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Jan 17, 2024 · Ever seen BACS, DD or SO on your bank statements and wondered what it means? MoneySavingExperts glossary guide demystifies the bank jargon to help you understand.
Jun 6, 2024 · A complete guide to common bank statement abbreviations. Learn what codes like OD, POS, and ACH stand for when reconciling your account activity and categorizing transactions.
- Bmach
- TFR
- FPI
- Pos
- S/Line
- Int’L
- Bp
- BGC
- S/0
- Bac
First up in our round-up of some of the most common bank account statement abbreviations is BMACH. Despite looking complicated at first glance, BMACH is simply a brand of an Automated Teller Machine, otherwise known as an ATM or cash machine, where you can get money in and out of from a hole in the wall. If you see BMACH on your bank statement, it ...
On a bank statement, the abbreviation TFR generally refers to a transfer of money made. If you see TFR on your bank statement, it means you have transferred money between bank accounts.
An abbreviation of of FPI on a bank statement refers to Faster Payments Inwards. An FPI payment is made using the Faster Payment electronic system. It means you have received money from another account.
If you find the abbreviation POS littered all over your bank statement, do not worry, it simply refers to payments that have been made using your debit card. For many people this is an abbreviation they are likely to come across frequently when scrutinising their accounts.
S/line stands for statement line. If you see it on your bank statement, you will know it is an individual statement that is important for your bank.
If you see the abbreviation INT'L on your bank statement it means you have made a foreign transaction. This can occur, for example, if you use your card when abroad or purchase an item from overseas while here in Britain. Many banks slap fees and charges on foreign transactions, so make sure you read your account's specific terms and conditions bef...
The abbreviation BP on your bank statement means you have made a bill payment. According to Raisin UK, 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.
BGC stands for bank giro credit. If this abbreviation is on your bank statement, it means you have deposited cash or cheques at a bank or building society branch.
A standing order is a regular payment for a fixed sum of money that is deducted from your bank account. It is an instruction to your bank, whereas a direct debit gives permission to a company to take money from you. These can quickly stack up and end up being a big monthly drain on your income, meaning it is important to regularly review your state...
A BAC payment on your bank statement means you have used an electronic system to make a payment directly from one account to another.
Below are the most common abbreviations for transaction types that may be shown on your bank account statement. For a list of what the mobile app icons mean, please see What do the icons mean on my transactions page in the mobile app?
Our handy table below helps you decode some of the most common abbreviations, from BAC to FPO and DIV to BMACH, and we’ll explain the bank statement abbreviations you might encounter and why they’re so important.
- Your bank statements document all the transactions you’ve made in one month. They’re usually full of abbreviations which allow banks to shorten the...
- The table below lists the most common codes and abbreviations typically found on bank statements. It’s important to note that not all banking provi...
- In an age of simple, quick digital transactions, it’s easy to lose track of what you’re spending and where. That makes it all the more important to...
- If you see a transaction on your bank account that you don’t recognise, and/or money has left your account in an apparently fraudulent transaction,...
Discover what banking abbreviations on your account statement mean. From ATM to VRATE, we explain all transaction types.
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Bank Abbreviations. Understanding your statement. Not every bank uses the same abbreviations or terms, so sometimes you may be unsure about exactly what’s on your statement. If there’s something that’s confusing on your current account statement, this guide may be able to help. The basics.
