Skip to main content

If you have lost your bank card and statement, the bank is still obligated to confirm your bank balance and provide a new bank card with a statement on the presentation of your government Identification. The balance will be correct and just as you left it. You have 9 years to contact the bank and after that time, you may have to make an application to the Ministry of Finance to restore the account and retrieve the funds. Two pieces of ID are required. Bank Statement By ADAM BARONE Reviewed by SOMER ANDERSON Updated Mar 20, 2021. Click here.

 PERSONAL FINANCE  BANKING

Bank Statement

 
Reviewed by 
SOMER ANDERSON
 
 
Updated Mar 20, 2021

What Is a Bank Statement?

A bank statement is a document (also known as an account statement) that is typically sent by the bank to the account holder every month, summarizing all the transactions of an account during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals. 

KEY TAKEAWAYS

  • A bank statement is a list of all transactions for a bank account over a set period, usually monthly.    
  • The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period. 
  • Account-holders generally review their bank statements every month to help keep track of expenses and spending, as well as monitor for any fraudulent charges or mistakes.

How a Bank Statement Works


A bank issues a bank statement to an account holder that shows the detailed activity in the account. It allows the account holder to see all the transactions processed on their account. Banks usually send monthly statements to an account holder on a set date. In addition, transactions on a statement typically appear in chronological order.

Special Considerations

Many banks offer account holders the option of receiving paper statements or using paperless, electronic ones, usually delivered via email. An electronic version of a bank statement is known as an electronic statement or e-statement and allows account holders to access their statements online where they can download or print them. Some banks email statements to customers as an attachment. Some bank automatic teller machines (ATMs) offer the option to print a summarized version of a bank statement, called a transaction history. 

 

Some institutions charge for paper statements, while many online-only banks require digital delivery. 

Even with the convenience, value, and accessibility of electronic statements, paper statements aren't likely to go away anytime soon. As of 2015, about a third of U.S. residents don’t have internet access, according to Pew Research Center. 

A survey in 2017 by Two Sides North America found that nearly 70% of consumers find it easier to track expenses and manage finances with paper statements. Two-thirds prefer a combination of paper and electronic statements.1 Many recipients of e-statements still print out their statement at home, preferring to keep a permanent record.

Benefits of a Bank Statement 

During the reconciliation of their bank account with the bank statement, account holders should check for discrepancies. Account-holders must report discrepancies in writing as soon as possible. A bank statement is also referred to as an account statement. It shows if the bank is accountable with an account holder’s money.

Bank statements are a great tool to help account holders keep track of their money. They can help account holders track their finances, identify errors, and recognize spending habits. An account holder should verify their bank account on a regular basis—either daily, weekly, or monthly—to ensure their records match the bank’s records. This helps reduce overdraft fees, errors, and fraud.

If any discrepancies are found, they must be reported to the bank in a timely manner. Account-holders usually have 60 days from their statement date to dispute any errors. They should keep monthly statements for at least one year.

Requirements for a Bank Statement 

Parts of a bank statement includes information about the bank—such as bank name and address—as well as your information. The bank statement will also contain account information and the statement date, as well as the beginning and ending balance of the account. Details of each transaction—notably the amount, date, and payee—that took place in the bank account during the period will also be included, such as deposits, withdrawals, checks paid and any service charges.

For example, a bank statement may show a non-interest-bearing checking account with a beginning balance of $1,050, total deposits of $3,000, total withdrawals of $1,950, an ending balance of $2,100, and zero service charges for the period Sept. 1 through Sept. 30.

Bank Statement FAQs

What Is an Official Bank Statement?

An official bank statement is typically sent by the bank to the account holder every month, summarizing all the transactions of an account during the month. Bank statements contain bank account information, such as account number and a detailed list of deposits and withdrawals. 

How Can I Get a Bank Statement?

Typically, members can access their latest bank statement on their financial institution's website. Otherwise, you can request a monthly paper statement be delivered to your home.

