How to Read and Understand Your Bank Statement
What is a Bank Statement?
A bank statement is a document that shows your bank transactions over a specific period of time, generally a month. It includes all deposits, withdrawals, fees, interest earned, and the current balance. It is a detailed record of all your banking activities.
What Information Will I Find in My Bank Statement?
Your bank statement will show all deposits and withdrawals, including ATM withdrawals and debit card purchases. It also shows any fees or interest credited or debited to your account. Your bank statement will also show the current balance of your account.
How to Read a Bank Statement?
When reading a bank statement, it is important to focus on the current balance. This is the balance after all deposits and withdrawals have been taken into account. It is important to look for any discrepancies between the current balance and the previously known balance.
In addition to the current balance, it is also important to look for any fees or interest that have been charged or credited to the account. Any fees or interest that have been charged should be noted and addressed accordingly.
It is also important to look for any suspicious transactions that may have been made on the account. It is important to review all transactions to ensure that the account has not been subject to fraud or unauthorized use.
Sample Bank Statements
Sample Bank Statement 1
Sample Bank Statement 2
Sample Bank Statement 3
Conclusion
Reading a bank statement can be a daunting task, but it is important to ensure that all transactions are accurate and up to date. It is important to look for discrepancies between the current balance and the previously known balance, as well as any fees or interest that may have been charged or credited to the account. It is also important to look for any suspicious transactions that may have been made on the account. By understanding how to read a bank statement, you can ensure that your finances are always in order.