Reading a bank statement

Gringotts Bank · 8 November 2019

I want this here rather than the general thread so it gets read.

You know when you read your statement and it has some name you have no idea who it is (because companies often use different names). Is there any way to reliably find out who you paid? When I have gone to the branch in the past, they have no idea what to do. In other words, their systems don't allow them to see who is being paid or where money is going - just what you want from a bank, sheer incompetence. I have made suggestions several times but they ignore it.

Solutiions?

tech/a · 8 November 2019

Quickest way (In my view) and possibly the best is to run your own debtors and Creditors journal.
If you have a lot of them run Quick books or MYOB
then when you get your bank statement you cross the transactions off.

Gringotts Bank · 8 November 2019

tech/a said:
Quickest way (In my view) and possibly the best is to run your own debtors and Creditors journal.
If you have a lot of them run Quick books or MYOB
then when you get your bank statement you cross the transactions off.

Not really suitable for me, but good idea thanks.

qldfrog · 8 November 2019

On cba netbank, you can sometimes click on the payment and get more info

myrtie100 · 8 November 2019

If it's your credit card statement, ring the bank. They have access to more information. Also sometimes googling the description on your statement helps too.

rnr · 8 November 2019

Gringotts Bank said:
I want this here rather than the general thread so it gets read.

You know when you read your statement and it has some name you have no idea who it is (because companies often use different names). Is there any way to reliably find out who you paid? When I have gone to the branch in the past, they have no idea what to do. In other words, their systems don't allow them to see who is being paid or where money is going - just what you want from a bank, sheer incompetence. I have made suggestions several times but they ignore it.

Solutiions?

I occasionally get that problem with my credit card statement. A company, for example, may have 3 or 4 registered business names with only one operating bank account into which all funds get banked. A search of the internet has, for me, always resolved the issue.

Cheers,
Rob

Gringotts Bank · 8 November 2019

Tried all those. Thanks. It's not a big sum so I'll just forget it. Can't be bothered going back to the branch.

tech/a · 8 November 2019

They can find it

be careful with small amounts you don’t recognise

we bank with which bank and found a 6 c and 18 c deposit from PayPal
Then a week later a $2 withdrawal

we don’t use PayPal we have 3 passwords that are like Fort Knox and a number generator
But some one cracked all of that.

so if it’s suss go into a branch and check it out before it’s a few grand!

myrtie100 · 9 November 2019

It's the banks merchant services department you need to speak to, not the branch. The branch is completely separate and doesn't have access to the info merchant services do. Banks will take unusual activity on your account seriously, you just need to speak to the right person.

Gringotts Bank · 9 November 2019

myrtie100 said:
It's the banks merchant services department you need to speak to, not the branch. The branch is completely separate and doesn't have access to the info merchant services do. Banks will take unusual activity on your account seriously, you just need to speak to the right person.

I feel every customer should be able to search the entry (say it's "XYZ servies, $300") on a verified website and in one click be taken directly to the company's details and product/service bought. To have "XYZ services" on my account is just plain ridiculous. And to find nothing useful on the net, except that it's some company registered in NSW... come on! There's a 99% chance it's legit, but effing around like this is such a waste of time and so unnecessary.

myrtie100 · 9 November 2019

Yes, I totally agree with you - it's frustrating and ridiculous!
The bank does have access to such a website that you mention. It's a paid service though.
One lovely guy at Westpac's Merchant Services directed me there once, and guided me through how to use it, but alas I needed an account. He seemed to think this was a recent change - such a shame.

Value Collector · 9 November 2019

I have googled them before and either found out who they were, or got a phone number and called them to find out which store they were.

It's totally stupid, but some businesses have their eftpos machines set up in their company name rather than the business trading name.

for example "High Street fish'n'chips " might appear a "Robert Greco pty.ltd".

It's so stupid that they do that, they should always have the eftpos set up in the trading name

KD2560 · 7 April 2020

Value Collector said:
I have googled them before and either found out who they were, or got a phone number and called them to find out which store they were.

It's totally stupid, but some businesses have their eftpos machines set up in their company name rather than the business trading name.

for example "High Street fish'n'chips " might appear a "Robert Greco pty.ltd".

It's so stupid that they do that, they should always have the eftpos set up in the trading name

Back to basics - you paid some one because you received an invoice - if its an Aust entity the invoice will have an ABN. "ABN lookup" will show the registered entity (not a business name). If its a foreign entity you need to do a lot more home work Sherlock. If your paying an entity without an invoice your on your own.

Value Collector · 8 April 2020

KD2560 said:
Back to basics - you paid some one because you received an invoice - if its an Aust entity the invoice will have an ABN. "ABN lookup" will show the registered entity (not a business name). If its a foreign entity you need to do a lot more home work Sherlock. If your paying an entity without an invoice your on your own.

I am talking about average daily credit card purchases, unless you keep 100 receipts in your wallet how would you get their ABN???

It actually happened again the other day, I was checking my credit card statement and found a transaction from a company called “father and daughter Pty.ltd grafton”

So I am thinking what the hell is that, took me a minute to realise it was the Red Rooster in Grafton I had bought a large chips, coke and pineapple ring from on a road trip.

Now how much easier would it be if they just called themselves red rooster grafton on their Eftpos terminal instead of their company name, father daughter Pty.ltd

When you sign up for eftpos you can choose whether it is under a trading name or company name, it is stupid not to put it under your company name.

KD2560 · 8 April 2020

Value Collector said:
I am talking about average daily credit card purchases, unless you keep 100 receipts in your wallet how would you get their ABN???

It actually happened again the other day, I was checking my credit card statement and found a transaction from a company called “father and daughter Pty.ltd grafton”

So I am thinking what the hell is that, took me a minute to realise it was the Red Rooster in Grafton I had bought a large chips, coke and pineapple ring from on a road trip.

Now how much easier would it be if they just called themselves red rooster grafton on their Eftpos terminal instead of their company name, father daughter Pty.ltd

When you sign up for eftpos you can choose whether it is under a trading name or company name, it is stupid not to put it under your company name.

Ah yes - I recall 4 years ago arguing with Master Card about $110 from "Junee Post Office". Havent been to Junee for yonks - the transaction was reversed and reinstated 4 times - I spent at least 6 hours only to find out it was my PO Box renewal from Aust Post. The PO Box is in Campbelltown and was paid over the counter at Campbelltown. Junee is where they do their processing. They owe me 6 hours.

matty77 · 8 April 2020

a google search has never failed me for this in the past.

just google what ever info you have on the statement and it should come up 99.9% of the time.

Reading a bank statement

Gringotts Bank

tech/a

No Ordinary Duck

Gringotts Bank

qldfrog

myrtie100

rnr

Gringotts Bank

tech/a

No Ordinary Duck

myrtie100

Gringotts Bank

myrtie100

Value Collector

Have courage, and be kind.

KD2560

Value Collector

Have courage, and be kind.

KD2560

matty77

Similar threads

Reading a bank statement

No Ordinary Duck

No Ordinary Duck

Have courage, and be kind.

Have courage, and be kind.

Similar threads

Privacy & Transparency

Privacy & Transparency