What are bank transaction codes?

What are bank transaction codes?

The bank transaction code is used to allow the reconciliation between the reason of the cash movement and the sub-ledger and/or the routing of the information to the adequate processing system at the customer side.

What is xfer on bank statement?

If you see the message “ACH HOLD PAYPAL INST XFER” on your bank statement, it simply means that a payment you have already authorized is about to be deducted from your account. When you see this ACH HOLD, it means your payment is about to be sent.

What does C r mean on a bank statement?

The “CR” next to a monetary amount on a bank or credit card statement represents a credit made to the account. A credit is when money is added to the account. If a credit has been made to a credit card account, it reduces the payment needed to pay off that card.

How long is a bank code?

It can be up to 34 characters long and contains a two-character country code, two check digits, and the basic bank account number. The basic bank account number identifies the bank as well as the account holder. In printed format, spaces are inserted for readability (i.e. DE16 5003 3300 0532 0130 00).

What is an ABBA code?

An ABA number, also known as a bank routing number, is a nine-digit code that identifies banks in the U.S. That number makes it possible for banks to transfer money to and from your accounts for transactions like wire transfers, direct deposit, and automatic bill payments.

What does Notemachine mean on a bank statement?

Notemachine is usually cash taken out at one of those non-bank located ATM machines.

What is an xfer?

Xfers streamlines online bank transfers by giving sellers a one-click payment link that automatically gives buyers bank account information and tracks payments as they process. Xfers co-founders say they didn’t plan to launch a startup.

What is a clearing code for a bank?

Clearing Code. The two-character identification code of the national clearing institution which, in each case, is the Intermediary, the account with institution and the beneficiary institution for the transaction. U.S.A.