What is a bank statement? (2024)

A bank statement is an official document that summarizes your account activity over a certain period of time—typically one month. You’ll find records of all transactions—both incoming and outgoing—so you know exactly what was going on with your funds during that period. Bank statements are an essential resource for account holders to track their funds, review spending habits, and flag fraudulent transactions or potential payment errors.

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What is a bank statement? (1)
What is a bank statement? (2)

How are bank statements created?

Each time you make a transaction, your bank makes a record of it. These records are then compiled to create a bank statement. Usually covering a one-month period, statements include your incoming salary or payments, any transfers or deposits made, and cash withdrawals. They also provide a starting and end balance, so that you’ve got a clear idea of where your finances are at the close of the month compared to its start.

What information is on a bank statement?

At the top of the statement, you’ll usually find your account number, the bank branch provider, your full name and home address, as well as the beginning and ending period of the statement. Next, you’ll find the full list of transactions made within the statement’s timeframe—essentially all payments that came into your accounts, and all outgoing payments. Each transaction will show the date it was processed and may also include some information about who the payment was to or from.

How to access your bank statements

Historically, bank statements were sent to customers via post, which sometimes incurred a small service fee. Now, with most banks having a digital presence, electronic statements are more commonly used.

E-statements are a convenient way to view your account activity without the messy paperwork, and your financial data is securely stored. Some banks let you opt-in to receive emails with your statements attached, or you can view them directly via your online account or smartphone app.

For quick and convenient access to your bank statements, why not open an N26 account? With N26, your e-statements can be accessed quickly right on your smartphone.

Using bank statements as official documents

Bank statements can also be used as official documents for verification purposes. For example, if you ever need to apply for a personal loan, your bank statement is a great document to verify your identity and show proof of your income.

It’s always a good idea to keep records of your bank statements in case you ever need to reference your financial records. If you can’t locate them, don’t fret. Luckily, your bank is legally required to hold onto your statements for at least five years.

What is a bank statement? (3)
What is a bank statement? (4)

Using bank statements to set saving goals

Using your bank statement to review your spending habits is a great way to help you identify possibilities for saving. Looking at a full overview of your spending gives you the chance to see where you could stand to cut back or tweak your spending habits.

At N26, not only can you quickly and simply access your transaction information via your smartphone, you can also download your statements in PDF form. Want to learn more? Discover our top budgeting tips here.

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Checking bank statements for fraud

Reviewing your bank statements regularly can help you spot any unauthorized payments on your account so that you can flag them to your bank right away. With N26, you can enable push notifications whenever a transaction takes place on your account, so that you can quickly spot any suspicious activity.Open a free N26 account today to access a host of security features, including fingerprint identification, face recognition, and discrete mode to blur your screen to others when accessing your banking details in public.

Keeping your bank statements secure

Bank statements include highly personal information, such as your name, account number, and address. This means that if they do fall into the wrong hands, they could be used for fraudulent activity. That’s why it’s important to make sure you keep your bank statements somewhere safe, and always use a shredder when disposing of them. Never ever share your bank details with someone you don’t trust, and make sure you know the fraud policies at your bank. For its part, N26 will never ask you for private information about your account via email.

Bank statements with N26

At N26, you can track your financial activity as often as you want—hourly, daily, or weekly! Easily view transactions via your mobile or web app—and rest assured that all your bank statements are securely and safely stored for your peace of mind.

To view your statements, open your home screen and click through on the three horizontal bars, then tap the ‘Balance Statement’ tab. Log into your N26 account today to get accessible reports in just a few taps.

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Your money at N26

At N26, we understand that transparency and simplicity are key for our customers. All our accounts provide you with detailed statements, so you can always see where your money is going. Making our customers’ data secure is our top priority, so rest assured your account history is securely logged and never shared with anyone.

Contact us immediately if you ever believe your account has been compromised—our Customer Support team is always here to help.

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FAQ

What is a bank statement?

A bank statement is a report that logs all transactions an account holder makes during a set period of time (usually one month). Bank statements provide account information including the customer’s name, address, and account number, and a list of incoming and outgoing transactions such as withdrawals, transfers, and deposits. Bank statements may be physical or digital, depending on your bank and preferences. They’re available online through most banking apps or online bank accounts, or may come via post or email.

What information does a bank statement provide?

Bank statements include the account holder’s name, address, account number, and bank branch details. It also contains a summary table showing the timeframe of the statement, opening and closing bank balance, any deposits made into the account, refunds, and any cash withdrawals. Statements will also show fees that your bank has charged, as well as rejected or cancelled payments.

