FT in banking typically stands for Funds Transfer.
Funds Transfer refers to the process of moving money from one account to another. This can occur between accounts within the same bank, or between accounts at different banks, either domestically or internationally. In banking alerts and statements, "FT" is used as an abbreviation to indicate that a funds transfer has taken place.
Here's a breakdown:
- Definition: Movement of money between accounts.
- Usage: Commonly used in banking alerts and transaction descriptions.
- Example: A text alert showing "FT £100.00 to Account XXXXX" means £100.00 was transferred to the mentioned account.
- Alternatives: While "Funds Transfer" is common, context might sometimes imply other meanings. Always refer to the specific bank's documentation if unsure.
In summary, when you see "FT" in relation to your bank account, it almost certainly indicates a Funds Transfer.
