Abbreviations on Bank Statement Meaning (2024)

FAQs

Abbreviations on Bank Statement Meaning? ›

For example, rather than writing out “Automated Teller Machine” every time you make a cash withdrawal, it will just show as “ATM”. Other common shortened forms include “ACH” for Automated Clearing House, “POS” for Point of Sale, “OD” for Overdraft, and “INT” for Interest.

Bank statement transaction codes are the internal codes that are used on a bank statement line to identify the type of transaction being reported. These are also referred to as: Transaction codes.

TXN, abbreviation for transaction (disambiguation)

“Pymt.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/pymt.

STMT Definition & Meaning | Dictionary.com.

CHAPS – Clearing House Automated Payment System (a means of transferring money) CRE – Credit payment. DDR – Direct Debit. DR – debit balance (overdrawn) IBAN – International Bank Account Number (you can find this on your statement)

The transaction type, also called the otype, is a code that is combined with the activity type ( act_type ) to create a complete transaction code ( trans_code ). Transaction codes identify where a transaction originated and what kind of transaction it is.

Explanations of Payment (EOP) ‐ A form sent to providers after a claim for payment has been processed by the health plan. It is also referred to as a remittance advice or remit.

What is the abbreviation for transfer in banking? ›

TRF is a common abbreviation for the term TRANSFER. It is a transfer of funds within the same bank. The term “transfer” relates to money movement.

Payment by direct deposit (EFT) is safe, secure, efficient, and less expensive than payment by paper check. Electronic payments are required! All federal benefit payments must now be paid electronically.

Units per transaction (abbreviated as UPT and also known as units per order) is a common metric and KPI used by commerce brands that measures the average units sold per customer, per transaction.

Acronymfinder.com lists TX as a rare abbreviation for "transaction", particularly in the context of computers.

If there is a possibility that the users of the statement are not familiar or experts in accounting, abbreviations can make things even more confusing. If they must be used, stick with standard and commonly known abbreviations such as NOI for Net Operating Income.

The CFS measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses. As one of the three main financial statements, the CFS complements the balance sheet and the income statement.

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.

Routing number (ABA number) and bank account number. IBAN. SWIFT code (SWIFT/BIC) CLABE.