Why statements are hard to read
Statements, on paper or online, use bankers' and accountants' shorthand, and each bank has its own layout and terms. Your official statement and the transaction history in your banking app may even use slightly different words for the same thing.
This glossary covers the most common terms. It isn't complete, as there are too many banks and account types, but it should make most statements clear.
Balances and statement periods
- Account fee: a monthly or annual fee the bank charges to run the account.
- Available balance: the cleared money you can spend now. It leaves out deposits that haven't cleared yet, so it can be less than your balance.
- Balance or current balance: what's in the account after the transactions listed so far.
- Opening balance: what was in the account at the start of the statement period.
- Closing balance: what was left at the end of the statement period.
- Brought forward: the closing balance of the last period or page, carried over as the opening balance of this one.
- Carried forward: this period's or page's closing balance, carried over to the next.
- Statement: the bank's official record of the account's transactions over a period it sets, usually monthly, half-yearly or yearly.
- Statement period: the dates a statement covers.
- Transaction history: a list of transactions you pull up yourself in online banking for any dates you choose. It isn't an official statement.
- TFY: total financial year, usually before a total of debits, credits, interest or fees for the financial year.
- Totals at end of page or period: the totals of the money in and money out columns.
Money in
- Cr: credit.
- Credit: a transaction that adds to the balance, such as a deposit or a transfer in.
- Cash dep: a deposit of cash.
- Deposit: money paid into the account, at a branch, an ATM or by transfer.
- Direct credit or inward credit: a payment into the account, such as your pay or a transfer from someone else.
- Funds transfer from: a transfer in from another account.
- Interest paid, earned or credited: interest the bank pays you on your balance.
- Money in: the plain English term some newer banks use for credits.
Money out
- Dr: debit.
- Debit: a transaction that reduces the balance, such as a withdrawal or a transfer out.
- ATM or ATM csh: cash taken out at an ATM. It may follow the bank's name, as in NABATM.
- Card entry at a branch: a cash withdrawal made with your card at that branch or its ATM.
- EFTPOS: electronic funds transfer at point of sale, a payment made with your card in a shop.
- BPAY: a bill payment made through the BPAY system.
- Chq: cheque, usually followed by the cheque's number.
- Funds transfer to or internet transfer: a transfer out made in online banking or the app.
- Interest charged: interest the bank charges on money you've borrowed, such as an overdraft.
- Transaction fee: a fee for processing a transaction.
- WDL or withdrawal: money taken out of the account, usually as cash at an ATM or over the counter.
- Money out: the plain English term some newer banks use for debits.
Other terms
- BSB: bank state branch, the six-digit number that identifies a bank and branch.
- Cash or csh: a transaction in notes or coins.
- Interest rate: the yearly percentage used to work out interest you earn or are charged.
- Online: a transaction made in internet banking or the app.
- Presented: a cheque the person it was written to has paid into their account.
- Transaction: any movement of money into or out of the account.
- PayID: a payment sent to a phone number, email or ABN registered with a bank, instead of a BSB and account number.