What is Bank Statement?
A bank statement is a signed paper issued to reports on the financial transactions for a certain time frame (generally a month) a bank manages on behalf of its client. It provides the basic details in regard to deposits and withdrawals, transfers made, fees charged, interest earned, and each account balance. It provides individuals and businesses a view of their financial progress through monitoring of activity, verification of transactions, and reconciliation of accounts.
The Main Features of a Bank Statement:
Account Information: Account Holder's name, account number, and statement period. Transactions: A list of all deposits, withdrawals, checks, transfers, and other activities. Balances: Balance at the beginning of the statement period, throughout the entire statement period changes to the account balance, and closes all activity off with a final balance. Bank Fees and Charges: Undoubtedly, whatever bank fees there is, whether on monthly service charges, ATM withdrawals, or overdrafts. Furthermore, interest earned: For both savings and interest-bearing accounts, it shows the interest extended to the account. Most of the banks provide statements via both paper and electronic means, be it through online banking or mobile applications. They are of great importance not only for management of personal or organizational financial health but also for tax filing and validation of records performed through the account(s).