Bank statements will have uniform terms from Monday

The terms used in banking statements will be unified as of Monday (8). According to the Brazilian Banking Federation (Febraban)
The change will initially cover the existing categories of withdrawals and deposits. Later, other financial operations will be included in the standardization process.

Under the new nomenclature, transactions such as “ATM check deposit,” which some financial institutions use when a customer deposits a check at a branch ATM, are now described on the statement with the abbreviation “DEP CHECK ATM.”

Operations in which the customer withdraws cash from the branch’s conventional cash register, using his account card, will be printed on the account statements with the name “SAQUE DIN CARTAO AG”.

According to February’s Deputy Director of Services, Walter Faria, this measure aims to make the information easier to understand, especially for customers who have or need access to bank accounts from more than one financial institution.

He pointed out that banks currently use more than four thousand different types of names in their operations, which generates significant differences between banks for the same type of financial operations.