Yes, suppressing a transaction keeps it from appearing on statements as well as from the account details list in online banking, as well as from being read in the list of recent transactions via audio response.  It will still appear in CU*BASE transaction history inquiry for CU staff, however.  

Remember that suppressing a transaction from a statement can affect how the running balance totals look on the account. When in doubt, it's usually best to avoid suppressing transactions whenever possible.  SEE ALSO: Blocking Transaction from Appearing on Member Statements