Confusion about not provided: What's behind this bank statement note?

Confusion about not provided: What's behind this bank statement note?

Cashless payment transactions are increasing rapidly worldwide. Loud t online An estimated 1.02 trillion transactions were carried out in 2021. According to forecasts, around 2.3 trillion transactions could take place worldwide by 2027. However, this increasing number of transactions also brings challenges, particularly in communication between customers and banks.

Abbreviations or cryptic terms such as “not provided” or “NOTPROVIDED” often appear on account statements. This indicates that no purpose or reference number was provided for a transaction. Especially with SEPA transfers, clients have the option of specifying a intended purpose, but this is not mandatory. This can contain, among other things, the customer's name, invoice numbers or contract data.

Importance of checking bank statements

It is advisable to regularly check your account statements for incorrect debits. In the event of unjustified direct debits, consumers have the opportunity to lodge an objection within eight weeks. In addition, if the SEPA mandate is invalid, you can object up to 13 months after the transaction. This ensures that incoming funds are properly recorded and that potentially incorrect transactions can be reported in a timely manner.

The legal framework for executing transfers is also defined in Germany. According to Section 675s BGB, payment service providers, which can be banks or electronic money institutions, must ensure that transfers are received by the recipient on time. Special time limits apply to euro transfers within the European Economic Area: 1 business day for electronic transfers and 2 business days for paper transfers.

Rules for SEPA transfers and direct debits

For SEPA direct debits, the payer requires express consent. This direct debit can be canceled by the consumer, whereas this is not possible with company direct debits. In addition, banks are obliged to compare the IBAN and the name of the recipient for transfers by October 9, 2025 in order to minimize any errors.

It is also important to handle unauthorized direct debits. Consumers have up to eight weeks to object. In the context of incorrect transfers, there are different claims depending on whether the recipient's IBAN is valid or not.

In summary, it can be seen that the increasing cash transactions not only bring advantages, but also a new reign of awareness of the importance of precise information for transfers and direct debits. However, consumers can rely on legal regulations that offer a certain level of protection. bafin also emphasizes that banks must ensure that only legally obtained money is used in payment transactions.