Bank Statement

A bank statement (also known as an account statement) is a document (also known as a monthly statement) which is typically sent from the bank to the account holder each month, summarizing all of the transactions of an account during the month. A bank sends an account holder a bank statement that details the account’s activity. It enables the account holder to view all transactions made on their account. On a regular basis, banks send monthly statements to account holders. Furthermore, transactions on a statement are typically displayed in chronological order.

Advantages of a Bank Statement

Account holders should look for discrepancies when reconciling their bank account with their bank statement. Account holders are required to report any discrepancies in writing as soon as possible. An account statement is another name for a bank statement. It demonstrates whether or not a bank is responsible with an account holder’s money.

Bank statements are a great resource for account holders who urge to keep track of their money. They can help  account holders a lot in tracking their finances, identifying errors, and identifying spending habits. Account holders should check their bank account on a regular basis—daily, weekly, or monthly—to ensure that their records match the bank’s records. 

If any discrepancies are discovered, they must be reported to the bank as soon as possible. Account holders typically have 60 days from the date of their statement to figure out any errors. Monthly statements should be kept for at least a year.

Bank Statement Requirements

A bank statement contains information about the bank, such as the bank’s name and address, as well as your personal information. The bank statement will also include account information, the statement date, and the account’s beginning and ending balances. Details of each transaction, including the amount, date, and payee, that occurred in the bank account during the period, such as deposits, checks paid, withdrawals, and any service charges, will also be included.

How to Apply for a Bank Statement ?

A bank statement can be obtained both online and offline. For offline mode, send a bank statement request letter requesting the account statement and specifying a time frame. The contents of the bank statement request letter, as well as a sample format, are explained in detail in the following topic.

Follow the steps below to access your bank statements online:

• Log in to your account using net banking or the mobile banking app.
• Select the “Bank Statement” tab.
• Click ‘OK’ after selecting the account statement period.

For the selected period, the bank will send the account statement to the registered email address. Some banks also allow you to download the bank statement as a PDF through their net banking or mobile banking application.

Automated Teller Machines (ATMs) provide the option to print a summary account statement. This option can also be used to obtain the transaction history.

Banks typically charge a small fee to provide printed bank statements. E-statements, on the other hand, are not charged. As a result, tracking your account via net banking is a better option. A printout of the e-statement can be obtained and attested by the bank.

Application for Bank Statement

The following are some of the most important things to include in a bank statement application letter:

• Name and address of the recipient’s bank
• Subject line for a bank statement request
• The body should include information such as the bank account number, account details, the reason for requesting the statement, the time period for which the statement is required, and so on.
• A complementary closure line
• Your initials
• Your name and mailing address
• Phone number
• Enclosures (if any)

Conclusion

A bank statement is a summary of transactions that occurred during a specific time period of the month. The statement includes information about the bank, charges, deposits, withdrawals, and deductions, as well as the account holder’s name and account number. Bank statements also show the opening and closing balances of accounts. Every month, banks and financial institutions generate bank statements to provide customers with records of their overall financials. Individuals who have a checking or savings account with a bank can access these statements online by going to the bank’s website or logging into their net banking portal. There are several valid reasons to review your bank statements on a weekly basis, but the most significant reason customers check their bank statements is to avoid fraudulent activities and ensure financial security.