If you have ever taken the opportunity to browse through your bank statements, then you have probably run into the term,’counter credit’. And while an unidentified phrase in your bank statement may induce a little bit of stress, in this event, you will be delighted to hear there is not anything to fret about. Thus, what exactly does counter credit imply in your bank statement?
In summary, the expression counter credit–or counter residue because it is often called–describes a deposit which you made on site (i.e. over the counter) in your own bank or financial institution. In easier terms, if you make a web-based deposit by means of a teller at your bank, the trade could appear as a’counter credit’ in your bank statement.
See, as I said, there was nothing to be concerned about.
But because we are on the topic, and as you’re carrying a deeper dip in your own bank statements, I think that it’s well worth talking a few more things. Specifically, what would be the advantages of a counter residue? And what would be the downsides?
Whether I am going throughout the drive-through to deposit a check, or standing at the counter talking to a teller, then there’s a particular degree of assurance which you can not get through online banking.
Now, please do not take this as a dig from earning cellular deposits, establishing bank account entirely online, or managing your cash through your online banking program. I totally adore those items, and you should take advantage of those.
All I am saying is there is something pleasant about the individual interaction, and knowing your money has been managed by a specialist. This is compared to something such as depositing a check or money through an ATM. I really don’t know about you, but that you always makes me somewhat nervous.
Perhaps it’s just bags from all of the arcade games that ate my own sanity once I was a tiny child, but each time I deposit money through an ATM I hold my breath in hopes that it does not swallow my cash like a faulty ski-ball machine. (In all likelihood, this won’t ever occur to mepersonally, or youpersonally, but I am still not certain if I will ever feel totally comfortable with this kind of deposit)
And that is actually the principal advantage of a counter residue, (or counter credit since it may be tagged in your bank statement).
There is no ATM simply waiting to consume your cash. No mobile banking program that may glitch and cause you financial trouble (also an extremely unlikely situation ). It is easy and tasteful.
Ok, so now I have laid out the primary advantages of a counter residue, let us dive right into some of those disadvantages.
On peak of the listing, we’ve got the inconvenience element.
And pays one of the old-fashioned manner, you can simply catch your phone, snap a fast picture and deposit the test until you take the following step.
With that type of advantage, why would squander the gas needed to drive to the bank and also do exactly the exact same thing in-person? (I guess it will be for the reasons that I mentioned before. But that is beside the point.)
In addition to all that, if you create a counter residue, you’re risking among my favorite things on earth… waiting online. Ok, call me impatient, however, it looks like each time I visit the bank to create a deposit, I wind up stuck behind someone attempting to count all of the coins they have saved-up to the previous 30 decades.
I appreciate all of your hard work saving all that money, but I’ve a meeting in half an hour, and that I want to strike Chick-fil-A for supper (not the drive, needless to say, because, speak about a lineup ). I digress.
Getting back to the major stage, counter deposits are not as convenient compared to other alternatives available to us nowadays. However, I will choose the hassle of a lineup within the idea of an ATM eating my cash.
To sum up things, when you find the term’counter credit’ in your bank statement, you haven’t anything to be worried about. It is only a reference to a inbuilt deposit created’over the counter’ in your bank or financial institution.