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Newbie Question : What is an "Account Credit" entry?

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Hi there,

Just trying to sort out my bank statements and my finances before 2008 kicks in. I went through one of my CURRENT ACCOUNT statement and found an entry deposit at XXXX with details as Account Credit. I'd like to know what Account Credit means. I deposit money (cheque or money or a combination of the two). Could it be that it might be the latter of the three (cheque and money)? Thanks for helping on this novice issue.

Regards to all MSE users

PS: Is there a glossary of bank account terms available online? Thanks!
:rolleyes: Links are a man's best friends.com

Comments

  • dunstonh
    dunstonh Posts: 119,624 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It is a credit to your account. It sounds like a generic entry indicating a paper transaction such as a counter credit or bank giro credit.
    Is there a glossary of bank account terms available online?

    That term is not generic. The generic term would be bank giro credit.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh wrote: »
    It is a credit to your account. It sounds like a generic entry indicating a paper transaction such as a counter credit or bank giro credit.

    Too much ling for me I am afraid... In layman's terms what does that mean Paper Transaction? Could it be for example, a combined deposit of cheque and cash - hence the terms "account credit"?

    Thanks for your help
    :rolleyes: Links are a man's best friends.com
  • It simply describes an amount paid into your account - usually, over the counter at the branch.

    If the amount had been paid in by someone else, via online banking (for example) it might have a different description e.g. direct credit or bank giro credit.

    Your own bank is the best place to check - they might even have a guide to terms used on the statements online.

    or is there nothing on the reverse of the statement? Did you have a guide when you first opened the account?

    Who do you bank with?
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • It simply describes an amount paid into your account - usually, over the counter at the branch.

    If the amount had been paid in by someone else, via online banking (for example) it might have a different description e.g. direct credit or bank giro credit.

    Your own bank is the best place to check - they might even have a guide to terms used on the statements online.

    or is there nothing on the reverse of the statement? Did you have a guide when you first opened the account?

    Who do you bank with?

    Barclays, paid in the money enveloppe thing, definitely not online
    :rolleyes: Links are a man's best friends.com
  • Then yes - the Account Credit will apply to amounts you pay into your account. It won't specify whether the amount is cash, cheque or both - just the total on the slip.

    "Account Credit" just means that your account has been credited i.e. money has been paid in.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Then yes - the Account Credit will apply to amounts you pay into your account. It won't specify whether the amount is cash, cheque or both - just the total on the slip.

    "Account Credit" just means that your account has been credited i.e. money has been paid in.

    I think it actually means that the content IS both Cheque and Cash. I had a look at other deposits and it looks like if the envelope contained only cash, the transaction details will read CASH rather than ACCOUNT CREDIT.
    :rolleyes: Links are a man's best friends.com
  • Good to have that cleared up :)

    To be honest, the terms used vary from bank to bank, so whilst we can "guess" it's usually best to call them and be sure of what the terms mean for your particular account.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Hi there,

    Just trying to sort out my bank statements and my finances before 2008 kicks in. I went through one of my CURRENT ACCOUNT statement and found an entry deposit at XXXX with details as Account Credit. I'd like to know what Account Credit means. I deposit money (cheque or money or a combination of the two). Could it be that it might be the latter of the three (cheque and money)? Thanks for helping on this novice issue.

    Regards to all MSE users

    PS: Is there a glossary of bank account terms available online? Thanks!
    Are these codes not on the bottom of your statement somewhere?
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Good to have that cleared up :)

    Total admiration of your forebearance. Nothing like a bit of initiative from the OP .... eventually!;)
    If you want to test the depth of the water .........don't use both feet !
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