50+ SAMPLE Bank Statements in PDF | MS Word | MS Excel

What Is a Bank Statement?

A bank statement summarizes all the financial transactions happening within a period. Financial institutions or banks usually issue bank statements every month, quarter, or year. They may also occasionally issue this type of document to incorporate notices, such as changes in fees and interest rates, and promotional materials. Typically, a bank statement shows the deposits and withdrawals that you or your organization make, making it an essential tool to track and account for all of the transactions that you or your company executed. You can use this important document to detect any possible fraudulent actions and errors. 

Benefits of Using a Bank Statement

The following is the list of benefits that you can enjoy if you are using a bank statement. 

Use For Loan Application – To verify your address and your ability to pay, when you apply for a loan, the creditor may require you to provide a bank statement before you sign a repayment agreement. A mortgage is one of the best examples of loans where the creditor usually requires a bank statement when you apply for a loan. Additionally, you can use this document as an alternative of a missing requirement.

Monitor Your Transactions – By comparing your personal records and your bank’s records, it will be easier for you to determine if there are discrepancies, making sure that your business plan among other important documentation of your company materializes, increasing the chance of your business to thrive.

Support Legal Claims – Keeping your own copy of records of transactions is helpful in certain ways. However, when it comes to legal matters, these records may matter just a little. Therefore, to develop more credible evidence for any future legal claims, let the bank keep their records about the transactions that you make.

Documentation – Creating business decisions, may it be binding an event planner contract or acquiring another firm, can be tough. You’ll have to rely on credible data. There is only one way to verify that data is trustworthy, which is through documentation and bank statements.

Use as Receipt – Receipts, such as vehicle receipts are also another important document that you may need to keep as proof that you rented a car for your company events, paid for school student tuitions, or paid for the monthly utility payment. However, for certain reasons, a receipt can get lost before you even document it. Luckily, if you paid through your bank, they’ll keep a record for you through a bank statement.

How to Get a Copy of a Bank Statement?

Checking a Bank Statement is like creating a marketing plan. You need to know what you are doing. Otherwise, you’ll have a hard time dealing with it. Follow the steps below to make sure that you do it right.

Step 1. Check with Your Bank

Most businesses are starting to make an online presence if they have not shifted their operations. That includes Wells Fargo, Chase Bank, HSBC, and other banks. That said, most likely, your bank also does the same. You can check if they have established a website that allows you to check important information about your bank account.

Alternatively, you can call your bank to check your options on getting a copy of your bank statement. Other banks, despite having a website, due to maintenance issues, do not allow their clients to view their bank statements online. Thus, calling them or visiting them may be a better option.

Step 2. Determine Which Medium Fits You

The traditional way of getting a copy of a bank statement is by visiting the bank to request a bank statement. While this option is not a problem for some people, many find it a hassle. If you are a busy person, you may find visiting the bank very time-consuming. You would have to spend time traveling to the bank and waiting in line. Not to mention, you’ll spend money on the fare or the gas.

Therefore, you may want to resort to alternative options in getting a copy of the bank statement, such as the following:

By Online Portal – Online portal is indeed the fastest way to get a copy of a bank statement. You can easily access it through your computer, phones, and other devices by visiting their website or simply installing their app to your device. Aside from that, by using your bank’s portal, you can access other important information about your bank account and even receive offers that may be beneficial to you.

By Mail – If you are a busy person, even though your bank statement is within reach anytime, there is a big chance that you will forget to check it on time. It may not be a problem with the bank to check your bank statement months after you made transactions. The problem arises if a deadline is in your tail and you don’t even know it. Therefore, signing up for mail service from your bank is a wise option. By receiving your bank statement via mail, may it be monthly, quarterly, or annually, you’ll save yourself in many ways.

By Email – The thing with receiving your bank statement via mail, though, is it may take time to arrive at your doorstep, which contradicts the reason you are availing of the service – to regularly receive the statements. Luckily, an Email service has been invented, which allows you to get the bank statement right away after the bank rep sends you the important document.

You should take note, however, that according to consumeraction.org, most customers still prefer receiving paper statements over digital copies. The reason lies in financial and medical matters. Receiving a copy of the bills/statements reminds them of the actions that they need to take. It is also more convenient for them to save records of their debts and payments, making the hard copies more important than their intended value.

