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Puzzle - Rate

A bank customer had $100 in his account. He then made 6 withdrawals, totalling $100. He kept a record of these withdrawals, and the balance remaining in the account, as follows:

Withdrawals     Balance left
     $50             $50
      25              25
      10              15
       8               7
       5               2
       2               0
     ---             ---
    $100             $99

When he added up the columns as above, he assumed that he must owe $1 to the bank. Was he right?

[Ref: ZEZC]

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