# What Is a Bank Statement? Definition, Benefits, and Components

![Bank Statement](https://www.investopedia.com/thmb/HhXQIFclwIiAXUXsY42Q7onMyEw=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/bank-statement_final-bd27a49a155b44c8b1810bb7705bd34b.jpg)

*— Investopedia / Katie Kerpel*

> **Definition**
>
> A bank statement presents all account activity and balances to the account holder for review.

## What Is a Bank Statement?

A bank statement reflects an account's monthly [transactions](https://www.investopedia.com/terms/t/transaction.asp) and is sent by a bank in paper or digital form to the account holder after the closing date for the period covered.

Bank statements contain checking and savings account information, such as account numbers, a detailed list of deposits and withdrawals, and opening and closing balances. 

### Key Takeaways

*   A bank statement shows an account's deposits, charges, withdrawals, and the beginning and ending balances.
*   It also shows any interest earned, if applicable.
*   Account holders generally review their bank statements to keep track of expenses and spending, and to monitor for any fraudulent activity, mistaken charges, or other problems.
*   On average, a paper statement costs a few dollars, which can add up over the year.

## How a Bank Statement Works

A bank issues a bank statement to an account holder that shows the detailed activity in the account. It allows the account holder to see all the transactions processed, usually chronologically.

Most banks send statements to an account holder either monthly or quarterly.

Banks and credit unions aren't required to send you a monthly statement unless you made at least one electronic fund transfer that month. Electronic fund transfers include:

*   ATM and debit card transactions
*   Payments made with an online bill payment feature
*   Direct deposits
*   Any recurring automatic deduction payments  
    

Your bank can usually change the bank account statement cycle date at any time.  

> **Important**
>
> Banks must keep records of any deposit of over $100 for at least five years.

## Types of Bank Statements

Many banks offer account holders the option of receiving paper statements by U.S. mail or electronic statements, usually via email.

### Paper Bank Statements

Even with the convenience, value, and accessibility of electronic statements, paper statements aren't likely to go away anytime soon.

However, receiving paper bank statements may involve a fee to a customer due to the labor and supplies cost of printing and mailing the statement.

Banks usually charge a few dollars per statement for this service, which can add up per year if sent monthly. Credit unions may charge less. Fees will vary by institution.

Paper statement fees may be waived for people over a certain age, such as 65, or minors under a certain age.

### Electronic Bank Statement

Banks give account holders access to their statements online at their websites. From there, statements can be downloaded or possibly printed.

Some banks email statements to customers as an attachment. Bank [automatic teller machines (ATMs)](https://www.investopedia.com/terms/a/atm.asp) may be capable of printing a summarized version of a bank statement, called a transaction history. 

Many recipients of e-statements print out their statements at home, preferring to keep a hardcopy [record](https://www.investopedia.com/ask/answers/090716/how-long-should-you-keep-bank-statements.asp) of their financial activity.

Digital statements are typically free. By opting into digital statements, you may be able to waive a monthly account maintenance fee.  

## Benefits of a Bank Statement 

For account holders, bank statements are a great way to keep track of their finances, identify errors, and recognize spending habits.

For security purposes, you should verify your bank accounts regularly—daily, weekly, or monthly—to ensure that your records match the bank’s. This helps reduce overdraft fees, errors, and fraud.

Account holders can check for discrepancies while reconciling their account records (such as a checkbook transaction register) with the bank statement.

Discrepancies found must be reported to the bank promptly. Account holders may have as little as 30 days to dispute errors, but timelines vary by account and state.

You should keep your monthly statements for at least one year.

## Components of a Bank Statement 

A bank statement includes:

*   A bank's address and contact information
*   Account name and number (which may be partially obscured)
*   The statement closing date
*   The total number of days in the statement period, or the period's beginning and ending dates
*   Beginning and ending balances

Details of each transaction—notably the amount, date, and payee—will also be included:

*   Deposits
*   Withdrawals
*   Checks paid
*   Any fees or service charges
*   Interest earned on balances
*   The dollar amount of interest earned during the statement period

For example, for the period Sept. 1 through Sept. 30, a bank statement may show a non-interest-bearing checking account with:

*   A beginning balance: $1,050
*   Total deposits: $3,000
*   Total withdrawals: $1,950
*   Service charges: $0
*   An ending balance of $2,100  
    

## What Is an Official Bank Statement?

An official bank statement is is a document that lists all of an account's [transactions](https://www.investopedia.com/terms/t/transaction.asp) and activity during the month (or quarter). They contain other essential bank account information, such as account numbers, balances, and bank contact information. 

## How Can I Get a Bank Statement?

You can access your latest bank statements on your financial institution's website. Or, you can request that a monthly paper statement be delivered to your home by U.S. mail.

## What Is the Difference Between a Bank Statement and a Transaction History?

A transaction history displays all bank account transactions for a set period you choose. A bank statement only covers one month of transactions and may leave recent or pending transactions out.

## Can Anyone Check My Bank Statement?

No one is allowed to view your bank statement without your permission. Banks do not release information regarding your bank statement to unknown third parties [without your consent](https://www.investopedia.com/ask/answers/082316/how-do-mortgage-lenders-check-and-verify-bank-statements.asp).

## The Bottom Line

Bank statements allow you to ensure that your account transactions and deposits align with your own record-keeping.

By reviewing your bank statements, you may find that you're paying for subscriptions you don't need or want, or that you were charged twice for the same purchase.

You can also review how much interest you've earned as a percentage and a dollar amount. This may prompt you to look for a higher-yielding checking or savings account.

> **Article Sources**
>
> 1.  Consumer Financial Protection Bureau. "[Does My Bank/Credit Union Have to Send Me a Monthly Statement for My Checking Account?](https://www.consumerfinance.gov/ask-cfpb/does-my-bankcredit-union-have-to-send-me-a-monthly-statement-for-my-checking-account-en-965/)"
>     
> 2.  HelpWithMyBank.gov. "[Can My Bank Change My Deposit Account Statement Cycle Date?](https://www.helpwithmybank.gov/help-topics/bank-accounts/statements-records/statement-date.html)"
>     
> 3.  HelpWithMyBank.gov. "[How Long Must Banks Keep Deposit Account Records?](https://www.helpwithmybank.gov/help-topics/bank-accounts/statements-records/statement-records.html)"
>     
> 4.  Helpwithmybank.gov. "[There Are Several Forged Checks, All From the Same Person, Against My Account. The Bank Claims That Because More Than 60 Days Have Elapsed, It Doesn't Have to Do Anything. Is This True?](https://www.helpwithmybank.gov/help-topics/fraud-scams/forgery/check-forgery-time-limit.html)"
>     
> 5.  Consumer Financial Protection Bureau. ["Interactive Bureau Regulations/12 CFR Part 1030 (Regulation DD)](https://www.consumerfinance.gov/rules-policy/regulations/1030/6/)."