{"id":28507,"date":"2023-10-12T14:39:23","date_gmt":"2023-10-12T14:39:23","guid":{"rendered":"https:\/\/swoopfunding.com\/ca\/?post_type=business-glossary&p=28507"},"modified":"2024-07-15T13:35:36","modified_gmt":"2024-07-15T13:35:36","slug":"bank-statement","status":"publish","type":"business-glossary","link":"https:\/\/swoopfunding.com\/ca\/business-glossary\/bank-statement\/","title":{"rendered":"Bank statement"},"content":{"rendered":"

Definition<\/h3>\n

A bank statement is an official document provided by a financial institution, such as a bank or credit union<\/a>, that outlines the financial transactions and activities of an account over a specific period of time. It serves as a record of the account holder’s financial interactions, including deposits, withdrawals<\/a>, transfers, and other relevant details.<\/span><\/p>\n

What is a bank statement?<\/h3>\n

Here are the key components in bank statement:<\/span><\/p>\n

    \n
  1. Account information<\/b>: A bank statement typically includes details about the account, such as the account holder’s name, account number, and the period covered by the statement.<\/span><\/li>\n
  2. Transaction history<\/b>: It provides a comprehensive list of all financial transactions related to the account during the specified time period.\u00a0<\/span><\/li>\n
  3. Date of transactions<\/b>: Each transaction is recorded with a date, allowing the account holder to track when specific activities occurred.<\/span><\/li>\n
  4. Description of transactions<\/b>: Alongside each transaction, there’s typically a brief description or reference. This can include the payee’s name, deposit source, or a transaction code indicating its nature.<\/span><\/li>\n
  5. Interest and fees<\/b>: Bank statements may also include information about interest earned on deposits or charged on loans, as well as any fees or charges associated with the account.<\/span><\/li>\n
  6. Overdrafts and insufficient funds<\/b>: If there are instances of overdrafts<\/a> or insufficient funds, they will be clearly indicated on the statement, along with any associated fees.<\/span><\/li>\n<\/ol>\n

    Bank statements are important documents for various financial and legal purposes. They can be used as proof of income, for tax reporting, in loan applications, and in legal proceedings.<\/span><\/p>\n

    Example of a bank statement<\/h3>\n

    Account holder: John Doe
    \nAccount number: 123456789
    \nStatement period: January 1, 2023, to January 31, 2023<\/p>\n

    Beginning balance: $5,000.00<\/p>\n

    ——————————————————————–
    \nDate\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Transaction Description\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Amount
    \n——————————————————————–
    \n01\/05\/2023\u00a0 \u00a0 \u00a0 Deposit – salary\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0+$3,000.00
    \n01\/10\/2023\u00a0 \u00a0 \u00a0 ATM withdrawal\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-$200.00
    \n01\/15\/2023\u00a0 \u00a0 \u00a0 Debit card purchase\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-$150.00
    \n01\/20\/2023\u00a0 \u00a0 \u00a0Online transfer\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-$500.00
    \n01\/25\/2023\u00a0 \u00a0 \u00a0Check #1234\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -$100.00
    \n01\/31\/2023\u00a0 \u00a0 \u00a0 Service charge\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -$5.00
    \n——————————————————————-
    \nEnding Balance: $7,045.00<\/p>\n

    Actual bank statements may include additional details, such as interest earned, fees, and other information specific to the account.<\/p>\n","protected":false},"author":88,"template":"","class_list":["post-28507","business-glossary","type-business-glossary","status-publish","hentry"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"

    Definition A bank statement is an official document provided by a financial institution, such as a bank or credit union, that outlines the financial transactions and activities of an account over a specific period of time. It serves as a record of the account holder’s financial interactions, including deposits, withdrawals, transfers, and other relevant details. What is a bank statement? Here are the key components in bank statement: Account information: A bank statement typically includes details about the account, such as the account holder’s name, account number, and the period covered by the statement. Transaction history: It provides a comprehensive…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"AI","url":"https:\/\/swoopfunding.com\/ca\/author\/artificial-intelligence\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/business-glossary\/28507"}],"collection":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/business-glossary"}],"about":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/types\/business-glossary"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/users\/88"}],"version-history":[{"count":1,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/business-glossary\/28507\/revisions"}],"predecessor-version":[{"id":33924,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/business-glossary\/28507\/revisions\/33924"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/media?parent=28507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}