A bank statement is an official document issued by a bank that summarizes all the financial transactions within a specific bank account over a set period, typically one month
. It includes detailed records of all deposits, withdrawals, payments, fees, and interest earned during that time, along with the account's beginning and ending balances
. Key information found on a bank statement includes:
- The bank's and account holder's details (name, address, account number)
- The statement period dates
- A chronological list of all transactions with dates, amounts, and descriptions (such as payees or sources)
- Starting and ending account balances
- Any fees charged or interest credited during the period
Bank statements are used by account holders to monitor their spending, verify transactions, detect fraud, and assist with financial planning or tax purposes
. They may be delivered in paper form or electronically, with many banks now offering digital statements and online transaction histories for ongoing account monitoring
. In summary, a bank statement is a comprehensive record of all account activity over a defined period, providing transparency and control over one's finances
