|
What’s the most important piece of mail you receive every month? There might be some different opinions, but for most people it’s their bank account statement. Although online banking has made matters more convenient, your bank account statement provides you with a full description of every single transaction associated with your account over a given period of time. It’s also your best opportunity to make sure your records match those of your bank. Here’s a rundown of some of the important things you need to be aware of on your bank account statement.
Things to be Aware of
The Summary
Usually found right at the top of your account statements, the summary includes most of the important information in a condensed form. Typically it displays your total withdrawals, total deposits, fees, ending balances, and more.
Processing Checks
Most statements will include a list of the checks it’s processed throughout the month for you. You can see when they were processed, for what amount, if any checks bounced, and other important information.
Activity
Probably the largest section on your account statement, the activity or transaction description section details all of the transactions your account was involved in that month. Here you can take a look at all of your account’s individual deposits, withdrawals, and fees. For debit cards, most statements will also include a small description about where the card was used.
Fees
Even though many banks claim to offer completely free accounts, they still find ways to squeeze some money out of you through fees. Typical fees are for account maintenance or having non- sufficient funds in your account (NSF).
Mistakes
Your bank isn’t perfect and it’s common to see a mistake on your account statement. If you see a mistake or anything that looks out of place on your statement, send a letter to your bank or visit one of its branches as soon as possible to get it cleared up.
Related:
|
