What Is A Counter Credit?

Credit feedback on my bank statement

How many times have you actually looked at your bank statement? Either the paper or online version. As a personal finance blogger, I probably check my bank statements maybe 2 to 3 times per week. Yes, this may be overkill but it worked for me. Ok, here’s another question. How many times have you checked your bank statement and seen something you didn’t recognize? A payment you don’t recognize or a code or acronym you don’t understand. When you don’t check your statement, you can often get a little confused when you see codes or abbreviations for items and you don’t know what they mean. a pretty good idea on that I have to admit I didn’t come across it on any of my bank statements and I did a bit of an online check like you do.

What is over-the-counter credit?

Over the counter credit or what is sometimes called a counter deposit is exactly what it sounds like. This is a direct deposit at a bank. Someone walked into a bank and handed cash directly to a cashier who worked for the bank.In deposit terms, a counter credit is the most direct way to pay into a bank account Like when paying with cash, the money will immediately be in the account as soon as the cashier presses a button.Note: Please note that banking terminology differs slightly from bank to bank but in general you can figure out what each one is. the pros and cons of using over-the-counter credit in our modern online banking lives.

Why Is Counter Credit Still Used?

Access credits are still used by a lot of people. The older generation has no idea how online banking works even though banks have gone to great lengths with TV commercials to help them. Personally I can’t remember the last time I had real money in my wallet but for some people they still trade cash every day and depositing cash or credit at the counter is part of the job. their daily .

Advantages of Counter Credit / Cash Deposit

As mentioned above, many people still deal with cash which means that over the counter credit or deposit is the ideal way to handle their money. Admittedly I hate putting money in ATMs and haven’t done this in years. I’ve never had a problem myself but I’ve heard of people getting chewed or losing money using this method and it’s not something I wanted to experience. I am also occasionally opposed to doing any kind of large transaction online. Anything that costs more than a few hundred pounds always makes my heart skip a beat when done online even though it’s just numbers on the screen. , You even know their name if something goes wrong, you have a reference point to access. Cash deposits also mean the money goes to the bank account instantly unlike online banking where it can sometimes take up to 2 hours and some transactions can even take days.

Disadvantages of Counter Credit / Cash Deposit

A waste of my precious time. We all now take the time to do things quickly. Our lives have become so much easier with smart devices, and our work and lives are at a faster pace. Not only that, even though we are British, we no longer want to wait patiently in line. What if people were queuing out the door. No, thanks. It has made everything so much faster and easier, even thinking about driving to the bank to deposit money makes me tired. I use Paypal religiously and Bacs transfers for anything else. Paypal is also used by everyone in my family so I don’t need to go to the bank at all. Not even in the city I live in now. In fact, it’s about 20 miles away, so why would I venture to my branch even further away than I am. never look back at your statement again.

Abbreviation of General Bank

I’ll leave you with some of the more common banking acronyms you might see on your statement or online. Hopefully this helps and saves you from getting confused or frantically searching on google the next time you search for the statement.

• APR (The annual percentage you’re charged on things like credit cards.
• BP (pay the bill)
• CHG (Charge, So any kind of charge on your account)
• DD / DDR (Direct debit)
• DWP (Department of employment and pensions)
• IBAN (International bank account number)
• IS ONE (Personal savings account)
• OTR (Online banking)
• THEREFORE (Standing)
• TFR (Transfer, usually between accounts)

Credit feedback on my bank statement

I hope that some of these more common banking acronyms have given you a little better understanding of your statements, At the very least you should understand a little more about what’s going on on your statement. That means you don’t have to panic every time you see code or acronyms you don’t recognize.

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