You might just have opened a checking or savings account and wondered where you’re going to store everything. So how do you double-check transactions get recorded in your checking account? Where can you search for fraud or account spend/save? What about all the interest you’ve paid on your savings account? This is where the bank statement comes in for some answers.
Knowing and knowing your bank account information is a must for financial peace of mind and safety. Here are some answers to some of the most asked questions about bank statements.
What is a Bank Statement?
It’s a record that shows what has been done to your bank account during a given period. It displays your deposits, withdrawals, interest earned, opening balance, closing balance, account details, etc.
Whatever bank they’re with, most bank statements look about the same. They usually start with an account summary and the bank, then an account breakdown and the activity over a certain period. This bank statement stretches out for 1 month, but sometimes quarterly.
Overview of your statement which will contain the following:
- Account name and number
- Your bank’s name and address
- Phone number of your bank’s customer service.
- Your name and address
- Statement period
- Your account summary, which includes:
- Starting and ending balances
- Interest accrued
- Overdraft information
- Account activity, the sum of what you have done with your account during the month, like:
- Deposits (checks, direct deposits, reimbursements, etc.)
- Disbursements (recurrent bills, ATM withdrawals, auto loan payments, etc.)
Where can I get and Review my bank statement?
Most of us opt for getting our bank statements electronically instead of mailing them because we save paper, we can store bank statements safely, and we are more organized. When you open a new checking or savings account, you might also have to decide how to get a bank statement – in person or electronically. You can choose paperless delivery with most banks. If you open your bank account online, you’ll likely find a menu option called “statements” on the screen, there you can access current and previous bank statements, and most likely even download them to your computer or mobile device.
How long do I keep one?
It’s good that you look at your bank statement every month but it is up to you how long you want to keep your bank statements. Most people keep their bank statements for one year; any tax-exempt evidence (charitable contributions, etc) needs to be held for three years at the minimum. And if you prefer paper reports, store them in a safe and private location, and slash them when you’re done with them. But don’t forget that you can always go into your bank account to see old bank statements.
Why do I have to look at my bank Statement for Review?
You will have to use your bank statement to see how much money is in your accounts. Check your bank statements monthly to see how much money you’re spending and how much money you have. This is also the best way to catch any fraudulent activity on your account by examining your bank statement every month. If you are unsure of what a charge looks like on your bank statement, or the details don’t make sense, contact your bank as soon as possible. The customer service number is typically printed on the statement.
Reasons to Check Your Bank Statement
Aside from checking transactions and balances every month, there are many other reasons why you’ll want to review your bank statement:
- For Budgeting: Bank statements are very helpful to build a budget on because each deposit and withdrawal is listed on the account.
- Loan Application: Banks typically ask for bank statements as evidence of income and employment when you are seeking a mortgage, car loan, student loan, or other personal loan.
- Accommodation Purpose: When you want to rent an apartment, leasing offices will ask for a few past bank statements as income verification.
- For Medicaid: Medicaid is an income program so you’ll need records showing income.
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