StatementJet

Bank statement glossary

What Does POS Mean on a Bank Statement?

POS stands for Point of Sale.

What POS means

A POS transaction is a purchase made with your debit card at a merchant, usually at a store’s card terminal. The money comes straight out of your checking account, unlike a credit card purchase that goes on a bill.

How POS appears on a bank statement

Banks usually show POS, the merchant name, and sometimes the date and location. Illustrative examples:

POS PURCHASE ACME GROCERY #123 ANYTOWN ST
POS REFUND ACME HARDWARE

Labels differ by bank. Some banks use POS only for purchases where you entered your PIN and label signature purchases differently. Your statement’s legend explains the codes your bank uses.

Some merchants, such as gas stations, hotels, and restaurants, first place a hold for an estimated amount. The final charge can post later for a different amount.

What to do if you don’t recognize a POS charge

  1. Read the merchant name closely. Many businesses appear under a parent company or abbreviated name, and the city can be a clue.
  2. Compare the date with your receipts. The posting date can be a day or more after the purchase.
  3. Contact the merchant if the amount looks wrong.
  4. If the charge isn’t yours, lock your card in your banking app if you can and call your bank immediately. Under federal rules, how quickly you report a lost card or an unauthorized charge affects how much you can be held responsible for.
  • EFT: the broader category that POS purchases belong to
  • ATM: cash withdrawals and deposits with the same card