What is a Bank Statement?

Some banks charge a small fee for paper statements, but often you have the option to opt out of paper statements and receive a fee-free online paperless statement (e-statement). Typically, you can select your preference within your online account settings. Check with your bank or credit union to see available options.

This is because bank statements can provide insight into a person’s financial history and ability to repay the loan. It contains bank account information, such as the account holder’s name, account number, and a detailed list of deposits and withdrawals. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.

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Manage the sharing of your account and card data with eligible third parties. In fact, a 2021 YouGov report shows that more than half (56%) of U.S. adults say they use mobile banking once a week if not more often. Checks are being handled in some new ways these days and those changes can affect how you handle your money. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. Many or all of the offers on this site are from companies from which Insider receives compensation . Advertising considerations may impact how and where products appear on this site but do not affect any editorial decisions, such as which products we write about and how we evaluate them.

• You’ll need to provide a bank statement when you apply for a loan, file taxes, or file for divorce.
• Some banks use the first and last day of the month on statements, while others start and end on specific days.
• You can receive a paper statement in the mail, or you can have an electronic bank statement posted to your account.
• Some banks may charge you a service fee for mailing the paper statements since it costs them to print and mail them to you.
• This request is likely in the same place as your digital statements.
• Even without a cancelled check, you can prove you made a payment with your bank statement, which shows the date and amount of the payment.
• Statements let you see what’s come in and what’s left your account each month.

It allows you to discover where your Your Bank Statement goes and where you might be able to save money. Your bank statement also provides details about any fees you’ve been charged and allows you to investigate accounting errors and fraudulent charges. The UCC also applies if a substitute check is involved, but so does the Check 21 Act. Check 21 provides for a special refund called an “expedited recredit” that applies only if you received a substitute check.

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A bank account statement is a powerful document, as it’ll show exactly how much money you have. It can also prove how responsible you were with your money, as every transaction is listed. Chase’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you’re about to visit. Please review its terms, privacy and security policies to see how they apply to you. Chase isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the Chase name. Make purchases with your debit card, and bank from almost anywhere by phone, tablet or computer and more than 16,000 ATMs and more than 4,700 branches.

• You receive exactly the same information in an online version of your statement through Online Banking as you would with a paper version.
• Again, they’ll have proof that you’re financially responsible, which increases the chance of you being approved and getting a fantastic interest rate.
• Simply upload your pdf Bank Statement to Dext Prepare and we will extract the information from every transaction and return the data to you.
• More recently, however, to encourage customers to opt to receive electronic statements, some financial institutions charge a fee for paper statements.

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