Keeping a regular check on your bank statements is important, not only to be aware of the money you have coming in and going out, but also to protect yourself against fraud.
What do the terms on my bank statement mean?
Sort Code: A six-digit number that identifies your bank and the branch.
Account Number: Your unique reference number. Always double-check when quoting your account number to make or receive a payment that your account number is correct to avoid errors.
Date: The date the statement was produced and the period of time it covers.
Opening Balance: How much you started with at the beginning of the month.
Closing Balance: How much you had left at the end of the month.
Transaction Dates: When money has come in or gone out of your account. Remember this is not necessarily the date you purchased an item. For example you may have paid for an item on your debit card on the Friday, but it doesn’t show on your account until the following Wednesday.
Payment Type: Short references for the type of transaction. For example, DD indicates a payment by direct debit, SO a standing order, ATM a withdrawal from an Automated Teller Machine (cash point).
Details of the Transaction: The name of the shop, person or supplier you paid.