What does MTOT stand for on a bank statement?
merchant total
MTOT means merchant total, while DISC is the discount fee. This is a monthly payment many merchants pay without even knowing about it. The generic charge seems like a mystery to many merchants as they have no idea why they had to pay a substantial sum of money. MTOT is a part of the bank’s monthly statement deduction.
What is a BankCard deposit?
A bank deposit card is linked to business accounts and allows for electronic deposits at all ATM machines. Each deposit card has its own pin and all deposits are recorded on your monthly statements.
Who is BankCard?
BankCard Services is an American credit card processor. … BankCard Services is the world’s 139st largest acquirer for merchant card processing based on volume of all purchase transaction (Visa, MasterCard, Union Pay, American Express, Discover, Diners Club, JCB, domestic debit and domestic credit) by country.
What is suspense on my bank statement?
A suspense account is used when the proper account cannot be determined at the time the transaction is recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
Do debit cards have protection?
Debit card payment protection and chargeback
Debit card payments and purchases are not covered by section 75 of the Consumer Credit Act. But you might be able to make a claim for a refund under a voluntary scheme called ‘chargeback’. This might cover purchases of any value made on debit, credit or prepaid cards.
What is the difference between MTOT and BTOT?
MTOT Disc Meaning
BTOT and MTOT have become line items. With MTOT being the monthly total, BTOT is the bank total.
What is a BankCard charge?
MTOT stands for Merchant Total; DISC stands for the discount fee; and BankCard refers to your acceptance of credit and debit cards from your customers. … In some cases, the customer hasn’t properly terminated an agreement with an account provider, who is still charging them on a monthly basis.
Can someone use my debit card without my PIN?
Fraudsters can still use your debit card even if they don’t have the card itself. They don’t even need your PIN—just your card number. If you’ve used your debit card for an off-line transaction (a transaction without your PIN), your receipt will show your full debit card number.
Why you should never use your debit card?
Debit cards, which are tied to your checking account, let you make purchases while avoiding the interest charges you might face if you use a credit card. … “Your checks start bouncing and, depending on your bank or credit union, the institution may not cover the bounced check charges that result from debit card fraud.”