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About Shane
Expertise
Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience
Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations
American Association of Medical Assistants
Education/Credentials
High School Graduate and Medical Assisting Diploma
Awards and Honors
Significantly exceeds expectations annual review from the bank I presently work at
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You are here: Experts > Real Estate > Banking: U.S. > Using Banks and Bank Accounts > bank transaction question
Expert: Shane
Date: 8/24/2008
Subject: bank transaction question
Question
I do my banking online, and I noticed a transaction on a Friday that said MEMO CREDIT . But...the date that was next to it was dated for Monday almost 3 days after the transaction took place. I would like to know what MEMO DEBIT means , cause usually it will say what store or place the bank card was used? Thanks!
Answer
hi chastity,
I work at national city bank where memo credit and memo debits are used all the time. memo debit is more of an internal term for a deposit. it sounds like maybye the transaction didnt post correctly the first time so someone had to manually go in an post it. This wouldnt have anything to do with bank card usage I dont think. This could however be a situation where a merchant was crediting your card through an electronic system, when it reaches a bank the bank will them "manually" credit the account causing it to show "memo credit" intead of the merchant's name. Typically it takes 3-5 business days for the credits to come through once they have been originated by the merchant.
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