A bank statement records transactions on a customer’s account during a specified period, including purchases, payments, and adjustments. Statements are issued regularly and help customers manage their accounts and financial assets. Checking, supplier, and credit card statements are common examples.
Also known as a bank statement, a bank statement is a record of transactions that occurred on a customer’s account during a specified period of time. Line items on the account will record information about purchases made by the customer, payments made by the customer, and any other adjustments that have been made to the current balance due on the account. Statements of this type are normally issued for each billing period specified in the agreement that established the customer account and note balances on the account at the beginning and end of the period. Customers may also sometimes request statements that cover a longer time period than just their most recent billing period.
Your statement is associated with many different types of accounts. A statement for a checking account at a bank is normally issued on a monthly basis, allowing the bank customer to see what deposits have been posted to the account and what checks have cleared during the period under review. Your bank account statement will also include details of any other types of debt or credit that impacted your account balance during the month, such as purchases made with a debit card, funds transferred to your checking account from a savings account, or provision also of any interest, if the current account has that particular characteristic.
Most suppliers will issue a statement for each customer on a regular basis, usually monthly. Similar to checking, supplier statements will show the balance due at the start of the statement period, all transactions that occurred during the period, and the total balance on the account as of the statement closing date. If the supplier has provided the customer with a line of credit, the statement will also show the minimum payment due along with the total balance on the account.
Credit card statements are another common example of a bank statement. Here, the statement details will include information such as the purchases made by the cardholder, including information identifying where the charges were made. The detail also records any payments made by the customer or any adjustments made due to the removal of disallowed charges on the credit line. All fees assessed by the card issuer, including late fees, over-limit fees and outstanding balance finance charges, are also noted in the statement detail. With most credit cards, the format also includes the minimum amount that must be paid before the next closing date in order to avoid late fees or other penalties.
In all its forms, an account statement helps the account holder manage the account more efficiently. Various statements are also important when it comes to managing all financial assets under the account holder’s control, as they provide important documentation of all types of financial transactions associated with the account in question. In general, consumers are encouraged to read the details of each statement carefully, to ensure that all line items in the document are accurate and that the outstanding balance matches the customer’s other financial documents.
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