What Is Counter Credit?

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Have you seen the term “counter credit” on one of your bank statements? If you're not familiar with what this means, it might set off some alarm bells. But feel free to relax — your bank hasn’t opened up a line of credit in your name without your permission, and you don't owe anyone money that you didn’t actually spend.

Counter credit is a relatively new way of recording in-person deposits. If you’ve recently come across this phrase while taking care of your regular banking activities, learn more about why banks have started using this term and what it means for the deposits you make.