Bank statements contain uniform terms as of Monday.

Bank statements contain uniform terms as of Monday.

The terminology used in banking statements will be standardized as of Monday (8). According to the Brazilian Banking Association (Febraban), the change will initially cover the current denominations 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 4,000 different types of labels in their operations, which generates significant differences between them for the same type of financial operations.

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