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Deciphering the Abbreviations and Terms on Your Bank Statements

Deciphering the Abbreviations and Terms on Your Bank Statements

Posted On: September 15, 2021 by Falcon National Bank in: Manage your Business | Business Banking, Your Financial Life | Personal Banking

As more and more banking options are available online, fewer and fewer people choose to receive paper bank statements every month, for businesses or those with multiple bank accounts, however, these statements are important to managing finances. Unfortunately, these statements are not always simple to read and understand. Some banks tend to include vague, misleading, or complicated information and sometimes even hidden fees. It might even feel like there is a secret banking language that only financial institutions can read. The truth is, these abbreviations all have distinctive meanings–either on your paper statements or your online accounts–that tell you important information about your accounts and transaction history.  Bank Statement Buzzwords and Abbreviations There can be many abbreviations on your bank statements. Different transactions are categorized to help organize your account and prevent fraudulent charges. Let’s take a look at some of the

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