Your bank creates a document for you every month that lists all of your transactions for the previous month. A bank statement is what it’s called. Monitoring your bank statement on a regular basis is essential, in part to ensure that any transactions you don’t recognize aren’t fake. Let’s look at how to acquire your bank statements, whether it’s online or by mail.
Review your bank statements with the help of bank statement analyzer to better track and manage your spending and costs every month. Learn all about bank statements and how to utilize them to make better financial decisions.
What Is the Best Way to Get a Bank Statement?
Most banks and financial institutions issue new bank statements every month or quarter. Your bank or financial institution will either email you a copy of your bank statement. You may also request and get it using your online banking account or mobile banking app at any time.
An electronic statement, often known as an e-statement, is an electronic form of a bank statement. Depending on your bank’s online platform, the method for accessing and downloading your paperless e-statement may change. However, there is usually a part of the site where you may read and download your statement. You can also analyze your bank statement by using bank statement analyzer.
How to Get a Bank Statement online
Most banks now provide internet banking for their account holders. This makes it simple to monitor your account’s status and transactions, make money transfers, and conduct other financial operations. Getting your bank statement is one of the things you may do with your online banking account.
Your statements should be accessible for free download as a PDF for several months. Banks differ in how they provide statements, although most will include a link to “Statements” towards the top, potentially under “Account” or “Account Services.” You’ll be able to download PDF versions of your bank statements after you’ve found this page. You have the option of selecting a time window and an account to view. Most banks have your statements accessible immediately; however you may need to request that the PDF be forwarded to you.
In addition to downloadable PDF statements, your account’s home page should have an account summary that lists your most recent transactions. The transactions might be separated into statement cycles or all at once. While this is not your statement and may contain some ongoing charges, it is convenient to check recent credit and debit transactions from your account.
Most banks allow you to “go paperless,” receiving and reviewing your statements entirely online. This is how you’ll see your statements if you’ve gone paperless. You should also download and save your statements on your computer on a regular basis in case you require quick access to them in the future.
How to Receive a Bank Statement in the Mail
You should expect to get your monthly bank statements in the mail when you open a bank account. They’re mailed out on a monthly basis based on when you created your account, so they won’t always correspond to the first or last day of the month. These will appear just like the website’s downloaded PDFs.
What if you’re unable to locate your paper statement? This might occur for a variety of reasons. You may have misplaced it, it may have been lost in the mail, or you may have chosen only to get online statements. Regardless, most banks have the opportunity to obtain a hardcopy statement via their online banking interface. This request is most likely stored alongside your digital statements. It may be a separate choice under the same “Statement” title or a button on the page that displays all of your statements.
If your bank does not offer the option to request a printed statement, you can print a downloaded PDF to get a physical copy. This printed version of your statement will appear just like the postal version and is an official document.
What Should I Do With My Bank Statement?
Bank statements are essential for a variety of reasons. They not only assist you in budgeting and keeping track of your finances, but they also help you detect problems or fraudulent activity in your account.
The following are the most important things to do with your bank statement:
Reconcile your accounts
When you reconcile your bank account, you check your bank statement to ensure that all of the information and transactions are correct. You’re comparing your deposit, withdrawal, interest, and fee history against that of the bank. This might assist you in detecting any errors or fraudulent activities. If your bank statement indicates that you have less money in your account than you expected, reconciling your account might help you avoid overdraft fines.
If you see a mistake, notify your bank, credit union, or financial institution as soon as possible. Typically, you have 60 days from the date of your statement to contest any errors.
Analyze Your Spending and Savings Patterns
Reviewing your bank statement is not only a smart method to look for problems, but it’s also a great way to keep track of your monthly spending and saves. Examine your beginning and ending balances, as well as how much you are spending vs saving and where the majority of your money is going.
It’s also a good idea to figure out how much interest you’re getting – if your bank or financial institution pays you interest, figure out how much money you’re getting each month.
Save a copy for your records
It’s a good idea to file your bank statement in a secure location for your records after you’ve seen it. You may save them to your computer or print them and save them safely.
When filing your tax return, you may need to refer to your bank statement. You could also need it if you want to apply for a loan, rent an apartment, or refinance your house. An authentic bank statement analyzer can help you in the analysis of a bank statement before filling tax.
Do Banks Keep Statements for a Long Time?
The majority of banks impose a time restriction for keeping copies of your statements. Normally, this takes seven years. It’s a good idea to maintain copies of your bank statements on hand, either physically or digitally, in case you need them and your bank no longer has them. This is especially important for any year-end statements you receive before tax season, as these statements tend to summarize your interest and other taxable profits for the year. If the IRS audits you, you’ll have to prove how much money you made.
When you no longer need your bank statement, trash it like any other paper that contains private financial information.
You can better manage your funds and be a responsible account holder now that you understand what a bank statement and bank statement analyzer is and how it operates. Remember to monitor your bank statements regularly and notify your bank or financial institution of errors or fraudulent activities.