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Bank statement abbreviations explained
Understanding your bank statement is important for effective money management and financial wellbeing. This guide will provide a comprehensive overview of bank statements, explain the jargon and abbreviations, and equip you with the knowledge to effectively navigate your bank statements.
- Better control: Understanding the most common bank statement abbreviations allows you to keep control of your finances
- Detect fraud: By keeping track of your statements, you can detect fraud or suspicious spending
- Common terminology: A fool-proof guide to the most common banking statement abbreviations
What's on this page
What is a bank statement?
A bank statement is a document which summarises your account activity over a certain period of time—usually a month. Printed statements can be sent to your home address monthly, and nowadays, people often choose to receive electronic versions of the paper statement, also known as eStatements.
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How to get a bank statement
Banks have different processes, but usually you can choose whether you want to continue receiving printed statements to your home address, or access them online, or both. If you’re registered for online banking, you can visit your bank’s website or app at any time, log in and check your eStatements. As well as checking your finances, you may want to use your bank statements as proof of address.
What do the abbreviations on my bank statement mean?
So, what do the abbreviations on my bank statement mean? The table below lists some of the most common abbreviations found on bank statements. However, it’s important to note that not all banking providers use the same abbreviations. If you have concerns about transactions found on your bank statement or any abbreviations you see, it’s best to contact your banking provider.
| Bank statement abbreviation | Definition |
|---|---|
| National Sorting Code (NSC) | Unique number to identify your bank and branch |
| International Bank Account Number (IBAN) | Unique identifier for your account which, together with your BIC, is required for international transactions, particularly but not exclusively in Europe |
| Bank Identifier Code (BIC) | Unique number that identifies your bank. It is the code necessary, along with your IBAN, to send and receive automated international payments |
| Interbank Network for Electronic Transfer (INET) | Will appear on your statement for transfers and bill payments made using Internet Banking |
| Electronic Funds Transfer (EFT) | Electronic Funds Transfer from another account |
| Point of Sale (POS) | A Point of Sale (POS) transaction occurs when you use your Visa Debit card to purchase goods or services at any retail outlet that facilitates card payments |
| Visa Debit Payment (VDP) | VDP means a Point of Sale transaction using your Visa Debit card. Used by Allied Irish Banks (AIB) on customer bank statements |
| Direct Debit (DD) | A Direct Debit is a service for making payments from your account which are initiated by a payee on the basis of your consent, e.g. utility bills, mortgage repayments etc. |
| Originator Plus (OP) | This is a Direct Debit payment where your consent need not be in writing. You must receive written confirmation within 3 business days of the details of the direct debit agreement |
| Standing Order (S/O) | An instruction from you to the bank to pay a specified amount from your account on specified dates to a specified payee |
What is a statement of account?
At the beginning of every month, Revenue generates a monthly statement from your payroll submissions with pay dates in the previous month. The statement of account contains a chronological list of all tax liabilities incurred, any amendments to these liabilities, all payments made in respect of these liabilities, and the balance outstanding at the end of the period referred to in the statement. You can access your statement of account by logging in to Revenue Online Services.
How to spot fraudulent transactions
If you do not recognise a transaction on your bank statement, you should always look into it. Perhaps the name, time or amount of the transaction aren’t familiar. It may turn out to be a genuine transaction, but it’s worth investigating if you’re unsure.
You may see ‘SEPA DD’ (SEPA Direct Debit) appear on your account on the first day a direct debit appears. The phrase ‘SEPA DD’ will update to the company name after the amount is fully processed on your account. If you see a transaction like ‘P2801GB 6.14@1.1406’, it’s likely to be a cross-border transaction you made with your debit card, at a card terminal outside of the Republic of Ireland.
It’s also important to be aware that fraudsters use fake bank statements and other financial documents to fool unsuspecting lenders.
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