Bank statement abbreviations explained
If you’ve ever tried to decipher your bank statement, you might have felt like it was written in another language. 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.
Table of Contents
What are bank statement abbreviations?
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 length of your statement and display more data on each line.
What do bank statement abbreviations mean?
The table below lists the common abbreviations typically found on bank statements. It’s important to note that not all banking providers use the same bank statement abbreviations. If you have concerns about transactions found on your bank statement or any bank abbreviations you see on your statement that you can’t find in this list, it’s best to contact your banking provider.
You might also see similar abbreviations on your ATM mini statements, or the statement you receive when you make a transaction using an ATM.
|Bank statement abbreviation||Definition|
|BMACH - ATM||
BMACH is a brand of an ATM. If you see BMACH on your bank statement,
it means you’ve made an ATM transaction.
|TFR - Transfer||
If you see TFR on your bank statement,
it means you’ve transferred money between bank accounts.
|FPI – Faster Payment Inwards||
An FPI payment is made using the ‘Faster Payment’ electronic system.
It means you’ve received money from another account.
|POS – Point of Sale||You’ll find POS on your bank statement if you’ve made a purchase using your debit card.|
|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.|
|S/line – Statement Line||S/line stands for statement line. If you see it on your bank statement, you’ll know it’s an individual statement that’s important for your bank.|
|INT’L – International||You’ll see INT’L on your bank statement if you’ve made a foreign transaction.|
|BP – Bill Payment||The abbreviation BP on your bank statement means you’ve 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’ve paid a bill by standing order.|
|BGC – Bank Giro Credit||BGC stands for bank giro credit. If this abbreviation is on your statement, it means you’ve deposited cash or cheques at a branch.|
|CHG – Charge||CHG stands for charge. It means you’ve been charged for a transaction you’ve made.|
|S/O – Standing Order||A standing order is a regular payment for a fixed amount that’s deducted from your bank account.|
|BAC – Bankers’ Automated Clearing||A BAC payment on your bank statement means you’ve used an electronic system to make a payment directly from one account to another.|
|NYA* - Refers to vending machines.||The format of this bank abbreviation is usually NYA* followed by the owner of the vending machine, and it means you’ve made a payment at a vending machine.|
|BSP - Branch Single Payment||A BSP is a bill or third payment that’s made in-branch.|
|CUI - Centralised Unpaid In||You’ll find the abbreviation ‘CUI’ on your bank statement when a cheque has failed to clear.|
|DIV - Dividend||A dividend is a payment you receive from shares you hold.|
|D/D or DDR - Direct Debit||This is a common abbreviation and signifies a regular payment of a fixed or a variable amount that you make to a savings account or third party.|
|DWP - Department of Work and Pensions||You’ll see DWP when the Department of Work and Pensions deposits money into your account.|
|ERTF - Exchange Rate Transaction Fee||An ERTF shows on your bank statement when you use a card at a cash machine abroad.|
|IMO - International Money Order||An IMO means you’ve made a payment abroad.|
|REV - Reversal||A REV, or reversal, shows on your bank statement when a starting order or direct debit has been returned.|
Why is it important to understand bank statement abbreviations?
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 check your bank statement each month, so you know where your money is going, and you can identify any bank statement abbreviations you don’t know the meaning of. You could also check your bank statement against your budget planner, which will help keep you on track and means you’ll be able to identify any transactions that might be fraudulent.
Fraud is often difficult to spot, but knowing your bank abbreviations can help you understand what is (and what isn’t) a legitimate transaction.
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