A bank statement is a document provided by the bank to the depositor or particular bank account holder mostly every month including all the transactions of an account. It is also referred to as an account statement of the account holder.
What is included in a Bank Statement?
The statement includes deposits in the form of income, Funds are withdrawn from the account and the beginning and ending balances of the account
Benefits of a bank statement
A bank statement is a great tool to help depositors or account holders keep track of their money. It can help a person to identify errors and recognizing their money spending habits.
How long should an account holder keep their bank statements?
An account holder can keep their bank statements for at least five years. They can be able to access the statements within that period of time even after the account is closed. A depositor may have to pay a fee to access their bank statements. The fee may vary from bank to bank.
Offline bank statement and online bank statement
Basically, there are two types of bank statements, paper bank statements, and electronic bank statements. Most of the banks allow their depositors to choose between one of them. Depositors can either receive a paper statement or can receive an electronic bank statement by using their login information through the net or mobile banking.