The full form of SWPO in banking is not a standardized acronym across the industry. However, in the context of the State Bank of India (SBI), SWPO refers to a specific type of transaction. According to SBI, SWPO denotes an ATM, online, Point of Sale (POS), or merchant transaction where the account was not debited at the time of the transaction due to technical issues but is debited later.
Understanding SWPO Transactions
In banking operations, especially in large networks like SBI, transactions may occasionally face technical glitches. For instance, during an ATM withdrawal, the system might not immediately debit the customer’s account due to connectivity issues or system errors. Once the system reconciles, it identifies such pending debits and processes them, which then appear in the customer’s account statement with the notation SWPO.
Related Terms: SWOO and SWOS
Alongside SWPO, customers might also notice terms like SWOO and SWOS in their account statements. These notations are used by SBI to indicate similar delayed debits for transactions conducted via different channels:
- SWOO: Denotes online transactions that were not debited at the time of purchase but processed later.
- SWOS: Refers to POS or merchant transactions where the immediate debit did not occur due to technical reasons and was completed subsequently.
Customer Guidance
If customers observe SWPO, SWOO, or SWOS entries in their statements and are uncertain about their origin, it is advisable to:
- Review Recent Transactions: Cross-check these entries with recent ATM withdrawals, online purchases, or POS transactions to identify any matches.
- Contact Customer Support: Reach out to SBI’s customer service for clarification. They can provide detailed information about the transaction in question.
- Monitor Account Regularly: Regular monitoring of account statements can help in promptly identifying and addressing any discrepancies.