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Bank Statement

A bank statement is a financial document a bank or financial institution regularly provides to its account holders, typically monthly or quarterly. It contains a summary of all the transactions and activities related to a specific bank account during a specific period.

What You Need To Know

The bank statement provides detailed information about the account's starting balance, deposits made into the account (such as salary payments or transfers), withdrawals (including checks, debit card transactions, and electronic transfers), service charges, interest earned, and any other fees or adjustments. It also includes the ending balance, which represents the remaining funds in the account at the end of the statement period.

Bank statements help account holders keep track of their finances, monitor their spending, and verify the accuracy of their transactions. By reviewing their bank statements regularly, account holders can detect any errors or unauthorized transactions, reconcile their accounts, and maintain a clear picture of their finances.

In addition to receiving paper statements by mail, many banks offer electronic versions of bank statements, known as e-statements, which can be accessed and downloaded through online banking platforms. E-statements are environmentally friendly and provide a secure way for account holders to view their financial information digitally.