20 bank statement abbreviations explained in simple terms (2023)

FAQs

What do the abbreviations on my bank statement mean? ›

DR – debit balance (overdrawn) IBAN – International Bank Account Number (you can find this on your statement) IMO – International Money Order. ISA – Individual Savings Account. REM – remittance: a cheque credited to your account that was not paid in at your account-holding branch or bank.

See if your card issuer has its own merchant search tool by calling the number on the back of your credit card. Contact any merchants you did business with on the date of the charge, and ask them how their business shows up on credit card statements.

txn (plural txns) Abbreviation of transaction.

TXN, abbreviation for transaction (disambiguation)

TC stands for Transaction Code.

A "TST" charge in your credit card activity is partly processed by a company called Toast. TST is an abbreviation for the company and is included in the transaction description because the label helps define the record of the transaction.

How Do Banks Investigate Fraud? Bank investigators will usually start with the transaction data and look for likely indicators of fraud. Time stamps, location data, IP addresses, and other elements can be used to prove whether or not the cardholder was involved in the transaction.

What are the abbreviations for account? ›

There are two common ways to abbreviate account. They are, acct. a/c.

Transactions via MobiCash are card-based and will appear on your bank statement in the same timeframe that you could expect normal card transactions from your bank to clear. This can be anything from immediately to a couple of days depending on your card issuer.

CK- Cash Receipts — Logan City School District.

Your Explanation of Payment (EOP) provides important information regarding the adjudication of your claims.

EFT (electronic funds transfer) is a term that includes ACH bank transfers, wire transfers, and other online electronic payment methods.

Transaction codes represent the various bank transactions that you will use in the Accounts Payable and Accounts Receivable applications. You can define transaction codes for types of payments, such as checks or bills of exchange, or for bank services, such as deposits or service charges.

A transaction code may, for example, be associated with deposit payments (CASHIERING>DEPOSIT LEDGER TRN CODE) or with packages (RATES>DEFAULT PACKAGE TRN CODE), among others.

The balance sheet is broken into two main areas. Assets are on the top or left, and below them or to the right are the company's liabilities and shareholders' equity. A balance sheet is also always in balance, where the value of the assets equals the combined value of the liabilities and shareholders' equity.

The three main types of financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues and costs, as well as its cash flows from operating, investing, and financing activities.

Does a bank statement show how much money you have? ›

The activity shown on your bank statement includes information such as processed deductions and deposits, your average daily balance, and any interest earned. You will not see your current balance or any pending transactions.

Find a recent bank statement and look for a 10-12 digit number labeled “Account Number.” It's usually located at the top of the document on either the right- or left-hand side.

As a rule of thumb, you should have one to two months' worth of living expenses in your checking account. This will help you cover the everyday expenses in your budget without the worry of overdrawing on your account and being charged an overdraft fee.

Key Takeaways

The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period. Account-holders generally review their bank statements every month to help keep track of expenses and spending, as well as monitor for any fraudulent charges or mistakes.

Financial institutions offer two types of bank statements: (i) paper bank statements and (ii) electronic bank statements.

The lender will want to see a full audit trail of all monies over a 3 month period, even if internal transfers. So if the current account mentions another entry from another account you own then 3 months statements will be needed from that account too.

A PoS (Point of Sale) machine is an electronic device through which a customer can make payment to merchant in exchange for goods or after provision of a service through debit/credit/prepaid cards or QR scanning. Merchant may issue a printed receipt / e-receipt for successful transaction. Types of PoS.

What does POS mean on a bank statement? POS in banking means that you use your debit card to purchase at a point of sale (POS) location, such as a store's cash register or POS system. In addition, POS on bank statements is the transaction type labeled “POS”.

What is a point of sale (POS) transaction? A point of sale transaction is a payment for goods or services, usually made in a retail setting. POS transactions can be conducted in person or online. A business uses a POS system to process card payments or other forms of electronic payments at a physical location.

