what is a bank statement

A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. It is typically sent to the account holder every month, either in paper or digital form, and contains information such as account numbers, deposits, withdrawals, beginning and ending balances, and any interest earned. Bank statements are important for monitoring cash flow, checking for fraudulent transactions, performing bank reconciliations, and may be required for audit and tax purposes. They serve as a record of all the financial activities within an account and can help account holders track expenses, manage their budget, and detect any errors or fraudulent activity