A Bank Statement is an important report released by a bank to provide a history of transactions under a defined period. These statements are really important for both banks and account holders, as the statements provide details of debit and credits of the bank accounts. The statements provide details of annual percentage yield, current interest rate, and charges. The statement provides a clear picture to customers about the value of the account, outstanding checks, cash deposits as well as withdrawals. The bank’s statement is issued on monthly basis, but now the customer can electronically access the bank statements.
Benefits of Bank Statement:
The bank statements are issued by banks and the errors in the bank’s statements can be reported within six months from the date of the statement notify by the bank. After that time, you can’t ask to rectify the bank statement. The copies of bank statements help you to avoid extra charges in certain situations. With the help of bank statements, you can apply for a loan, or can check whether you are qualified for the loan. The bank’s statements are confidential documents; therefore it is the responsibility of the person to keep his/her bank’s statement secure to avoid any financial fraud.
Free Bank Statement Template:
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Essential Elements of Bank Statement Template:
Description of Banks Statement:
The information on the bank statement can be confusing and difficult to understand for new users. Every bank has its own style to design bank statements, but the information always remains the same.
The bank statement details the type of account an individual has between a checking account and a savings account. Checking accounts has a direct connection with a debit card and saving accounts are usually preferred by users because of higher interest rates. The bank statement displays all transactions of your bank account and but only the last four digits of your account number are displayed for your safety and protection.
Deposits and Additions:
The bank statements have a separate column with the name of deposits to write the details about cash deposited by any individual in the account. The column contains the total amount added to your account and the date of the transaction. If you want to keep a record of your deposits, it will be good to keep your deposit receipts secure to ensure that the money is going into the correct place.
Whenever the individual takes out money from his/her account, the transaction is listed in the withdrawals section. The money withdrawal through an ATM is also listed in this section.
Pending and Posted Transactions:
The transaction made after bank timings and on holidays will go into the section of pending transactions. Some transactions go into the pending section to protect you from any financial fraud. The posted transactions are both debit and credit card purchases, ATM withdrawals, cleared checks, and online bill payments.
Date and Description of Transactions:
The bank statements contain the description of each transaction, for instance, if the transaction is made at a gas station, the bank will write the name of the gas station for your convenience.
The balance is an important part of a bank statement. It is given at the top and at the end to tell you about the total amount in your account. A negative balance means you owed money from banks. The positive balance shows the existence of money in your account.