What is Bank Statement? And What is on a Bank Statement?
A bank statement is a document that shows how much money was credited to and debited from a bank account over the period of a month or quarter. It’s a snapshot of your banking activity and a useful tool for understanding your finances.
Taking the time to review your statement means you can catch issues that might otherwise go unnoticed, such as hidden charges. Find out how to read a bank statement and why you should review yours every month.
What is on a Bank Statement?
Although you will see some differences in layout between different banks, most bank statements include the following information:
- Account activity: This section details all of the transactions made during the statement period, such as purchases, deposits and withdrawals, in chronological order
- Account balance: This is the amount of money in the account on the closing date
- Account number: This identifies the bank account
- Account summary: This provides an overview of the account, including the opening and ending balances, deposits, withdrawals and fees
- Account type: This identifies the type of account, such as salary or current, savings or investment
- Bank contact information: This includes the mailing address, phone numbers and website details for the bank’s customer service department
- Credits: This is the money credited to the account during the statement period
- Debits: This is the money removed from the account during the statement period, such as debit card purchases, checks and bill payments
- Statement date: The date that marks the end of the statement period is typically located at the top of the document
- Total fees: These are the fees charged to the account during the statement period
- Transaction date: This is the date when the transaction was processed
- Your contact information: Make sure to check that the details to contact you are correct, to report any errors to the bank