Introduction

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Bank statements are an essential tool for tracking your financial transactions. However, understanding the various abbreviations and terms can sometimes be challenging. This article will explore the meaning of PRCR in a bank statement and other transaction-related terms, helping you to better manage your finances and transactions.

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What is PRCR in a Bank Statement?

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PRCR commonly stands for Payment Reversal Credit. This term refers to a payment that has been made but requires a reversal because the original transaction for which it was made has not been completed.

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There are three types of payment reversals:

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Authorization Reversals

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In an authorization reversal, the payment is reversed before it officially goes through. This happens when an error is noticed after submitting an authorization request and the request is initiated to stop the transaction from occurring.

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Payment Reversal

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A payment reversal occurs after the transaction is completed, but before the customer has filed a complaint about it. This type of reversal is often referred to as a refund of the transaction money. This happens when a customer calls and complains that there is a problem with the product or purchase and demands to get their money back.

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Purchase Requisition/Change Requisition

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In some banking systems, PRCR can also refer to a Purchase Requisition or Change Requisition. In the context of transaction abbreviations, PRCR can appear on a bank statement if you made a purchase or added money to an e-wallet online using your Debit/Credit card. It could also be a bill, such as a mobile phone bill. In such cases, your card may be enrolled into a bill payment service.

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Understanding Transactions and Abbreviations

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Bank statements often include various abbreviations for different types of transactions:

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Purchases and Payment Reversals

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Maintaining clarity on these abbreviations can help you quickly identify the status of your transactions. Here are the common abbreviations:

r r AUTH - Authorization or advicer DEP - Depositr INQ - Inquiryr PUR - Purchaser RET - Returnr WDR - Withdrawalr XFR - Transferr r r

For example, if you see a PUR in your bank statement, it indicates a purchase transaction, while RET indicates a refund.

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Dealing with Unauthorized Transactions

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If a transaction appears unauthorized, it's crucial to take action promptly. Here are some steps you can follow:

r r Check with your bank for clarification. Abbreviations can vary between institutions.r Contact the bank to find out what company the debit came from. They can help you identify the transaction.r If the transaction was unauthorized, try to file a dispute. The bank can assist with this process.r r r

In conclusion, understanding terms like PRCR and other banking abbreviations can greatly enhance your financial management. By staying informed and proactive, you can ensure the accuracy and integrity of your financial records.

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