Bank statements gain standardized terms

Other financial operations will be included later in the standardization process.

The deputy director of Services at Febraban, Walter Faria, states that today banks have more than 4,000 different types of nomenclatures in their operations. He highlights that the change will make it easier for people who have or need to access bank accounts from different financial institutions to understand, and will also help to expand access to banking services for the population.

“Currently, banks use more than 4,000 different types of nomenclature in their operations, which generates significant differences between banks for the same type of financial transaction. The initiative will universalize information and provide customers with greater understanding of the transaction they carried out, in addition to expanding the population’s access to banking services,” says Walter.

Check out how bank statements for deposits and withdrawals are standardized:

• “DEP CHEQUE ATM” now appears on the statement in place of the old term “check deposit at ATM”: when the customer deposits a check at ATMs in some financial institutions;
• “WITHDRAWAL FROM AG CARD”: will be printed on statements in transactions in which the customer withdraws cash from the branch’s conventional cash desk, using the account card.

The Administrative Director of Line Bank BR, Marlon Bento, from Porto Alegre (RS), emphasizes that the measure helps to minimize the induction of errors by customers, since with standardization it will be easier, in his assessment, to identify financial transactions.

“Often these nomenclatures, which differ from one bank to another, even lead to errors on the part of the user, the customer at that financial institution. So, when it comes to interpretation, they can lead to errors. And having a single nomenclature for all banks, it is much easier to interpret the statement, to read the statement and effectively know what is happening in your respective bank accounts,” he says.

Marlon also believes that the initiative contributes to the country’s development in the banking sector. “This is extremely important and is a measure that represents another step in the development of banks in Brazil and also in the development for the user.”

Implementation

According to Walter Faria, from Febraban, the date chosen to begin implementing the change was defined in conjunction with the Central Bank of Brazil, considering the complexity of the issue. According to him, given that financial institutions will have to make systemic adjustments to implement the measure.

The new nomenclatures can be consulted on the Febraban website at: portal.febraban.org.br