You might think of a bank statement as a report on all the financial dealings that took place at a given financial institution over a given time frame. A typical bank statement may detail your monthly deposits and withdrawals. You may use your bank statement to monitor your accounts for any unusual or suspicious behavior and to double-check all of your previous transactions. When applying for a mortgage or loan, you can also be asked to provide a bank statement.
Incorporating the practice of checking your bank statements into your routine is a step toward improved fiscal wellness and more financial independence.
What Shows up on a Bank Statement?
Bank statements might contain different information depending on the bank that issued the statement. Both your checking and savings accounts at the same bank may appear on the same report.
This is the typical information seen on a bank statement:
- Account number
- Home address
- Statement period
- Bank’s customer service number
- How to report errors or fraudulent activity
- Beginning balance for the time period
- Deposits
- Checks
- Direct deposits
- Electronic transfers
- Canceled checks or payments
- Reimbursements or credits
- Withdrawals
- Purchases and payments
- Electronic transfers
- ATM withdrawals
- Auto payments
- Fees charged by the bank
- Interest or dividends earned
- Ending balance for the time period
A date and the name of the payer or payee will be displayed underneath each item.
Depending on the kind of statement, the period covered may not always begin on the first of the month or the fiscal quarter. Your billing cycle may span, say, September 6th to October 5th.
It is important to notify your bank immediately if you discover any errors on your statement. If you find an error on your account, you typically have 60 days from the statement date to file a dispute. Disputes are often settled in writing, so be prepared to submit any relevant evidence. In this case, the bank or other financial institution should assist you in fixing the mistakes and investigating the fraudulent behavior.