Step 3. Sign up for Online Banking

Now that you know the mediums that you can use to get a copy of your bank statement, you can already decide which way you want to receive your statement. If you still prefer getting your bank statement other than through an online portal, you have to at least consider the worst-case scenario. In some unfortunate times, you may fail to receive your bank information. It could be due to calamities or failures within the mail/email service or the bank itself. Therefore, having the power to check your bank statement anytime you need to is very important. Sign up for online banking with your bank! It will also be a great way to maximize your banking control with convenience.

Step 4. View Statement

Your bank’s online portal may not be the same as the other banks’. Therefore, it is imperative that you check and familiarize the menus to view your banking statement. Luckily, every bank’s goal of their online portal is to make it more user-friendly, so it won’t be that hard to view your bank statement.

NOTE: Avoid accessing the portal through public Wi-Fi. Public Wi-Fi can allow anyone to connect, making it easier for hackers to get a hold of your private information.

FAQs

What Is a Bank Reconciliation?

To make sure that you or your organization take account of all of the financial transactions, you need to process what we call bank reconciliation. This process allows you to confirm that all the expenses and other transactions you record match the bank’s book of records, making it easier to detect any suspicious and fraudulent transactions.

Aside from the mentioned reasons, you can also use bank reconciliation as a tool in planning for your budget or business event budget and other important matters of your company.

Does a Bank Have to Send Their Clients a Monthly Statement?

It is important that you are aware of where all of your hard-earned money goes. Thus, you should know that the law says that all banks are required to send their clients a monthly statement on their checking or savings account, especially if your bank allows you to create an electronic fund that transfers transactions. If an EFT transaction occurs in your account, they must send you a monthly statement for that month. Otherwise, you can opt not to send you one. However, you should take note that, whether there is or no transaction occurring within the quarter, the bank needs you to send a bank statement every quarter.

What Should Include in Your Bank Statement Even If No Transactions Have Been Created?

As we mentioned previously, a typical bank statement shows the deposits and withdrawals that you make within a specific period. However, even though you didn’t make any transaction within the quarter, the bank cannot send you a blank paper. The bank should include the following:

Annual Percentage Yield or APY. An APY is a percentage that you earned for that specific period based on the annual percentage that you should earn and its compounding.

Interest You Earned in Dollar. Aside from the APY, the statement should also include the interest you earned for that specific period in dollars. It should also indicate if they have credited the interest that you earned.

Fees. Having a bank account may involve fees associated with letting the bank manage your money. These fees should appear in your bank statement with a label, type, and amount that they debited from your account.

What Is the Difference between Bank Statement and Transaction History?

Although it seems similar, the bank statement differs from the transaction history. Although both of them provide sets of records of transactions, bank statements only provide a set of records for specific periods, such as monthly, quarterly, and annually, making it an ideal data analysis to come up with business decisions.

On the other hand, with transaction history, you can control which date range of data that you are going to retrieve, making it ideal for online portals as well. This feature also provides a more detailed history, making it ideal to understand someone’s spending habits. However, unlike bank statements, transaction history does not include details, such as full name, address, which means that each of these features is intended for different purposes.

This is the reason why lenders will require both these documents. They will need the bank statement to get a bigger picture of the individual/organization’s transactions, while they will use the transaction history to get a better understanding and to make more sense of the transactions.

What Are the Usual Items That a Bank Statement Includes?

The first thing that you may see to your bank report after the name of the bank are the following:

Depending on the bank, the following may follow:

The following main contents, will, then, be visible following the “Opening balance for the period

After mentioning the transactions, the statement ends with the “Ending balance for the time.

Despite the fact that banks are a medium to measure people’s/organization’s credibility, they also encounter issues that may make us question their credibility. For instance, On April 7, 2021, an article in politico.com said that federal regulators came in to investigate the Bank of America’s scandalous handling of California jobless aid. According to the report, through the new federal pandemic aid program, which has become a target for fraud in many states, fake applicants were able to get paid for a total of $11 billion. As the issue has become more prominent, the bank started to freeze hundreds of thousands of accounts to attempt on halting the suspected fraud. Earlier this year, the lawmakers of the state pointed out for its  lack of transparency about the fraud measures. They also questioned its failure to provide excellent customer service and strong card security.

However, the authorities and even their clients are purposefully provided with power to interfere and solve these issues, which makes the financial institutions as a whole maintain their trustworthiness. That said, though, it is important to make sure that you, as a small business bank, adheres to the contract agreement that you sign up for. It will ensure the clarity of the obligations and limitations that your organization and the other party that you have agreed to.

Bank statement is indeed an important tool in running a business or your personal matters and in this article, we have discussed what you need to know in using this document properly. Use what you learned today by sorting out your to do list items where utilizing your bank statement can help.