What is a 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.
Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. The start date of the statement period is usually the day after the end of the previous statement period.
What’s the purpose of a bank statement?
One major purpose of bank statements is to provide you with information about how much funds remain in your account. They also contain specific amounts which you have paid or received within a given period. It’s your account, so you have the right to know all of these details. The document can be very helpful to make yourself aware of your financial status. It will also allow you to plan your expenses accordingly.
After you’ve confirmed the balance in your account through a bank statement template, you can issue checks as payment for things you purchase. Through this simple document, you will also learn about different types of bank schemes. This is because banks typically utilize bank statements to advertise their plans, products, and financial schemes. Sometimes, you can even use the document as your proof of address.
A bank statement is very important. That’s why you have to be careful when you receive one, and you should make sure that it’s not a fake bank statement.
How to fill out the bank statement?
Fill out a form with PDF Reader Pro can be an easy thing, please follow the following steps to create your bank statement:
1. Install the free trial of PDF Reader Pro, open your sample bank statement in PDF Reader Pro;
2. Click on any field and start typing your information;
3. Save the complete form so you can retrieve it from anywhere in the future；
4. Use PDF Reader Pro to sign it, add a date, print out the form and send it to your clients if necessary.
What can I do with a bank statement?
Bank statements come in handy for a variety of reasons. From monitoring your spending to catching errors, bank statements are an easy-to-use financial tool. Here are the main things you can do with a bank statement:
- Gauge your spending: Review your bank statement monthly to keep a tab on your expenses.
- Track your savings: Look at your beginning and ending balances over the course of a month or a quarter. Take note of how much you’re accumulating.
- See how much interest you’re earning: If your bank or credit union gives you interest, see how much money it’s making you every month. Depending on what interest you earn, you may want to put some of your money in an investment account or money market to earn more.
- Monitor your account balance: Reduce overdraft fees by ensuring you always have enough to pay for bills and ATM transactions.
- Identify fraud: Review your statements regularly to help spot fraudulent activity, like someone using your debit card. Promptly contact your bank should you find any fraudulent transactions.
- Catch banking errors: Banks sometimes make mistakes. Contact your bank if you suspect any errors, such as depositing in the wrong account or mischarging you.
- Watch for mistakes: Say a waiter accidentally typed in $52 on a restaurant credit card machine when your bill was only $25. Make sure your bank account is free of errors, duplicate charges, and discrepancies.
- Apply for a loan: Whether it’s a personal loan or mortgage, you may have to provide bank statements to your lender to prove your financial standing.
- Rent an apartment: A landlord or rental agency might request to see your bank statements before signing a lease.
- Refinance your home: Financial institutions may want to see several bank statements if you plan on refinancing your home.
- File your tax return: You may need to reference your bank statement when you file your taxes.
- Maintain records: Keep your statements in a safe place in case you need them in the future. You can download them on your computer or print them and place them in a secure file.
Bank Statement FAQs
Q1: How to make a bank statement?
Unfortunately, an account holder cannot make his or her own bank statement and pass it off as an official financial document. Nevertheless, one can use a personal bank statement to use to compare with the official statement issued by a bank or financial institution. Doing so can help an account holder watch out for any errors and discrepancies in the record that the bank possesses.
Q2: How can I get a bank statement?
Most banks provide statements every month, although some do it every quarter. Depending on your bank, you can access your statement online, in-app, or through the mail.
Q3: How long do banks keep records of statements?
Under the Bank Security Act, banks must keep statements for up to five years — although some may keep them longer. If you’ve closed your account, the bank will still keep your records for at least five years. Why would you need a bank statement from the past? You may need to pull your records for a tax audit, litigation, divorce, or to apply for a loan.
You can often retrieve bank statements online for free for the last year or two. If you need to go back further than what’s available online, your bank might charge you for each statement. For instance, if you want a statement from four years ago, the bank could charge you $5 per statement. That’s why some people save their bank statements in case they need them in the future. If you no longer need your statements, be sure to shred them for security purposes.
Bank statements provide you with a clear, ongoing picture of your financial activity. By reviewing your statements, you can monitor your spending and saving while watching for any errors. Most importantly, being mindful of your finances will help you reach your goals and achieve financial well-being.
Download the sample bank statement for free, and use PDF Reader Pro, one of the best form filler and creator, to create your personal bank statement to track your finances. Click the button "Free Download" to download the app.