Wednesday, December 26, 2012

Learn Different Types of Bank Transactions

Sign outside Anchor Bank
Anchor Bank sign
If you are like me, then you check your bank account balance online regularly. You can do this with an app on a smartphone, or with a computer, depending on if your bank offers an app and online banking.

There are many different banks (just to name a few):

  • Capital One, N.A.
  • Regions Bank
  • Bank of America
  • Wachovia Bank
  • SunTrust Bank
  • First National Bank
  • National Bank
  • USAA Bank
  • Redstone Federal Credit Union
  • BB&T
  • Citibank
  • Chase
  • Citizen's Bank
  • Fifth Third Bank
  • KeyBank
  • PNC Bank
  • TD Bank
  • U.S. Bank
  • Wells Fargo

Beside transactions on your bank statement, you will see symbols. These define what type of transaction has taken place. Below you will see what each two-letter code stands for as a transaction.

You may ask yourself the following questions:

  • What does PU transaction type mean?
  • What does AW transaction type mean?
  • What does CD transaction type mean?
  • What does ND transaction type mean?

But do you know what all of the transaction types are in the pending section?

Banks have many transaction types (below are just a few):

"PU" stands for purchase.
"AW" stands for account withdrawal.
"CD" stands for cash deposit.
"ND" stands for night deposit.

Below you will see an example of what these transaction types look like on your account if you view from an online statement.

Pending transactions on online bank statement

I deposited checks totaling $100.00 into my checking account, however my bank statement showed it going in twice, with two different transaction types beside each deposit.

I called the bank customer service and they told me they will make a note to take a look at this, since it shouldn't credit my account twice.

You should now be able to identify the different transaction types when viewing your online bank statement.

Image Source: Flickr Creative Commons; by I-5 Design & Manufacture

1 comment:

Nicole Curtis said...

Great information about the bank checks.a cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution. ordering checks online

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