What is a Bank Statement? (2024)

FAQs

How do I get a bank statement? ›

A bank statement is a record of all the banking transactions—including deposits, withdrawals and transfers—that apply to your account over a given period of time. Your bank statement may also include the starting and ending balances of the account, your account number and other important account information.

Loan officers use these bank statements to: Verify your savings and cash flow. Check for unusual deposits, withdrawals, or other activity in your accounts. Make sure you haven't taken on any recent debts.

Regardless of what bank they're from, most bank statements look fairly similar. They typically include an overview of the account and bank, followed by an account summary and a detailed breakdown of activity over a specific period. The bank statement usually covers a period of one month, but it can also be quarterly.

Getting a copy of your bank statement is easy. Your online banking page will list out all of your statements. From there, you can download a PDF or order a paper version by mail. You can also call your bank's customer service line for help.

A statement is a document outlining all outstanding unpaid invoices (or bills) for a certain customer. Unlike invoices, statements are typically sent or made available at certain intervals. For example, many businesses send statements at the end of each month or quarter to individuals who have an outstanding balance.

Proof of funds refers to a document that demonstrates the ability of an individual or entity to pay for a specific transaction. A bank statement, security statement, or custody statement usually qualify as proof of funds. Proof of funds is typically required for a large transaction, such as the purchase of a house.

Most banks provide free bank statements online; some automatically mail paper statements to your home, but others will charge you for hard copies. You'll need to provide a bank statement when you apply for a loan, file taxes, or file for divorce.

If you need a paper copy of a bank statement, or a copy of an older statement that's not available online, you may need to visit a bank branch or request the statement by mail. Visiting a local bank branch could be the fastest option as you won't need to wait for the mail.

Bank statements contain all transactions that were completely processed during the time period covered by the statement. You should verify that your name, address, and additional contact information is accurate and up to date. Typically, this information can be found at the top of your bank statement.

Can I refuse to show my bank statement? ›

In general, you don't have legal grounds to refuse to show the IRS your bank statements and, in any event, refusing would be pointless because the IRS can easily obtain them from your bank, which will readily comply because they have no interest in getting into trouble with the IRS on your account.

Paper statements will be sent to the statement address in 3-5 working days.

Bank and credit card statements usually contain your name, address, and details about your account that can be used by identity thieves to commit fraudulent acts, while any other mail you receive may also contain similar information.

Third parties, such as lenders and underwriters, property owners, rental agencies, or government officials can review bank statements and other financial information as part of the application process to assess the risk of the person applying for a loan or other service.

Proof of funds usually comes in the form of a bank security or custody statement. These can be procured from your bank or the financial institution that holds your money. Bank statements are the most common document to use as POF and can typically be found online or at a bank branch.

Bank statements are important to verify debit and credit activity. They should be kept in hard copy or electronic form for one year.

You need to use your Online Banking from a web browser, not your mobile app. Have a look for your bank below and follow the instructions. Alternatively, you can search Google for instructions on how to download your transactions as a PDF file or, visit your bank branch for a printed copy.

A receipt or bank statement is the most common way to provide proof of payment. Receipt copies can be obtained from the seller either online or in person. If you need to use a bank statement, access it through your online bank account.

Only the account holder has the right to access their bank account. If you have a joint bank account, you both own the account and have access to the funds. But in the case of a personal bank account, your spouse has no legal right to access it.

A bank statement is sent by the Bank manager to the account holder informing about debit or credit given by the bank.

Is a debit card statement a bank statement? ›

Debit card information is reported as part of your monthly bank account statement, much as is your savings and checking account information.

A bank statement is an official document that summarizes your account activity over a certain period of time—typically one month. You'll find records of all transactions—both incoming and outgoing—so you know exactly what was going on with your funds during that period.

3. As a bank statement is an external party document, hence it is more reliable in comparison to shipping documents which can be tampered with by employees through self or in collusion. 4. Certificates for the investment made are issued by outside parties are more reliable.

