A monthly report called a statement of account is sent by banks or creditors to their customers. This report provides information about the customer’s financial transactions, including deposits, checks, charges, and credits. In the case of a bank account, it also displays the remaining balance, while for a credit account, it shows the amount owed by the customer. The statement of account serves as a tool for customers to monitor their finances and ensure accuracy.
A statement of account is a report issued regularly, typically monthly, by a bank or creditor to a customer. It contains details about the customer’s account, such as transactions, charges, and the account balance. For instance, a bank statement is a type of statement of account that shows checks, deposits, charges, and the account balance. This helps customers monitor their finances and detect any errors or fraudulent activities. Similarly, a creditor issues an account statement to provide information on billed amounts, credits, and the balance due, allowing customers to track their payments and ensure accuracy. These examples demonstrate how a statement of account is a valuable tool for customers to manage their financial transactions and maintain accurate and current accounts.
A statement of account is a summary of all transactions and balances related to a specific account, such as a bank account, credit card account, or loan account.
A statement of account is important because it provides a detailed record of all financial transactions and balances, which can be used for reconciliation, budgeting, and financial planning.
The frequency of receiving a statement of account depends on the type of account and the terms of the agreement. For example, bank accounts typically provide monthly statements, while credit card accounts may provide statements on a monthly basis or after each transaction.
If you notice an error on your statement of account, you should contact the financial institution or creditor as soon as possible to dispute the error and request a correction.
Yes, you can typically request a statement of account for a past period from the financial institution or creditor. There may be a fee associated with this request.
It is recommended to keep statement of account records for a minimum of seven years for tax and financial planning purposes.
Yes, a statement of account can be used as evidence in a legal dispute to support or refute claims related to financial transactions and balances.
Yes, you can typically request a statement of account in a different format, such as electronic or paper, based on your preferences and the options provided by the financial institution or creditor.
A statement of account should include details of all transactions, including deposits, withdrawals, purchases, payments, fees, and interest, as well as the current balance and any relevant terms and conditions.
Yes, you can authorize someone else, such as a spouse, family member, or financial advisor, to access your statement of account with your permission and in accordance with the financial institution’s or creditor’s policies.
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: 17th April 2024.
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