Guide to Bank Statements
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What Is a Bank Statement?
How Do You Get a Bank Statement?
How to Read a Bank Statement
Personal information, such as your name and address Financial institution information, including your bank account number The statement’s beginning and end dates Your balance at the beginning and the end of the period covered by the statement Deposits and the date each deposit was made Withdrawals and the date each withdrawal was made, including automatic payments for bills, checks you wrote, and withdrawals from ATMs Fees charged, if any Interest earned
What's Included on a Typical Bank Statement
Check deposits: Paper checks that you deposited into your account. Direct deposits: This might include your paycheck if you have it deposited directly, as well as any other funds deposited directly into your bank account. Electronic transfers: This is when you move money electronically from an account in one bank to an account in another bank, such as when you have business vs. personal bank accounts and you transfer funds from one to the other. Canceled checks: These are checks you wrote that have been processed or deducted from your checking account. Automatic payments: The bills you pay electronically by having the money deducted from your account. ATM withdrawals: Any withdrawals you make from an ATM will be listed. Debit card transactions. The vendor and the amount of the transaction should be listed. Bank fees: Fees, such as maintenance or service fees, out-of-network ATM fees, excessive transaction fees, overdrafts, insufficient funds, and wire transfer fees, will appear on your bank statement. Interest: Any interest from checking accounts and high interest savings accounts will be noted on your bank statement.
What Are Bank Statements Used For?
Track your funds: Your bank statement can show you exactly what’s in your account so you can make sure you have enough money to cover your bills and expenses. Review your spending habits: Reading your bank statement is a way to see what’s coming in and going out of your account. It may help you identify areas where you can save money and set up a budget. Spot fraud or errors: Reviewing your bank statement regularly is a way to look for any fraudulent charges or errors on your account. If you find anything, notify your bank immediately.
How Long Do You Need to Keep Bank Statements?
Frequently Asked Questions
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