Understanding Your Bank Statement: Abbreviations and Jargon Explained

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These are just a few of the abbreviations used on your bank statement to learn more about the transactions that have taken place.

And according to the UK savings platform Raisin, over the past month 215 people asked ‘what does POS mean on a bank statement’, compared to 175 people asking ‘what does FPO mean on a statement banking? “

While not many people know what they mean, having an internal translation track could help you stay in control of your spending and budget during each month.

Indeed, Raisin said that with so many of us using fast digital transactions like contactless payments and banking app transfers, it’s even more important to check your bank statement every month.

Being able to quickly identify the meaning of abbreviations will also help you understand the ins and outs of your bank account.

Kevin Mountford, co-founder of Raisin said: “Fraud is also often difficult to spot on a statement, but knowing your bank abbreviations can help you understand what is (and what isn’t) a legitimate transaction.

Common bank statement abbreviations and their meanings (source: Raisin UK)

Abbreviation of bank statement Definition
BMACH – ATM BMACH is an ATM brand. 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.
REIT – Faster Inbound Payments A REIT payment is made using the “Pay Faster” electronic system. This means that you have received money from another account.
POS – Point of sale You will find POS on your bank statement if you made a purchase with your debit card.
FPO – Faster outgoing payment If you see FPO on your bank statement, it means “Faster outgoing payment” and indicates that you have sent money to another account.
S / line – Statement line S / line means declaration line. If you see it on your bank statement, you’ll know it’s an important individual statement for your bank.
INT’L – International You will see INT’L on your bank statement if you have made a transaction abroad.
BP – Bill payment The abbreviation BP on your bank statement means that you have made a bill payment. You can also see an extension of this, BP / SO, which stands for Bill Payment and Standing Order. This means that you have paid an invoice by standing order.
BGC – Giro Credit Bank BGC stands for bank credit. If this abbreviation appears on your statement, it means that you deposited cash or checks at a branch.
CHG – Fees CHG stands for charge. This means that you have been billed for a transaction that you have made.
N / A – Standing order A standing order is a regular payment of a fixed amount that is deducted from your bank account.
BAC – Automated Bankers Compensation A BAC payment on your bank statement means that you 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 ATM, and that means you made a payment at an ATM.
BSP – One-off payment at a branch A BSP is an invoice or a third payment made at a branch.
CUI – Centralized in unpaid debts You will find the abbreviation “CUI” on your bank statement when a check has not cleared.
DIV – Dividend A dividend is a payment you receive from the stocks you own.
D / D or DDR – Direct debit This is a common abbreviation and means a regular payment of a fixed or variable amount that you make to a savings account or a third party.
DWP – Department of Work and Pensions You will see DWP when the Department of Work and Pensions deposits money into your account.
ERTF – Exchange rate transaction fees An ERTF appears on your bank statement when you use a card at an ATM abroad.
IMO – International Mandate An IMO means that you have made a payment abroad.
REV – Inversion A REV, or cancellation, appears on your bank statement when a departure order or direct debit has been returned.

What if I spot a fraudulent transaction?

Kevin added, “If you see a transaction in your bank account that you don’t recognize and / or money has left your account during an apparently fraudulent transaction, the first thing to do is contact your bank.

“They will take immediate action to protect your money, which may mean freezing your account and sending you a new card.

“You can also report the incident to the police through Action Fraud. The police will register the crime and send you a crime reference number.

Discover here the meaning of the abbreviations appearing on your payslip.

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