what is 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 a detailed summary of all the financial activities for an account over a specific time period, highlighting the comings and goings of your finances. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals. They are typically sent by the bank to the account holder every month in paper or digital form. Bank statements are commonly used by the customer to monitor cash flow, check for possible fraudulent transactions, and perform bank reconciliations. They can be used to track your spending, see where you can cut back on expenses, and catch errors or unauthorized transactions. Bank statements are financial records and are used for taxes, so it’s recommended to keep them for at least seven years.