Do you know your DDR from your S/O? And are you aware of the difference between a TFR and a BP? If not – you are not alone.
These are just a few of the abbreviations used on your bank statement to explain more about the transactions which have occurred.
And according to savings platform, Raisin UK, in the past month, 215 people have asked ‘what does POS mean on a bank statement’, compared to the 175 people searching ‘what does FPO mean on a bank statement?’
While few know what they mean, having the inside track on the translation could help you keep on top of your spending and budget over the course of each month.
Indeed, Raisin said with so many of us using quick digital transactions such as contactless payments and banking app transfers, it’s even more important to check your bank statement each month.
Being able to quickly identify the meaning of the abbreviations will help you understand the ins and outs of your bank account too.
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.”
Most common bank statement abbreviations and what they mean (source: Raisin UK)
| 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. |
What should I do if I spot a fraudulent transaction?
Kevin added: “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.”
