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Description- Deposit
November 9, 2019
1:42 am
zhong
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When you login to do online banking with B2B-
When one makes an EFT transfer from an external bank to B2B Savings account why don't they have in the Description as from where it is from ? It just shows as Deposit.

Other banks when doing online banking usually show where the source comes from in the Description.

November 9, 2019
1:58 am
Loonie
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I think you are lucky if all your other bank statements provide these details. I have to go through all of mine every month annotating them to make sure it is clear where the money came from. This is especially important in documenting sources of funds in joint accounts for tax purposes..

November 9, 2019
6:51 am
Norman1
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I've seen some banks have two-step posting to their accounts.

Initially, the deposit shows up with a vague description like "Deposit". The next business day, the vague description is replaced with a more detailed description.

Does a more detailed description appear after a business day or two?

November 9, 2019
2:20 pm
Londonguy
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Norman1 said
I've seen some banks have two-step posting to their accounts.

Initially, the deposit shows up with a vague description like "Deposit". The next business day, the vague description is replaced with a more detailed description.

Does a more detailed description appear after a business day or two?  

No, they all just show up labelled as "pre-authorized credit" both online and on the printed statement they insist on mailing to you. So if it matters to someone for historical tracking purposes, I suggest they handwrite on the paper statement where the funds came from in order to be able to chase it back to the source

November 12, 2019
8:15 pm
MG
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zhong said
When you login to do online banking with B2B-
When one makes an EFT transfer from an external bank to B2B Savings account why don't they have in the Description as from where it is from ? It just shows as Deposit.

Other banks when doing online banking usually show where the source comes from in the Description.  

There is a small arrow to the right of each transaction. If you click on it to get more details, there is a box where you can input a comment or memo note. So while it is still fresh in your mind, perhaps you can put the name of the sending FI in the comment section for your own audit trail.

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