What is a bank statement?
A bank statement is a document provide by a bank that presents a summary of financial transactions for a month or a quarter. For example, a novelty bank statement shows how much money has credited and debited to a bank account. It is a snapshot of your banking activity and a useful tool for understanding your finances.
Taking the time to review your statement means you can spot issues that might otherwise go unnoticed. Such as fraudulent charges. Learn how to read a statement and why you should review yours every month.
What’s on a statement?
While you may notice some differences in presentation between different banks, most novelty bank statements include the following information:
- account activity: this section details all transactions made during the reporting period. Such as purchases, deposits and withdrawals, in chronological order.
- account balance: this is the amount of the account on the closing date.
- Any account number: identifies the bank account.
- The account summary – provides an overview of the account, including opening and closing balances, deposits, withdrawals and commissions.
- account type: identifies the type of account, such as checking or savings.
- bank details: this includes the bank’s mailing address, telephone numbers, and customer service website details.
- credits: this has the money credited to the account during the reporting period.
- debits: this is money withdrawn from the account during the reporting period, such as debit card purchases, checks and bill payments.
- statement date: the date that marks the end of the statement period is usually found at the top of the document.
- total charges: this have the charge debited from your account during the billing period.
- transaction date: is the date on which the transaction has processed.
- your name and contact details: be sure to verify that your contact details are correct and report any errors to the bank. editable wells fargo bank statement template