20 bank statement abbreviations explained in simple terms (2023)

FAQs

What do the abbreviations on my bank statement mean? ›

Here's a list of what common banking abbreviations relate to: APR – Annual Percentage Rate (relates to credit interest) BBP – bill payment. BGC – bank giro credit. CAT – a standard applied to ISAs that stands for reasonable Charges, easy Access, fair Terms.

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.

BP – Bill Payment

BP on your bank statement means you have made a bill payment. You might also see an extension of this, BP/SO, which stands for bill payment and standing order. This means you have paid a bill by standing order.

TX - Transaction | AcronymFinder.

TC stands for Transaction Code.

Ledger is a summary of all transactions relating to a particular account.

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 is a charge ID on a bank statement? ›

A charge code is an identifier (typically a word or abbreviation of words) that links a charge to a particular line item or fee. These codes will appear on your bank account statements.

A Direct Debit from your account that has failed to clear, for example in the case of not having enough funds.

T is the twentieth letter of the English alphabet. 2. T or t is a written abbreviation for words beginning with 't', such as 'ton' and 'time'. 3. See to a T.

There are four main types of financial transactions that occur in a business. The four types of financial transactions that impact of the business are sales, purchases, receipts, and payments.

Transaction Services (TRX) is the leading payment card processing solution for merchants looking to improve their financial performance.

TFR – Transfer. If you see TFR on your bank statement, it means you've transferred money between bank accounts.

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

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.

What are the 5 methods of financial statement analysis? ›

There are five commonplace approaches to financial statement analysis: horizontal analysis, vertical analysis, ratio analysis, trend analysis and cost-volume profit analysis.

A bank statement is a record of all the banking transactions—including deposits, withdrawals and transfers—that apply to your account over a given period of time. Your bank statement may also include the starting and ending balances of the account, your account number and other important account information.

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.

How Much You Should Have In Your Checking Account. A good rule of thumb is to have one to two months' worth of living expenses in your checking account. The rest you should put into savings, like an emergency fund. It's a good idea to keep enough to cover three to six months' worth of expenses in emergency savings.

Journals record all of the transactions that are made by a company. Journals can cover all of the entire transactions of a company or there can be different journals for different areas of the firm.

A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period.

Transaction Banking (TB) can be defined as the set of instruments and services that a bank offers to trading partners to financially support their reciprocal exchanges of goods (e.g.trade), monetary flows (e.g., cash), or commercial papers (e.g., exchanges).

Identify Square Purchases

If you make a purchase with a merchant who uses Square to accept payments in person, over the phone, or through Square Online, the characters SQ* or gosq.com, the merchant's name or business name, and business type will appear on your credit card statement.

Card Security Code (CSC) checks are provided as additional fraud protection for online transactions to verify the code entered during transaction. This number is also known as the Card Verification Value or CVV2.

What makes a transaction suspicious? ›

Generally speaking, a financial transaction might be deemed suspicious if it is unlike any other activity that has occurred within that account. Of course, an activity being new will not necessarily mean that any malicious actions have occurred.

Do banks look at your transactions? Bank tellers look at your transactions but cannot see what you purchased. Looking at the money coming in and out allows tellers to assist with your account.

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. This is especially true if it necessitates the bank freezing your account.

FPO – Faster Payment Outwards

If you see FPO on your bank statement, it means 'Faster Payment Outwards', and indicates you've sent money to another account.

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

ISA: Individual Savings Account. ITL: International transfers. OTR: Online banking transaction. POS: Point of sale/debit card transactions. REV: A debit returned to your account.

A "Dr" balance means a debit balance which is an amount due for payment, whilst a "Cr" balance means a credit balance which indicates that no payment is due.

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

Debit (DR) vs. Credit (CR)

What is the abbreviation for balance payment? ›

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

Interest received/paid (PL1/PL2)

Overdrawn balance is marked with the letters dr (meaning debit). An overdraft facility fee will apply per annum or per overdraft sanction (whichever is the more frequent). Credit Transfer – This is a manual lodgement to your account from a branch or bank other than the account holding branch.

Electronic funds transfer (EFT) is a catch-all term that includes a wide variety of electronic payments, like credit card payments, ACH payments, and wire transfers.

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