What is a bank statement? In short, it is an official record from a financial institution that reflects all of the activities within a specific account during a set period.
However, there are different types of statements that can be obtained. And, depending on where you are in the world, different formats may be used. For example, while statements are available in India, passbooks are also commonly used to track transactions.
This article is part of our series on banking basics, ranging from opening different types of bank accounts around the world to understanding how various aspects of the banking system operate.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Is a Bank Statement?
- How Can I Get a Bank Statement?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
What Is a Bank Statement?
A bank statement is a financial record of all transactions within a financial account for a specified statement period. In addition to information about transactions within the account, bank statements also include information about the bank, account, and account holder.
How Can I Get a Bank Statement?
How you decide to get a bank statement will ultimately depend on why you need one, the statement preferences you have set for your account, and the options available to you. That said, most people have two choices to get their statements, which include physical statements and electronic statements.
Personal Online Banking
In most cases, when obtaining electronic statements, account holders will simply log into their account and download the statements for the specific month that they desire.
Local Branch
Alternatively, if you wish to receive (or are required to provide) a physical bank statement, then you may need to visit a branch in person. On the other hand, if you can change your statement settings, you may be able to receive your following statements in the mail to your home address.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into this topic If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Is an Official Bank Statement?
An official bank statement will be a copy of your account statement that has been verified, signed, and possibly stamped by an authorized representative of the bank (typically an account or branch manager) where the account is held. Importantly, an official statement will also need to be accompanied by the name, title, and contact information for the authorizing party.
What Information Does a Bank Statement Provide?
Bank statements provide bank information, account information, account holder details, account balance at the time of the statement, transaction details during the period of the statement (typically a month), along with any fees, charges, or interest.
How Do I Get a Bank Statement?
You can get a bank statement through several different channels. First, you can receive a physical copy of your statement by mail from the branch. Alternatively, if you have requested that your branch hold the statement you can pick it up directly in person. On the other hand, if you have set your preferences to electronic statements, then you can download your statement from your online interface. However, if you have set your statements to be sent to your email each month, you can receive your statements without logging in online.
What Are the Types of Bank Statements?
The types of bank statements are separated by what type format they are delivered in, either paper or electronic. Paper statements are either mailed to the account holder’s address or held at the branch. On the other hand, electronic statements are either emailed to the account holder or are available for download.
Is Bank Statement and PassBook Same?
No, a bank statement and a passbook are not the same. Instead, it is a record provided by your bank that summarizes all of the transaction activities. These activities include deposits, withdrawals, and other account activities over a specific period (typically a month). On the other hand, a passbook is a physical booklet that is issued from the bank to the account holder. The account holder users the passbook to track their transactions manually.
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