A bank statement is a document that shows all of the financial activity in your account over a certain period, typically one month. This includes deposits, withdrawals, fees, and interest earned.
Bank statements can be delivered to you electronically or by mail. If you opt for paperless statements, you can usually access your statement online through your bank’s website or mobile app.
Most banks will send out monthly statements automatically unless you specifically request otherwise. You can typically find options to have your statements sent more or less often under the “settings” or “statements” tab within your online banking account profile. Whether you choose electronic or paper statements, it’s important to keep tabs on your account activity and reconcile your statement.
Banking, by definition, is the business of receiving deposits and channeling those funds into lending activities. In a broader sense, banking also includes other financial services like investing, foreign exchange, and money management.
When you deposit money into a bank account, you are essentially entrusting that bank with your hard-earned cash.
Some banks also offer additional features on their bank statements, such as images of canceled checks and detailed information on each transaction. You should review your bank’s policy to see what is included in your statement.