Account holders must present a printed-out statement with the bank upon reporting. If there are errors, reporting must not take more than 60 days after the last recorded transaction. Doing so helps an account holder watch out for errors and discrepancies with bank-held records.
But if requesting a hard copy, or multiple prinouts, they charge a certain amount, including the courier service.īank statements, if created or generated personally, are only allowed for personal use, like as a comparison tool with an official statement issued by a bank or financial institution. A bank statement is usually free of charge, especially for digital copies sent by email. All necessary details must be provided in the application to avoid any problems. Individuals can use it to apply for loans, prove legal claims, guide financial decision-making, and trace bank transactions daily, weekly, or even monthly for account discrepancy checking.Īccount holders can get a bank statement by applying to the bank. Primarily, bank statements provide information on the financial transactions of an account holder, but this is not its only function.
These features benefit individuals who want an overview of their financial health and status or those who might need to monitor expenses. It summarizes financial transactions over a period and shows the amount of funds in an account. A Bank Statement is a financial document generated by banks and financial institutions.
