Understanding 'PC' on Your Bank Statement: Online Transactions Explained

Traditional banking has undergone numerous changes as technology increases in use and availability. Individuals have multiple options and uses for electronic banking, which uses new lingo or acronyms on statements.

Defined

The acronym "PC" on a bank statement stands for personal computer. This typically relates to transactions conducted online, such as bill payment, wire transfers or moving money between multiple accounts over the Internet.

Features

Internet banking typically allows individuals to access their accounts wherever a computer is available. Businesses also frequent these banking techniques as it helps them manage their cash and reconcile accounts without waiting for statements.

Considerations

Using a computer for the Internet banking process does increase the possibility of having an account compromised. Hackers can send phishing emails to steal access codes or user-names or set up fake websites where individuals will inadvertently enter information that allows thieves to steal money by using unauthorized wire transfers.