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What is a POS transaction on my bank statement?

Published in Uncategorized 2 mins read

A POS transaction on your bank statement represents a "Point of Sale" purchase made using your debit card, typically requiring a PIN for authorization.

Understanding POS Transactions

A POS transaction, or "Point of Sale" transaction, is a common type of debit card purchase. When you see this on your bank statement, it signifies a direct payment made at a merchant's location (the point of sale), where you physically used your debit card.

Key characteristics of a POS transaction include:

  • Debit Card Use: These transactions are specifically associated with purchases made using your Visa debit card.
  • PIN Requirement: To complete the purchase, you are typically required to enter your Personal Identification Number (PIN) on a keypad at the checkout. This adds a layer of security to the transaction.
  • Immediate Posting: Unlike some other transaction types, POS transactions usually post to your account immediately. This means the funds are deducted from your available balance almost instantly, providing an up-to-date reflection of your finances.

What You'll See on Your Statement

When a POS transaction appears on your bank statement, it will provide specific details to help you identify the purchase.

Detail on Statement Description
Amount The exact monetary value of the purchase made.
Address The physical location (address) of the merchant where the transaction occurred.
Merchant Name In many cases, the name of the business or store where you made the purchase will also be displayed.

For example, a POS transaction might appear as "POS PURCHASE $25.50 - 123 MAIN ST, ANYTOWN, USA - GROCERY STORE A." This clarity helps you reconcile your spending and track where your money is going.

POS Transactions