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Managing your a/c

Bank statements

QuestionAnswer
Mini- statements Gives you details about your most recent transactions.
Bank charges Banks and building societies may charge the customer for providing some of their services.
Debit cards An instruction from you to your bank or building society allowing someone to take money from your account. The amount of money taken can vary, but you must be told the amounts and dates beforehand.
Date The date on which money entered or left the bank account. This can be a few days after the date of the transaction, which is shown in the ‘details’ column of the statement.
Details This column shows the transaction type and details. Transaction types can include payments into the account (credits) and withdrawals from the account.
Withdrawal Any money that leaves the account.
Debit Another name for withdrawal.
Paid in Any money that enters the account.
Transfer A transaction in which money is moved from one bank account to another. For example, a person may transfer money from their current account into a savings account.
Card transaction Any payment made using a card to buy in a shop or online. For card transactions that include cashback (where a retailer lets a person withdraw cash from their account when paying for goods), this cash amount is shows in the details of the transaction.
Cash withdrawal A withdrawal of cash, for example at an ATM.
Cheque Payment made using a cheque. This will appear on the date the money leaves the account, not when the cheque was written or handed over. The details will include the cheque number but not the payee.
Credit Money paid in as a transfer from another bank account, such as an employer.
Automated credit A credit (payment into the account) that takes place automatically at a set time, such as a set day each month. Often used for salaries.
Brought forward The balance of the account at the start of the period the bank statement covers, or when moving from the bottom of one statement page to the top of the next.
Carried forward The balance of the account at the end of the period the bank statement covers, or when continuing to a new statement page.
Direct debit An instruction for an organisation to take varying amounts from your account, such as for mobile phone bills. The organisation must warn you in advance of the amounts and dates of collection.
Standing order An instruction for an organisation to take a fixed amount from your account on set dates, such as when paying insurance premiums monthly.
Overdrawn When you have a negative amount in your bank account (an overdraft) and owe your bank money. This is shown with (OD) next to the balance. You may need to pay a penalty for unauthorised overdraft.
Created by: moneysense
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