Transactions in your bank statements can be a tough nut to crack especially when you don’t know what the acronym means. Perhaps you came across a credit or deposit charge labelled MCW and want to know what MCW means on your bank statement?
If that sounds like you, read more to find more about the unknown MCW charge on your bank statement.
What Is MCW?
“MCW” is an acronym that stands for “memo cash withdrawal.” It appears on a bank statement when a customer withdraws cash from their account using a debit card and selects the “savings” or “checking” option rather than the “credit” option.
When a customer uses their debit card to make a purchase, they have the option to choose between three different payment methods: credit, savings, or checking.
If the customer selects the “credit” option, the transaction will be processed as a credit card purchase and will appear on their bank statement as a “credit card purchase.”
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If the customer selects the “savings” or “checking” option, the transaction will be processed as a cash withdrawal and will appear on their bank statement as “mcw.”
How MCW Looks Like in a Bank Statement?
“MCW” appears on a bank statement as an entry along with other transactions. It is usually listed with the date, time, and the transaction amount, as well as the remaining balance before and after the transaction.
Here is an example of how “mcw” might appear on a bank statement:
Date: 01/01/2023
Time: 01:00 PM
Description: MCW
Amount: -$170.00
Balance: $8830.00
In this example, you can see the customer made a memo cash withdrawal of $170.00 on January 1st at 01:00 PM. The transaction reduced the customer’s account balance from $9,000.00 to $8830.00.
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Reasons for the MCW Charge
There are several reasons why a customer may see an “mcw” charge on their bank statement:
- Used your debit card to withdraw cash from an ATM.
- Made a purchase at a retailer and selected the “savings” or “checking” option rather than the “credit” option to pay.
- Made a cash advance at a bank or financial institution using their debit card.
In all of these cases, the “mcw” charge represents the withdrawal of cash from your account using a debit card.
It’s important to note that “mcw” charges are typically accompanied by fees, which are charged by the bank or financial institution for providing the cash withdrawal service. These fees can vary depending on the bank and the type of account the customer has.
Understanding MCW Bank Transactions
MCW on a bank statement indicates that the customer used their debit card to withdraw cash from their account and selected the “savings” or “checking” option rather than the “credit” option. These transactions may be subject to fees charged by the bank or financial institution.
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