Legends used in bank account statement 



A bank account statement offers all transaction details carried out within a defined time period

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



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