BANK STATEMENT
Bank Statement
A bank statement is a document that a financial institution sends to an account customer monthly. This statement is used in tracking financial transactions and account balances by both people and organizations. There are two main types of bank statements: paper and electronic (online).
Contents of a Bank Statement
- Reflects all incoming funds into the account
- Lists all transactions involving the withdrawal of funds, including checks written, ATM withdrawals, electronic payments, and other debits.
- Indicates the starting balance at the beginning of the statement period and the closing balance at the end of the period.
- Provides specific details for each transaction, including date, description, and amount.
- Lists any fees or charges associated with the account, such as maintenance fees or overdraft charges.