What Is the Difference Between a Bank Statement and a Transaction History?

A transaction history differs from a bank statement in that it is a record of all transactions for that bank account for a set period that you have chosen. Typically, a bank statement only covers one month of transactions and may leave recent or pending transactions out.

Can Anyone Check My Bank Statement?

No. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.  

If you have lost your bank card and statement, the bank is still obligated to confirm your bank balance and provide a new bank card with a statement on the presentation of your government Identification. Two pieces of ID are required.  

Compete Risk Free with $100,000 in Virtual Cash

Put your trading skills to the test with our FREE Stock Simulator. Compete with thousands of Investopedia traders and trade your way to the top! Submit trades in a virtual environment before you start risking your own money. Practice trading strategies so that when you're ready to enter the real market, you've had the practice you need. Try our Stock Simulator today >>

ARTICLE SOURCES

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. National Consumer Law Center. "Paper Statements: An Important Consumer Protection." Accessed March 20, 2021.

Comments

Post a Comment

Popular Posts

Image

THE DAILY TELEGRAPH & FLEET STREET FINANCIAL DISPATCH LONDON — SEPTEMBER 2025 — SPECIAL ECONOMIC INVESTIGATION THE ARCHITECTURE OF GLOBAL CAPITALISM AND THE MECHANICS OF UNIVERSAL DEMAND An Analytical Examination of the Post-War Industrial Order, the Fallacy of Unfettered Laissez-Faire, Mechanisation, and the State-Guaranteed System of Participatory Remuneration BY OUR SPECIAL ECONOMIC CORRESPONDENT IN FLEET STREET, Warren A. Lyon with Cheuy Leon Stephen Lam Tom. LONDON — In the tenth year following the cessation of European hostilities in 1955, as the Western world navigates the transition from wartime economic controls to the mid-century industrial consensus, thoughtful observers in Fleet Street, Westminster, and the City must confront a fundamental problem of political economy. The modern capitalist apparatus—stretching across the United Kingdom, the Commonwealth, North America, and Western Europe—operates upon a single, immutable law: the imperative equilibrium between Supply and Demand. Yet, despite the vast expansion of mechanized production, factory automation, and electronic computation, our financial architectures continue to suffer from a crippling structural defect: the systemic failure to guarantee requisite consumer purchasing power (ability to pay/ATP) across the whole of the populace. I. THE LESSONS OF THE POST-WAR CONSCIOUSNESS: SUPPLY, DEMAND, AND THE ELECTRIC CIRCUIT To comprehend the crisis of modern industrial organization, one must discard the antiquated Victorian dogma that human existence is defined solely by manual toil. Under the classical doctrine of laissez-faire, labour was treated as an elastic commodity, hired when factories required muscle and cast aside into poverty when machines replaced handiwork. In an age dominated by automatic machinery, conveyor systems, and early electronic computing, such a doctrine is not merely obsolete; it is actively destructive to the civic health of the realm. Consider the macro-economic structure as an electrical power grid carrying a constant current of thirty amperes. Under a rational and balanced order, this current is bifurcated equally along two parallel conductors: fifteen amperes are directed to energise the lamp of Industrial Supply (the manufacturing apparatus, capital investment, and technological innovation), while the remaining fifteen amperes flow uninterrupted to power the lamp of Demand—the Ability to Pay vested within the consumer public. In an unregulated laissez-faire system, however, an artificial blockage is introduced along the conductor powering Consumer Demand. It acts as a deliberate obstruction—resembling a corkscrew jammed into the brass fittings of a ship's engine room. The electrical energy, unable to reach the lamp of Demand, encounters extreme resistance; heat builds rapidly within the circuit, insulation scorches, and the entire socio-economic edifice is threatened with catastrophic conflagration. Energy in an economic system, like energy in physics, is never destroyed; if it is denied its proper outlet in legitimate consumer spending, it manifests as market collapse, civil unrest, shoplifting, and social decay. Click here.

Post a Comment