Your bank statement may not include pending transactions. Each line item typically shows transaction date, its exact amount and the name of the payee.

All completed transactions for the time period: These are commonly shown in chronological order.Some banks and credit unions may include average daily balances as well. Starting and ending account balances: Your statement includes starting and ending balances that let you quickly gauge where your money is trending.For example, from the first to the last of the month or other time frames that are approximately a month long. Statement period: This is the time frame covered within your statement.The style, formatting and exact contents of a bank statement vary by financial institution, but common elements you can expect to find are: Your bank statement may be simple, but it contains a lot of information. This can be helpful for budgeting purposes and finding ways to save money. By laying out your account’s overall activities, a bank statement can help you monitor your spending and spot trends that may have gone unnoticed during day-to-day spending. Many rely on their bank statements for tracking expenses. A bank statement is also commonly used for account reconciliation, a process where you compare your statement with a second record of financial activities - like a personal accounts ledger or a budgeting app - to highlight any discrepancies. Doing so can help detect fraud, accounting errors and refresh your memory of the period’s activities. What is the purpose of a bank statement?Ī bank statement helps you review your account’s activities during a certain period. Let’s learn more about how to make the most of your bank statement. It provides a record of your money and regular reviews of your bank statements can be helpful for tracking expenses, spotting potential accounting errors and identifying fraudulent activity. A bank statement is a detailed summary of all the financial activities for an account over a specific time period, highlighting the comings and goings of your finances.

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