Bank statements are comprehensive records summarizing all transactions about an account within a month. In this case, the bank’s customer can receive this document – a paper product or electronic file. This includes vital information like the account number and a detailed summary of deposits and withdrawals for checking and saving accounts.

The purpose of a bank account statement is to give the account holder a clear and detailed overview of their account activities. These activities are listed in order, offering a chronological snapshot of the account's financial movements.

Typically, banks send out these statements on a monthly or quarterly basis. However, the bank must state for that month if a customer engages in an electronic fund transfer within a month. Electronic fund transfers cover a range of activities, including transactions made with ATM or debit cards, online bill payments, direct deposits, and any regular automated deductions.

It's important to note that banks have the flexibility to adjust the dates of their statement cycles, which means the timing of when you receive your bank statement can change.

Official Bank Statement

An official bank statement is usually issued to its account holders every month. This statement provides a comprehensive summary of all the transactions in the account during the month. It contains crucial information like the account number and a detailed record of all the financial activities, including both deposits and withdrawals. This document is an official record of the account's activity.

Switching to Online Bank Statements and Accessing Them

Accessing your bank account statement can be done in two ways: either by means of getting a paper version or by browsing. Those who get paper statements will be sent via mail. However, if you prefer to go paperless and access your statements online, you must inform your bank about this preference. Once you switch to paperless statements, you can access them through your bank’s secure online portal.

Banks often notify their customers via message or email when a new statement is ready, which typically happens monthly at the end of your statement cycle. Although the layout of online banking portals varies from bank to bank, you will generally find a section or tab specifically for statements. For example, Huntington account holders can find their statements under a designated tab in their Online Banking profile. Here, they can easily access and view bank statements from the past two years.

Bank Statement Format Types

Banks typically provide their customers with the choice between traditional paper statements and electronic ones, often sent via email.

Electronic Bank Statements

Electronic statements, or e-statements, offer the convenience of accessing your bank statements online. You can download and print them if needed. Despite the digital format, many people still prefer to print these statements for keeping physical records. Some banks send e-statements directly to their customers as email attachments. Additionally, ATMs may offer a summarized version of your bank statement, known as a transaction history. Generally, opting for digital statements is a cost-free service, and it can even lead to savings on monthly account maintenance fees in some cases.

Paper Bank Statements

Despite the rising popularity of electronic statements, paper statements remain a persistent option. However, opting for paper statements can incur additional fees due to the costs associated with printing and mailing. On average, banks charge around $3 per statement, which could amount to an annual cost of $36 if issued monthly. Credit unions might offer this service at a slightly lower cost, potentially as low as $1.50 per statement. It's worth noting that some banks may waive these fees for specific groups, such as seniors, typically over 65, or minors under a certain age.

Advantages of Regularly Reviewing Bank Statements

Bank statements are an essential tool for account holders, aiding them in monitoring their financial transactions, spotting any inaccuracies, and understanding their spending patterns.

Account holders should compare their records with the bank's records regularly. Individuals can do this once a day, week, or month, depending on what they prefer. Issues such as overdraft charges, accounting errors, and potential fraud can be reduced by regular checks.

In doing so, you would easily pinpoint all differences between your account records and a bank statement. Therefore, you have to notify your bank about such discrepancies immediately. The period of time allowed for disputing errors may last only a few weeks, though such a period differs among different states as well as account types. For record-keeping and potential future reference, retaining your monthly bank statements for at least a year is a good practice.

What Do You Need For a Bank Statement

A bank account statement typically includes several vital pieces of information to provide a clear overview of your account activity within a specific period. These components are:

• Bank's Contact Details: The statement usually starts with the bank's address and contact information.
• Account Information: This section contains your account details.
• Statement Date: The specific date when the statement was issued.
• Statement Period: This involves either the total days covered in the statement or specific dates of a relevant period.
• Account Balances: It demonstrates how much money is open at the beginning of the period and how much one has after all expenses have been deducted.
• Transaction Details: All transactions conducted in the statement period are identified with the amounts involved, dates for transacting, and payees. This includes:
  • Deposits made into the account.
  • Withdrawals from the account.
  • Checks that were paid out.
  • Charges for any services provided on the account.
• Interest Information: The APY will be displayed for interest-earning accounts while specifying the total interest for this statement period.

Take, for instance, a bank statement that covers the period of September 1st to 30th. It might detail a non-interest-bearing checking account as follows:

• Beginning balance: $1,050.
• Total deposits: $3,000.
• Unlimited withdrawals: $1,950.
• Service charges: $0.
• Ending balance: $2,100.