What Is a Bank Statement?

A bank statement is a list of transactions that occurred over the course of a certain time period. These can include deposits, withdrawals, and transfers to other accounts at your financial institution, as well as any interest accrued on the account during that time period. Having access to these statements regularly allows you to track your spending, manage your cash flow, determine which assets are gaining or losing value, and much more.

It’s important to obtain and review regular bank statements in order to make informed decisions about how you move forward financially. What may seem like just pocket change when paying bills each month can add up quickly if not monitored properly. Are there any irregular charges appearing on the statement? What amount do I have available in my checking versus my savings account?

You can view your bank statements online by following these steps

Your bank statement can be viewed online for free at almost all banks and credit unions. Here are some basic steps to follow, but they may vary from bank to bank.

  1. Use the bank’s app or website to log into your account.
    • Normally, you must create an account or contact customer service if you’ve never signed in online.
  2. You can find your bank’s electronic statements by visiting its website.
    • Services, bank statements, and e-statements can be found under those headings.
  3. You can view statements for particular periods by selecting one from the drop-down menu.
  4. Download your statement as a PDF and review it on your computer, tablet, or smartphone.
  5. (If you wish) you can save your bank statement on your computer, print it, or close the screen.
  6. To keep your bank account secure, log out.

As long as you’re logged in, you can select “go paperless.” This will let you view and pay your bills online instead of receiving them by mail. Forgoing paperless, your bank might credit your account with a bonus one-time.

You can receive paper statements by mail by following these steps:

Some banks automatically mail monthly statements to you when you open an account. Statements mailed to you will be the same as those you view online.

Banks must provide a paper copy of your statement if you request one, even if you consent to receive electronic bank statements. You can receive paper statements by logging into your account through your bank’s website or mobile app. The mailed statement request is located under headings such as “account settings” and “services”. In some cases, banks charge a fee to mail statements because they have to spend time, money, and effort on the process.

Call the customer service number listed on your debit card if you have questions about logging in online. To get a physical copy of your statement if your bank does not offer a mailed statement, download the statement online in a PDF file and print it out.

A Bank Statement Can Be Used for What?

There are many reasons to keep bank statements. It is easy to use bank statements to monitor your spending and spot errors.

A bank statement can be used for the following purposes:

  • Maintain a tab on your spending by reviewing your bank statement each month.
  • Using a month or quarter as a guide, you can track your savings. Keep an eye on how much you’re collecting.
  • Keep track of the money you earn from your bank or credit union. If you receive interest, see how much it makes you every month. Some of your money can be invested or put in a money market account to earn more interest, according to the interest you earn.
  • Ensure your account balance is adequate to cover your payments and ATM transactions to avoid overdraft charges.
  • Keep an eye on your statements regularly for signs of fraud, such as someone using your debit card. Any fraudulent transactions should be reported immediately to your bank.
  • Banking errors can be caught: Banks occasionally make mistakes. If you suspect a mistake, such as the wrong account being deposited or your charge being made, contact your bank right away.
  • You shouldn’t forget to check the credit card machine: Suppose your waiter accidentally entered $52 when your bill was only $25. Be sure that there are no errors, duplicate charges, or discrepancies in your bank account.
  • Loan application: You might need to provide your lender with bank statements as proof of your financial standing whether you’re applying for a mortgage or a personal loan.
  • An apartment rental agency or landlord might ask to see your bank statements before you sign the lease.
  • For refinancing your home, a financial institution may ask to see several bank statements.
  • When you file your taxes, you may need to refer to your bank statement.
  • Keep records: Save your statements somewhere safe for future reference. Downloading and printing are possible. Place the files in a safe location.

An ongoing picture of your financial activity can be obtained from your bank statement. You can oversee your savings and spending by reviewing your statements. 


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