What is Bank Statement?
423 reads · Last updated: December 5, 2024
A bank statement summarizes all the account's monthly transactions and is typically sent by the bank to the account holder every month in paper or digital form. Bank statements contain checking and savings account information, such as account numbers and a detailed list of deposits and withdrawals.
Definition
A bank statement summarizes the monthly transactions of an account, typically sent by the bank to the account holder in paper or electronic form each month. It includes information on checking and savings accounts, such as account numbers and detailed lists of deposits and withdrawals.
Origin
The origin of bank statements can be traced back to the early development of the banking industry when banks began providing written records to customers to help them track their account activities. With technological advancements, electronic statements have gradually replaced traditional paper statements.
Categories and Features
Bank statements are mainly categorized into paper statements and electronic statements. Paper statements are mailed to customers, while electronic statements are provided via email or the bank's online platform. The advantages of electronic statements include being environmentally friendly, fast, and easy to store, whereas paper statements are suitable for customers who are not accustomed to using electronic devices.
Case Studies
Case Study 1: A customer with a checking account at a bank receives a paper statement by mail each month. The statement allows the customer to clearly understand the details of each transaction, including deposits, withdrawals, and changes in account balance. Case Study 2: Another customer opts for electronic statements, viewing their savings account's monthly transaction records through the bank's online platform. This method not only saves paper but also allows access to account information anytime, anywhere.
Common Issues
Common issues include errors in the statement, unauthorized transactions, and delays in receiving the statement. Customers should regularly review their statements and promptly report any discrepancies to ensure account security.
