Account Statement:
Noun: A document or report provided by a financial institution, such as a bank or credit card company, that summarizes the financial transactions and activities of an individual or business account within a specific period. It typically includes details of deposits, withdrawals, purchases, payments, interest earned or charged, fees, and the current balance. Account statements serve as a record of financial activity and are often used for budgeting, tracking expenses, reconciling accounts, and verifying the accuracy of transactions.
An account statement is a document that provides a summary of financial transactions made by an individual or organisation over a specific period of time. It typically includes information such as the account balance, deposits, withdrawals, and any fees or charges incurred. Account statements are often used as evidence in legal proceedings and can be used to verify financial transactions and account balances. It is important to review account statements regularly to ensure accuracy and to identify any unauthorized transactions.
Q: What is an account statement?
A: An account statement is a document that provides a summary of all the transactions and activities that have occurred in a particular account over a specific period of time. It includes details such as deposits, withdrawals, interest earned, fees charged, and the current balance.
Q: How often are account statements generated?
A: Account statements are typically generated on a monthly basis. However, some financial institutions may provide statements quarterly or even annually, depending on the type of account and the preferences of the account holder.
Q: How can I access my account statement?
A: Most financial institutions provide account statements through online banking platforms. You can log in to your account and navigate to the statements section to view, download, or print your statement. Some institutions may also send account statements via mail or email.
Q: Can I request a statement for a specific period?
A: Yes, you can usually request a statement for a specific period if needed. Contact your financial institution’s customer service or visit a branch to make such a request. Keep in mind that some institutions may charge a fee for providing statements for periods outside the regular statement cycle.
Q: What information is included in an account statement?
A: An account statement typically includes the account holder’s name, account number, statement period, beginning and ending balances, a detailed list of transactions, interest earned or charged, fees, and any other relevant information related to the account.
Q: How long should I keep my account statements?
A: It is generally recommended to keep your account statements for at least one year. However, it is advisable to consult with a financial advisor or tax professional to determine the specific retention period required for your personal financial records.
Q: What should I do if I notice an error or discrepancy in my account statement?
A: If you identify any errors or discrepancies in your account statement, you should contact your financial institution’s customer service immediately. They will guide you through the process of resolving the issue, which may involve providing additional information or initiating an investigation.
Q: Can I use my account statement as proof of income or for tax purposes?
A: Yes, account statements can be used as proof of income or for tax purposes. However, it is important to consult with a tax professional or accountant to ensure that the statement meets the specific requirements of the tax authorities or the purpose for which it is being used.
Q: Are account statements secure?
A: Financial institutions take various measures to ensure the
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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