Bank Statement
A Bank Statement is a report given by a bank or other monetary foundation that shows the exchanges on a specific ledger over a particular timeframe. It is a summary of all account activity during the statement period, including deposits, withdrawals, and other activities. The statement can be used as a record of the account’s financial history and is typically issued monthly.
The account holder’s name, address, and account number are typically included on a bank statement, as are the beginning and ending balances for the period covered by the statement. It also lists all the money that has been deposited into the account, including cash, checks, and direct deposits. Check withdrawals, ATM transactions, and debit card purchases are also listed, as are any account-related fees or charges.
Because they provide a record of all account activity, bank statements are crucial documents for both individuals and businesses. They can be used to keep track of expenses, verify transactions, and reconcile the account. They are likewise frequently required while applying for credit or advances, as they give proof of an individual or business’ monetary history.
In short, a bank statement is a document issued by a bank or other financial institution that summarizes a particular bank account’s transaction over a particular time. The account holder’s name, account number, and address are all included, as are the statement period’s beginning and ending balances. Reconciling accounts, verifying transactions, tracking expenses, and providing evidence of financial history are all done with the help of bank statements, which are crucial records of account activity.