How can I understand my bank statement better?
An example of an AI chatbot conversation about understanding bank statements.
How can I understand my bank statement better?
I can help with that! Bank statements typically include transactions, balances, and fees. What specific part confuses you?
I'm not sure what the different codes mean next to each transaction.
Those codes usually represent the type of transaction or merchant. Would you like me to explain some common codes?
Yes, please! What does 'POS' mean?
'POS' stands for Point of Sale, indicating a purchase made using your debit or credit card at a store.
Got it! What about 'ACH'?
'ACH' refers to Automated Clearing House transactions, which are electronic payments like direct deposits or bill payments.
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