Bank statement transactions are classified by the Valid8 system into one of many types. When transactions are first updated into the system they are given a type, based on the description field from the transaction and the search criteria below (in order).
- Wire: includes upper or lower case 'wire' in description
- Possible Transfer: includes upper or lower case 'xfer' or 'transfer' in description
- ACH Transfer: includes 'ACH' in description
- ATM Deposit: includes 'ATM' in description and amount greater than zero
- ATM Withdrawal: includes 'ATM' in description and amount less than zero
- Check: description starts with upper or lower case 'check' (or 'cheque') or description starts with 3 or more numbers
If none of the search criteria above is correct, then the system sets the type to one of these two:
- Other Credit: if amount is greater than zero
- Other Debit: if amount is less than zero
Users can manually set the type to one of these additional types:
- Withdrawal, CC Payment, Deposit, Fees, CC Transaction, Interest, Adjustment.
One other type is set when transactions are matched as a transfer. Both sides of the confirmed transfer will be updated to type of Internal Transfer.
A way to find other accounts not disclosed is to look at transactions that remain as the transaction type Possible Transfer after a transfer match has been run. These transactions were identified as being "possibly one side of a transaction" since they have the word transfer in them. But they were not confirmed as an Internal Transfer (by our Matching process) as we don't have both sides.
