While the 20 most important phrases and abbreviations are included, various banks and building societies may use other abbreviations.
If you are worried about any transactions on your bank account, or want more clarity about what specific terminology represent, it is a good idea to get in touch with your provider immediately.
10 Bank Statement Abbreviations Explained in Simple Terms
BMACH is the first on our list of the most often used abbreviations for bank account statements.
It may appear sophisticated, but an Automated Teller Machine, sometimes known as an ATM or a cash machine, is only a brand name for this type of hole-in-the-wall device.
TFR stands for “transfer of funds” and indicates a monetary transaction on a bank statement.
If TFR appears on your bank statement, it indicates that you moved funds across accounts.
If you see the letters FPI on your bank statement, it means that the institution has enabled Faster Payments Inwards.
An FPI payment is made through the Faster Payment electronic system. It signifies you have received money from another account.
If you discover the acronym POS splattered all over your bank statement, do not worry, it just refers to payments that have been made with your debit card.
For many people this is an acronym they are likely to come across regularly when scrutinising their finances.
Statement line is referred to as S/line. If you see it on your bank statement, you will know it is an individual statement that is crucial for your bank.
If you notice the acronym INT’L on your bank statement it signifies you have made a foreign transaction.
This might happen, for example, if you use your card outside of the UK or buy anything from outside the UK while in the UK.
Many banks levy fees and taxes on international transactions, so make sure you check your account’s individual terms and conditions before splashing out overseas.
The acronym BP on your bank statement signifies you have made a bill payment.
According to Raisin UK, you can also notice an extension of this, BP/SO, which stands for bill payment and standing order. This signifies you have paid a bill via standing order.
BGC stands for bank giro
If this acronym is on your bank statement, it signifies you have deposited cash or checks at a bank or building society branch.
Charge is referred to as CHG. It signifies you have been charged for a transaction you have done.
Standing orders are automatic withdrawals from your checking or savings account on a predetermined schedule.
Instead of giving authorization to a corporation to remove money from your account, you are giving instructions to your bank.
Whether you don’t periodically check your bank records to determine if you can still afford all of your standing orders, they may soon add up and become a significant drain on your monthly income.
Even while many banks now allow clients to cancel standing orders at any time they choose, it’s always a good idea to check the terms and conditions to see exactly what steps need to be taken.