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A bank statement is a document issued to you by your bank that indicates how much money is in your account, as well as payments, withdrawals, and deposits.
A bank statement is a document issued by your bank that tells you how much money you have in your bank account. Bank accounts list all the payments, withdrawals, and deposits you made as well as interest you earned and penalties you received.
If a check you wrote was cashed or deposited, the bank statement will indicate that, often including the check number, date, and the amount. Checks that you deposited from someone else may also have that same information.
Most people receive their bank statement monthly, but it can be accessed any time. You can receive the bank statement as a paper document or download it from your bank or credit union’s online services portal.
Keep your bank statement safe. It displays your account number, which can make it easier for someone to access your account. It also includes the names of every merchant you made a transaction with.
The most convenient way to get a bank statement is to log onto your bank or credit union’s website. If you haven’t already done so, you can make an account as long as have your account number on hand. You can also get a bank statement if you use an online bank.
You should have the option to sign up for paperless statements. With this option, your bank or credit union will send you an email whenever your latest bank statement is ready.
If using the internet isn’t your thing, you can go to your bank or credit union’s local branch and ask for a copy of your bank statement there.
You can also call your bank and ask for a copy to be mailed to you. Some banks charge for this service, so using the free online option is usually your best bet.
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Your bank statement is the way to quickly view the financial health of your bank account. Cash in, cash out; there’s not much more to it than that.
Your name and address show up on your bank statement. This is to help people identify the owner of the account. Your bank account number will also be listed, but not your routing number.
The account summary will show the following:
Your bank statement may have a separate section for check withdrawals that include the date of withdrawal, the amount, and the check number. Some banks will also list checks you deposited.
This section includes cash deposits made at an ATM or branch location.
Your paychecks will also appear here if you use direct deposit or deposit the check using your mobile banking app. Any deposits from electronic funds transfers like PayPal, Venmo, or Zelle will also appear here.
You should also see deposits from selling a security, whether it’s cryptocurrency like Bitcoin or shares of a stock.
When you use your debit card to withdraw cash, that amount will be recorded in this section.
Electronic withdrawals include transactions like payments you made with an app and transfers of money between accounts.
Payments to your credit card to pay off your credit card balance will appear here. If you have a home equity line of credit (HELOC), payments to pay off that balance will also appear here.
Your bank statement won’t show credit card charges. That’s because your credit card isn’t a deposit account. When you make a credit card purchase, you’re promising to pay back that purchase in cash at a later date.
Your credit card balance and charging info will be on your credit card billing statement, a separate document.
Your bank statement also won’t show your routing number. That number appears on your checks to indicate which bank your account is located in. Having both the routing number and account number could allow someone to make withdrawals directly from your account.
A bank statement’s main purpose is to help you understand your cash flow. But you can use it to help your finances in other ways because it proves your income to banks, lenders, and insurance companies.
If you need a loan, or need to get insured, you’ll probably be required to get several months’ worth of bank statements, in addition to other financial documents.
Some examples of situations that may require you to show a bank statement include:
Having a savings account is half of the financial protection battle. Life insurance is the other half.
Your savings account can help you save money, but a life insurance policy will keep protecting your family when you're no longer around.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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