Hidden fees are any unexpected fees that consumers get hit with when purchasing goods or services. The reason these are referred to as hidden is because the consumer might not have been expecting the charge and, in reviewing their financial data or statements, finds out they've incurred additional charges.

What is the formula for charge number? ›

Charge number (z) refers to a quantized value of electric charge, with the quantum of electric charge being the elementary charge, so that the charge number equals the electric charge (q) in coulombs divided by the elementary-charge constant (e), or z = q/e.

The electric current, 𝐼 , in a wire can be found using the formula 𝐼 = 𝑄 𝑡 , where 𝑄 represents an amount of charge that passes a point in the wire over some amount of time, 𝑡 . We can practice using this equation by working through some examples.

Transaction monitoring is the means by which a bank monitors its customers' financial activity for signs of money laundering, terrorism financing, and other financial crimes.

If your bank account is under investigation, the bank will typically notify you. You might receive an informal notification via email, but generally, you'll also get a formal notification by mail.

The SAR is filed by the financial institution that observes suspicious activity in an account. The report is filed with the Financial Crimes Enforcement Network, or FinCEN, who will then investigate the incident. FinCEN is a division of the U.S. Treasury.

An ABA number, also known as Routing Transit Number (RTN) or ABA Routing Number, is a nine-digit code assigned by the American Bankers Association to identify each financial institution in the country.

For further credit to meaning - Wise.

Accounts payable (AP)

Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.)

Smarter Markets Coordination Group (SMCG)

What does Cao mean on a bank statement? ›

The Chief Administrative Office (CAO) provides corporate strategy and direction around the company's efforts to serve customers and clients across our eight lines of business.

SMS banking' is a form of mobile banking. It is a facility used by some banks or other financial institutions to send messages (also called notifications or alerts) to customers' mobile phones using SMS messaging, or a service provided by them which enables customers to perform some financial transactions using SMS.

Banks Board Bureau was constituted in 2016 as a major step towards banking reform in general and revamping the public sector banks in particular.

A Letter of Guarantee (LG) issued by KFH covers an agreement by the Bank to pay another party (the beneficiary) if the Bank's customer (the principal or applicant) defaults in his debt or obligation (a job contract) to the beneficiary. Main types of LG include: Tender Guarantee. Performance Guarantee.

“NON-STG PURCH FEE”, “NON-STG TRANS FEE” and “CD PAYMENT” all refer to the same tax placed upon products purchased from outside the UK. The standard fee is 2.99% on the cost of the product. The actual percentage added to the VAT from the non-STG trans fee, 2.99%, isn't particularly big.

A certificate of deposit, or CD, is a type of savings account offered by banks and credit unions. You generally agree to keep your money in the CD without taking a withdrawal for a specified length of time. Withdrawing money early means paying a penalty fee to the bank.

If you choose local currency, TSB will need to convert the withdrawal to pounds and will charge you a non-pounds transaction fee of 2.99% of the value of the withdrawal and a non-pounds cash fee of 1.5% (min £2, max £4.50 not charged for). These fees do not apply to Spend & Save Plus cards.

A non-sterling transaction fee is charged when you make a transaction in a foreign currency. When you use your card overseas, your card issuer needs to convert the transaction from the local currency into sterling - resulting in unwanted fees.

b.o.p. See balance of payments (b.o.p.)

What does EFT in cash transfer stand for? ›

Electronic Funds Transfer (EFT) is the process by which a user of one bank can transfer money from their account to another by way of payment.

There are two common abbreviations of financial: financ. and fin. If you want to make either of these plural, simply add on an “s.”

You might abbreviate the word monthly to mthly on an invoice for goods or services, on accounts payable paperwork, or on notices of regularly scheduled meetings.

"PMT" stands for "payment", hence the function's name. For example, if you are applying for a two-year car loan with an annual interest rate of 7% and the loan amount of $30,000, a PMT formula can tell you what your monthly payments will be.