There are a few options when deciding what you want your users to see on their bank statements.
In your "Settings", select "Payment Methods", and click on EFT or VisaDirect. Go to Transaction Description. This is what will be displayed in your merchant's bank accounts.
There are two options, Fixed, or Per Transaction.
Fixed is when you define a transaction description for all transactions. The same thing will be displayed on your user's bank statements for every transaction.
Per Transaction means that every time you create a transaction, the "memo" field will be required. What is defined in the memo field is what will be displayed on the user's banking information.