These days, the easiest and most common way to submit your bank statements is to simply print them directly off your bank's online banking platform.

Regular statements, pay stubs

Keep either a digital or hard copy of your monthly bank and credit card statements for the last year. It's a good idea to keep your digital copies stored online if you choose to go paperless.

Proof of identity - which can be a valid driver's license, ID card, or passport. Proof of banking details - a full-page, recent bank account statement that shows your bank logo, full bank account number, and the bank account holder name.

The police may get such records through a search warrant signed by a judge based upon an affidavit laying out their probable cause to believe evidence of a crime will be found in such records.

Typically, the only parties that can check your bank statements or your account information are the account owner(s), authorized account managers and bank professionals. Banks take great care to maintain the privacy and security of their customers' personal information.

The general rule of thumb is to try to have one or two months' of living expenses in it at all times. Some experts recommend adding 30 percent to this number as an extra cushion.

Federal law does not prevent employers from asking about your financial information. But, the federal EEO laws do prohibit employers from illegally discriminating when using financial information to make employment decisions.

How far does a bank statement show? ›

A transaction history differs from a bank statement in that it is a record of all transactions for that bank account for a set period that you have chosen. Typically, a bank statement only covers one month of transactions and may leave recent or pending transactions out.

Bank and Credit Card Statements

Banks are required by federal law to keep records for five years. Check with your bank for specific details about how to access your old statements.

Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

If you do not redact your bank statements before sending them to someone, you could be putting yourself at risk of identity theft or fraud. You may be surprised at how much a fraudster is able to do with only the information on your bank statement.

If fraudsters can combine your bank details and other easy-to-find information — such as your Social Security number (SSN), ABA or routing number, checking account number, address, or name — they can easily begin to steal money from your account.

This person may be the actual fraudster or someone the criminal has manipulated into acting as a front for the fraud. The accounts are then used to either launder money or commit future fraud. Criminals use stolen credentials and personal data to open accounts in the names of individuals without their knowledge.

Yes, with the right document editing tool, like EaseUS PDF Editor, users can change the name or value on the bank statement digitally.

Bank statements are among the most common documents used for income verification. Bank statements show the movement of funds into and out of an account and provide insight into the borrower's income, spending, and debt repayment history. Retired and self-employed borrowers often use bank statements as proof of income.

If you need a paper copy of a bank statement, or a copy of an older statement that's not available online, you may need to visit a bank branch or request the statement by mail. Visiting a local bank branch could be the fastest option as you won't need to wait for the mail.

Can you get a bank statement from an ATM? ›

How can I get my bank statement from an ATM? You can get your bank statement from an ATM by using your card and entering your PIN. On the menu, select 'Account statement' or 'Get statement' and you can either view or print it.

If you want paper copies of your online statements for your current, savings accounts or credit card, you can save and print PDF versions from your Online Banking service.

Paper statements will be mailed 7 to 10 business days after you submit your request.

Is the bank required to send me a monthly statement on my checking or savings account? Yes, in many cases. If electronic fund transfers (EFTs) can be made to or from your account, banks must provide statements at least monthly summarizing any EFTs that occurred each month.

Can anyone check my bank statements? Typically, the only parties that can check your bank statements or your account information are the account owner(s), authorized account managers and bank professionals. Banks take great care to maintain the privacy and security of their customers' personal information.

Personal Information

Debit card transactions are included in the monthly account statement for your personal or small-business bank account. You can access these statements electronically in many cases, or opt to receive a printed copy by mail each month.

A bank statement is a list of all transactions for a bank account over a set period, usually monthly / year. A mini statement is a list of recent 3 or 5 transactions carried out by a customer.

Keep your information secure

Can bank tellers see your balance? Yes. But that helps them to assist you with your banking needs. They will also have access to your personal information to verify your identity as a safeguard against fraud.