The fields "Single Stream Settlement" and/or "Flex Banking" fields that used to appear on your statement have been changed to Account Service Package. There is no change in price or functionality. This also includes Merchant Direct Online Statements & Reports.
RBC Royal Bank and BMO Bank of Montreal statements
What are the following codes on my bank statement?
On RBC Royal Bank statements
VISA Disc. Calc
Merchant Discount Fee
Pre Auth Payment
This is the bundling together of merchant's fees including POS, transaction or equipment rental
VISA Reason Code xx
Any type of financial adjustment
Vi or MC plus merchant number
Deposit into merchant account
On BMO Bank of Montreal Statements
RLS/LOY - POS
Terminal rental fees for current month
BPY/FAC - POS
Transaction fees for the previous month
GST for current month
MasterCard discount charged for the previous month
What do these codes mean?
On your statements you will see a variety of codes. Please check the Merchant Direct Section where you can roll your mouse over each part of the statement to find out more.
The following are asked frequently:
Equipment Rent POS - the rental fees for your POS equipment
Visa/MC DISC. CALC - the merchant discount rate charged for the ability to process credit cards
Account Service Package - the monthly charge for consolidated banking (funds being directed to the bank account of your choice), Merchant Direct, 24/7 toll-free customer service.