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In the past, bank statements were paper statements that were made regularly on a monthly, quarterly or annual basis. Since the introduction of computers in banks in the 1960s,[2] bank statements have generally been created monthly. Account statements for accounts with small transaction volumes, such as . B of investment or savings, can be created less frequently. Depending on the financial institution, bank statements may also include certain features such as void checks (or their images) that were processed through the account during the statement period. Paper statements are usually sent to a client`s home address, and sometimes a copy can be sent to an accountant or guardian, for example. Most banks offer the option to become “paperless” and only receive and verify your bank statements online. If you have become paperless, this is the way to look at your statements. You should also download your bank statements regularly and put them on your computer in case you need easy access to them in the future. A bank statement is a document (also known as a bank statement) that is usually sent by the bank to the account holder each month and summarizes all the transactions in an account during the month. Bank statements contain bank account information such as account numbers and a detailed list of deposits and withdrawals. If deviations are detected, they must be reported to the bank in a timely manner. Account holders typically have 60 days from the date of their account statement to dispute errors.

You must keep the monthly statements for at least one year. Avoid checking your bank account online when connected to a public Wi-Fi network. Hackers can more easily access your private information when you are connected to the same network. If you notice any inaccuracies on your bank statement, you must report them immediately to your financial institution. In general, you have 60 days to dispute inaccurate or fraudulent information. Your bank statement describes all transactions made with your account during a month. When you look at your bank statement, you can see all the money that went in and out of your account in one place. Data and other parties are also displayed for each transaction.

This way, you can see who you paid (or who paid you) and the date the transaction was actually processed by the bank. With this information, you can manage your savings and make better financial decisions. Below the summary, the bank statement shows each transaction you participated in, along with the corresponding data, amounts, and beneficiaries. With a checking account, a bank statement can be several pages long, depending on how often you use your account to cover your expenses. In general, you will see your transactions in the order in which they occurred. The detailed list of transactions gives you an idea of when the money arrives in your account each month and when the money runs out. Account statements are often used by the client to monitor cash flow, verify possible fraudulent transactions, and perform bank reconciliations. In the past, they were printed on one or more sheets of paper and either sent directly to the account holder or kept for collection at the local branch of the financial institution. In recent years, there has been a shift to paperless electronic statements, and many financial institutions now offer direct uploads of financial information into account holder accounting software to simplify the reconciliation process. Bank statements are important documents and generally need to be kept for control and tax purposes for a period determined by the relevant tax authorities. The statement contains a summary of the account, details of the transaction, and instructions for reporting inaccuracies. If you have checks and savings from the same bank, you can get both in the same report.

A billing period usually lasts one month and may not correspond to the calendar month. Banks in the United States are required to send a statement for a checking account only if a transaction has been made from that account within a month. Customers also have the option to receive electronic bank statements. [7] In the UK, all banks and construction companies are required by law to provide their customers with a paper bank statement[5], unless the customer has a savings account, is a customer of an online bank only or has chosen not to receive paper statements. [6] The statement may also include financial information about the account holder, such as . B its solvency or the estimated time it takes to settle a debt in full by means of instalment payments. These statements may also display warnings and notices to the account holder that draw attention to account-related issues that need to be addressed, such as unusual fees that need to be reviewed and verified. Most banks have a limit on how long they keep copies of your statement.

It is usually seven years. It`s important to archive copies of your bank statements physically or digitally, just in case you need them and your bank no longer keeps bank statements. This is especially true for any annual statements you receive before the tax date, as these tend to summarize your interest and other taxable income for the year. You may be audited by the IRS and need to prove how much you earned. When you sign up for a bank account, you usually automatically receive your monthly bank statements in the mail. They are sent monthly based on when you opened your account, so they don`t necessarily correspond to the beginning or end of the calendar month. .