Legends used in bank account statement
When we receive our bank account statement, we just briefly go through it and keep it aside or store it in one of our folders. A few of us check whether our names and the transactions made (debit or credit) are correctly or not. The bank statement includes a host of technical terms such as ICONN, Autosweep, VMT, etc. Most of us are hardly aware about these terms.
Basically a bank account statement offers all transaction details carried out within a defined time period. A bank statement or account statement is a summary of financial transactions which have occurred over a given period of time on a bank account held by a person or business with a financial institution.
Bank statements are typically printed on one or several pieces of paper and either mailed directly to the account holder’s address, or kept at the financial institution’s local branch for pick-up. Certain ATMs offer the possibility to print, at any time, a condensed version of a bank statement. In recent years there has been a shift towards paperless, electronic statements. Let’s understand some legends used in the statement.
Terms mentioned in the Statement
- ICONN: Transaction through Iconnect—an inter-connect platform—which has the ability to work with various communication protocols and media of operation.
- AUTOSWEEP: Transfer to linked fixed deposit
- REV SWEEP: Interest on linked fixed deposit
- SWEEP TRF: Transfer from linked fixed deposit / account
- VMT: Visa money transfer through ATM
- CWDR: Cash withdrawal through ATM
- PUR: Purchase using the debit card
- TIP/SCG: Surcharge on usage of debit card at petrol pumps/railway ticket purchase or hotel tips
- RATE.DIFF: Difference in rates on usage of card internationally
- CLG: Cheque clearing transaction
- EDC: Credit through EDC (electronic data capture) machine transaction
- SETU: Seamless electronic fund transfer through the Bank
- Int. Pd: Interest paid to customer
- Int. Coll: Interest collected from the customer
- MMT: MasterCard money transfer through ATM