If you have an account in a bank, you must receive a bank statement as well. You can also request a bank to see the bank statement. Most people apply for their bank statements so they can have a look at the financial health of their account. There are many different terms and numbers present on the bank statement. A person, who looks at their bank statement for the first time, may find it very confusing and difficult to understand. Multiple jargons and mathematical terms in the bank statement are completely alien to a newbie. This is why most people like to consult their financial experts in such banking matters. These professionals help in guiding the people through every term on the financial statement.

But, what happens if you cannot afford a financial expert? It is also completely unreasonable to run over to financial service providers for every minute query that you may have regarding the bank statement. This is why it is important to know some of the terms written on the bank statement. More often than not, people become confused about the term counter credit. The question: what does counter credit mean on a bank statement is a frequently asked question all over the Internet. In this blog, we will explain its meaning in-depth and explore what it stands for.

What Does Counter Credit Mean on a Bank Statement?

Before we dive into the meaning of counter credit, it is important to understand what a bank statement is. We will also provide a brief description of everything else there is to know about a bank statement for a new learner.

Bank Statement

A bank statement is the document that is prepared by every financial institution at the end of every month to assess all your income and spending. The layout of every bank statement is different but the terms and figures used are always more or less the same. Some bank statements have abbreviations for the terms as well.

Importance of Bank Statement

People, who give great importance to their bank statements, tend to make smarter decisions about their finances. This is because they keep an eye on their expenditure and the total amount they receive throughout the month. Budgeting becomes a lot easier after studying the bank statement. It is easy to eliminate all the unnecessary transactions through a close study of the bank statement.

There are numerous times where a person may need to withdraw their financial statements for various purposes. Some of them can be because of legal matters. Due to this reason, bank statements are a crucial part of everyone’s finances. A grasp on understanding their importance is necessary.

Note: It is important to remember that even if you do not remember to keep your bank statements and dispose of them or lose them at any point in time, you can always apply for it at the bank. Each bank keeps the bank statement of individual accounts for the previous five years.

Counter Credit

Time and again you will come across a term called counter credit while looking at the bank statements. It simply stands for the amount that you have deposited to your bank from over the counter.

As you know, there are many different ways that you can deposit certain amounts to your bank account. For example, you can accomplish the task by going to a nearby ATM of the bank and submitting the amount over it. On the other hand, you can utilize the services of a mobile app and easily get the money transferred to the bank account.

Bank statements need to make sure that each deposit is represented by different terms on a bank statement. It prevents confusion and helps the bank keep records without any complications and mix-ups. This is why counter credit is the term used in order to distinguish between all the different types of deposits that are shown on the bank statement.

How to Accomplish a Counter Credit Transaction

In the world of ATMs and mobile applications, over the counter submission of money seems like an orthodox and trivial task. However, there are hundreds of people out there utilizing this method every single day. Here is how you can do it too.

  • Go to your bank.
  • Tell the teller that you can deposit an amount.
  • The teller will open up the details about your account on his or her device.
  • They will take the amount from you in the form of cash.
  • You will receive a deposit slip from the teller as proof that the transaction has been completed and accepted.

And, voila! You are done. This is all it takes to make an in-counter deposit. This transaction will be shown on the bank statements at the end of the month in the form of counter credit.

Benefits of a Counter Deposit

In a world where you can send and receive money on a single touch, the concept of going somewhere to deposit a certain amount of money seems quite absurd. Nevertheless, there are several benefits to it. This is why; it is still quite popular in today’s age and time. Following are some of the reasons why people still utilize the services of a counter deposit:


This is an important factor when it comes to banking and financial matters. When you go to a place and physically provide them the amount to submit into your bank, the transaction feels genuine and safe. This sort of safety and confidence is only possible if you go and handover the money to the teller and receive a deposit slip in return. In online transactions, (especially if you are new to them) things may seem suspicious and incomplete.

No Confusions

If at any point in time, you become confused about your finances and especially deposits, you can always look in your maintained files. You will find the physical proof of the deposit through the slip that is provided by the teller. Even though there are online receipts present in every bank application, the physical presence of a receipt is unmatchable when it comes to personal satisfaction.

Also Read: How to Get Quick Cash Loans with No Bank Account?

Disadvantages of a Counter Deposit

With so many benefits, there are bound to be some disadvantages of a counter deposit as well. This is why we have provided you an insight on this aspect of the counter credit as well. Following are all the reasons why counter deposit is at a disadvantage as compared to all other deposit methods.

Waste of Time

Time is the new currency in our hustling world. This means that if you waste important hours of the day standing in a line at the bank to counter deposit your money, you will miss many important things at work or home due to our hefty schedules. The huge lines in the bank are a complete waste of time and increase frustrations in all those who are standing in them. This is why it is better to deposit cash in several other methods available in the online world. You can save a lot of energy and time by utilizing them.

Travelling Cost

Suppose you live in one end of the city and the branch of your bank is situated in another part of it. To make the counter deposit to your bank, you will have to travel all the way from one end to another. If you have your own vehicle, you will need to put in a lot of fuel. This fuel will cost you a hefty amount. Even if you are travelling by the Subway or public bus, they will cost you a certain amount to reach from one place to another. This cost can easily be saved by utilizing the online or mobile app banking services. All you need to do is press the submit button on the application button, and lo and behold, your task is accomplished.

Less Convenient

If anything, by now you must have realized that submitting deposits through a counter is nothing but a big inconvenience. First, you have to travel to the bank, and then you have to wait in line and that too standing. Once it is your turn, you have to interact with the bank teller to submit the total amount. If you are an introvert, this part might be the most inconvenient for you. Nevertheless, this whole process is redundant and can be avoided through an online transaction. Moreover, it is more than likely that you will lose your receipt of the deposit. The best way to keep the receipts is online and in a cloud server.


There is no need to panic if you see the word counter credit in a bank statement. The meaning of counter credit on a bank statement is quite simple; the amount of cash deposited over the counter at the bank is called counter credit. It is important to remember the amounts you deposited and where you received them from so that if any inquiry opens up, you are able to justify it easily.