Get Your Billing Statement Sample Letter for Banking Effortlessly

Billing statement sample letter for Banking

what is a bank statement a bank statement is a valuable tool to keep track of your financial activity and ensure that your account is in good order it is a record that shows all transactions made to your account during a specified time period and it usually covers monthly activity it contains information like account balances and withdrawals as well as contact information regularly reviewing your bank statements is essential to keep track of your spending habits spot fraudulent activity and to create a budget bank statements can be received online or by mail it is recommended that you keep them for at most seven years for tax preparation let's begin by identifying the most important information on your bank statement the following information should be on your statement Bank information this includes the bank's name address and contact information statement period this describes the time span that the statement covers account number this number is unique to your bank account type of account this refers to the type account you have such as a savings or checking account summary section this is a summary of the transactions done in your account it includes the beginning balance which is the amount in your account at the beginning of the statement period and closing balance the amount in your account at end of the statement period let's now look at your transactions you will find a list listing all transactions that were made during the statement period this list should include the date description and amount you should carefully review this list to ensure that the transactions have been authorized and accurate be sure to check for fees check for fees such as overdraft fees and monthly maintenance fees you may find this in the transaction section and also in the summary section let's now calculate your ending balance to make sure it is correct to calculate your balance add all deposits to the account and subtract withdrawals and fees this will allow you to see how much money is in your account and make sure it is correct you can avoid any additional fees by understanding your bank statement and paying all fees on time to avoid any additional fees pay any fees that are on your bank statement you can pay fees online or by mail this will help you keep your account in good standing you should keep track of all activity in your bank account and ensure that you manage your money properly be sure to be able to read and understand your bank statement it is important to regularly review to ensure accuracy track spending habits and identify fraudulent activity [Music]