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. You’ll also discover how to stay in control of your finances with our user-friendly banking guides and secure online savings marketplace.
Better control: Understanding the most common bank statement abbreviations helps you be in better control of your finances
Detect fraud: Keeping track of your statements will allow you to detect any fraud or suspicious spending
Common terminology: A fool-proof guide to the most common banking statement abbreviations
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 most common codes and 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.
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 understanding your bank statement codes and abbreviations can help you understand what is (and what isn’t) a legitimate transaction.
What should I do if I spot a fraudulent transaction?
If you see a transaction on your bank account that you don’t recognise, and/or money has left your account in an apparently fraudulent transaction, the first thing to do is contact your bank. They’ll 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 via Action Fraud. The police will log the crime and send you a crime reference number.
You can find out more about what to do if you’ve been scammed online on our website, and don’t forget to read our guide to staying safe online.
Stay in control of your finances with Raisin UK
Whether it’s deciphering bank statement codes, understanding interest rates or navigating online banking, managing your finances can feel daunting. That’s why at Raisin UK, we strive to make the process as easy as possible. Our website contains a wealth of user-friendly guides explaining the key jargon and concepts you’ll likely encounter. From APR to AER, gross interest to compound interest, we’ll help you get to grips with what you need to know.
If you already have a bank account and are now looking to save, you can also access a range of competitive savings accounts from our partner banks. We don’t charge you for opening savings accounts through our online marketplace, and you can choose from a variety of different accounts including fixed rate bonds, notice accounts and easy access savings accounts.