Does Anybody Know Of An On-Line Bank Account, Where You Can Annotate The Statement?
I have looked at several on-line bank accounts and none offers me a feature I want.
I check my statement every morning, as this is one of the best ways to guard against fraud.
- If there is an unexpected transaction, you spot it early.
- If banks used AI to classify your access, then it might be possible for them to flag-up possible illegal access.
So what feature is missing?
Imagine if against each line in the statement, there was the ability to add extra data.
Two fields come to mind.
- A comment.
- A costcode, such as Gas, Electricity, StatePension etc.
You could also add fields of your own, like say CustomerNumber, SupplierNumber or InvoiceNumber.
The bank statement would show the extra data, when you displayed or printed the statement.
I would use it every day!
But it would also allow you to total values against against any cosde field between two dates.
If you used standard costcodes and other fields, the bank could even calculate your accounts.
I first talked about such a system with an accountant in the 1970s, where you would have entered the cost code on a cheque or bank deposit.
Banks! bGrrrr! \They haven’t changed their mindset since the 1870s! Or should that be the 1570s?
The Anonymous Widower 
Business oriented credit cards (issued to employees for expenses) sometimes have such features for some years already. Monzo may have this or be working on it.
Or if your personal finance software and bank can support daily statement uploads you should be able to do the annotation on finance package.
Comment by Miles T | September 7, 2019 |