Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
38% - Moderately


Synonyms:bank record, business dealing, purchase, sale, undertaking
Filed Under: financial-banking
Tags: banking

Definition of transaction

1. A record of business conducted such as an action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge, or interest payment.

Related Terms and Acronyms:

  • debit   Another name for withdrawal of funds from your account.
  • deposit   An act of putting a sum of money in to a bank account.
  • direct deposit (DD)   An automatic deposit of wages or benefits to a customer's bank account.
  • direct fund transfer   Similar to a direct deposit.
  • expensing   Government tax law allows individuals to expense certain business activities.
  • foreign exchange (F/X, FE, FOREX, FX)   Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
      ➥  Bank account transaction code.
  • transaction date (TRNSDATE)   The date that goods or services were purchased or the date the cash advance was made.

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