A bank statement is a document that the bank gives to the depositor or specific account holder, usually once a month, and it contains all of the account’s transactions. It is also known as the account holder’s account statement.
What does a bank statement contain?
The account’s initial and ending balances, money withdrawn from the account, and income deposits are all shown in the statement.
The advantages of a financial statement
An excellent tool for depositors or account holders to monitor their finances is a bank statement. It can assist someone in recognizing their financial spending patterns and identifying mistakes.
For what length of time should a bank statement be retained by an account holder?
Bank statements can be retained by an account holder for a minimum of five years. Even when the account is closed, they can still view the statements throughout that time frame. To view their bank statements, a depositor might need to pay a fee. The cost could differ depending on the bank.
Both online and offline bank statements
In general, bank statements can be divided into two categories: electronic and paper. The majority of banks provide their depositors the option to select one of them. Depositors can use their login credentials to get an electronic bank statement via mobile banking or the internet, or they can obtain a paper statement.
