU Legally Binding?

What is an IOU & how does it work?

An IOU is a written, but largely informal, acknowledgement that a debt exists between two parties, and the amount the borrower owes the lender. Signed by the borrower, it often indicates a date for repayment of the debt, but often omits other specifics, like the payment schedule or any interest charged.

What does IOU mean in bookkeeping?

The term IOU is the phonetic spelling of the phrase 'I Owe You.' In bookkeeping, it signifies an outstanding debt. How Does an IOU Work? Usually, an IOU is a signed informal notice of an unpaid debt, sometimes because of partial payment and an outstanding balance due.

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