The question is, what is a bank statement? You should apply to the bank if you need a bank account statement. However, you can only get your statement if you apply to some banks.
Anyway, the rules for applying for a bank statement are discussed in this post for your convenience. Also, check how you can get your bank statement.
What is a bank statement?
The Bank statement is a documentary document that a bank sends to its customers monthly. The document contains the account of all the financial transactions of the concerned bank customer for a particular month.
The bank statement contains the bank account number and all the customer’s deposit and spending information.
Things to note about Bank Statements
The bank may send this statement to the customer through paper. Again in the paperless system, the bank can send all the financial transaction information to the customers through electronic means or electronic statements, which is called e-statement in short, where the customer can download the statement as per his wish.
Read also: How to Calculate Math of Personal Finance?
Summary of a bank statement
The Bank statement provides an overall view of the account. It summarizes the following pointers:
- Account balance
- Deposit history in the form of earnings, online transfers, cash deposits, and more
- Account withdrawal history
- Interest earned (if any)
- Penalties and fees charged against the account
- Format of Bank Statement
- Generally, this statement consists of three parts
- Account holder details
- Account details
- Transaction history
At the top of the account statement are the details of the account holder, including name, address, and contact number. Below this section, account details are covered, which summarize the account number, account type, and other relevant details. Finally, the statement shows the transaction details, including the date, specific amount, and details of the payer or payee.
Benefits of a bank account
The bank customer can check through the bank statement whether the amount deposited in the bank account is consistent with the bank statement. He can immediately inform the bank about the problem if he finds any discrepancy. The customer has at least two months to rectify the discrepancy.
In simple words, the customer can easily understand the amount of money deposited in the bank account, how much, or the cost through the bank statement.
A customer should regularly review account balances daily, weekly or monthly. And whether that account matches the bank statement needs to be checked. Because through this, it is possible to identify any additional costs, mistakes, or frauds.
Bank Statement Requirements
All information related to the customer’s bank account is contained in the bank statement. The opening and ending balances are also mentioned in the statement.
Then all the details of each financial transaction, including its date, amount, and with whom it was made, are mentioned. In short, bank statements contain information about all deposits, expenses, payments by check, service charges, etc.
Hope you understand what is a bank statement.
