PR Account Payment Definition

pr payment on bank statement

Below are a codes that commonly occur on bank statements and a general description of their meaning. It’s important to note that the meaning of each may vary depending on the context and the recipient. Discover bank connectivity, payment controls, and automatic reconciliation, all in one. “ForisUS CardtoBank” refers to the blockchain company Foris, which operates the cryptocurrency company

pr payment on bank statement

Readers of a bank statement must figure out where one field ends and another begins. To answer these questions we must first understand the payment systems themselves. For a typical consumer bank account, a majority of the electronic transfers are handled via the Automated Clearing House (ACH). A lot has been written about ACH and more directly NACHA, the standards body that guides how ACH payments are formatted when being sent between banks.

PR Account Payment definition

“IRS TREAS 310 TAX REF” refers to a refund from a filed tax return, including amendments or adjustments to your tax return by the IRS. Although a standard for ACH formats exists and is widely supported, there is no equivalent agreement for how the payment might appear on a recipient’s bank statement. “AMEX EPAYMENT ACH PMT” refers to an ACH payment made via the American Express ACH Payment Service.

With these practices in place, businesses can feel confident that their customers will have all the context they need printed cleanly and clearly on their bank statements. For more ways to simplify and streamline your payments, reach out to Modern Treasury. Beyond these three fields, some banks will choose to include a small set of other fields that may aid a consumer in tracking down the specific purpose of a payment.

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