Why do we use bank statements?

Bank statements are used to track your account activity, check that the funds coming in and going out are correct, and flag any suspicious activity. By checking statements regularly, you can help keep your account safe and secure, while staying on top of your finances. It is also an ideal way to show proof of your earnings for loan applications or mortgage agreements.

How can I access my bank statement?

Bank statements can usually be accessed via your bank’s website by logging in to your online account or smartphone app. Alternatively, you may receive a statement by post or email. You can choose how you access your statements by contacting your bank and opting into postal or paperless options. In case you need to access past statements, all banks are required to keep them for at least five years, even after an account is closed.

Are bank statements secure?

All banks take measures to ensure that the statements they provide are safely accessible, whether they’re available in-app, via email, or sent to a customer’s home. Often bank statements will include enough personal information that you know they’re genuine, but they may exclude some account information to protect you from fraud. Your bank statement should never be shared with unknown parties without your consent, and nobody else should be able to access your statement history.

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What is a bank statement? (2024)

FAQs

What is a bank statement? ›

A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period, along with any interest earned.

What is acceptable as a bank statement? ›

Online statements

Online bank or building society statements that have been printed can be used as proof of ID for pre-employment checks if the statement is dated within the last six months. Due to the COVID-19 pandemic, online bank statements that have not been stamped by the bank will be accepted.

What can I use as a bank statement? ›

In summary

Customers can typically opt for paper statements, electronic statements or in some cases both. Checking with your bank on its statement policies can be a great first step toward making use of this valuable budgeting and financial management tool.

When someone asks for a bank statement what do they want? ›

A bank statement is a document that provides a detailed summary of all the financial activity that takes place in a checking, savings, or other type of bank account over a specific period, usually monthly. This includes deposits, withdrawals, fees, and interest credited.

What if I don't have a bank statement? ›

If you don't have a bank statement, you may lack a comprehensive record of your financial transactions for a given period. This could make it harder to track your spending, identify fraudulent activity, or resolve disputes.

What is accepted as a bank statement? ›

Key Takeaways. A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period, along with any interest earned.

What can count as a bank statement? ›

How are bank statements created? Each time you make a transaction, your bank makes a record of it. These records are then compiled to create a bank statement. Usually covering a one-month period, statements include your incoming salary or payments, any transfers or deposits made, and cash withdrawals.

How do you prove a bank statement? ›

This involves thoroughly checking that:
  1. The statement belongs to the purported account holder and matches their information.
  2. Bank transactions such as deposits, withdrawals, fees, and interest payments are all valid.
  3. Important details like account numbers, balances, and dates align with other records.
Mar 1, 2024

Is bank statement enough for proof of funds? ›

Proof of funds can be shown with: An agreement in principle/mortgage in principle. Bank statements of your deposit amount (for mortgage buyers) Bank statements of your cash amount (for cash buyers)

What does a good bank statement look like? ›

Your bank statements should reflect a healthy balance between income and expenses. Avoid excessive spending or reliance on credit to cover your monthly expenses. Debt Repayment History: If you have existing loans or credit card debt, your bank statements should demonstrate a consistent and timely repayment history.

What do banks look for in statement? ›

With a bank statement, a lender can: Confirm your identity – verify your name and address. Confirm your income by checking it against what you've put in your application. Confirm payments or withdrawals from the account for a particular period.

What are the 4 pieces of information a bank statement tells you? ›

A bank statement is a document that summarizes the activity on your bank account over a specific period of time. It shows all your deposits, withdrawals, interest accrued, opening balance, closing balance and account information.

What should I black out on my bank statement? ›

Ensure that all confidential information, including account numbers, transaction details, residential addresses, etc., is redacted. Do not forget to redact any third-party information, such as a joint account holder's name or account number.

What can I use in place of a bank statement? ›

A bank certificate is an official document from your bank that verifies you have a certain amount of money in your account. It's used to prove your financial stability and capability to pay for something, such as a loan or rent. Unlike a bank statement, a bank certificate does not detail your transactions.

What are the requirements for a bank statement? ›

Answer. A bank statement requires some general financial documents. The account holder's name, account number, account type, a mobile number linked to the account, and email address are all necessary.

How to provide a bank statement? ›

These days, the easiest and most common way to submit your bank statements is to simply print them directly off your bank's online banking platform.

What can I use as proof of bank? ›

Bank Name, Account Name, BSB Number, and Account Number are commonly seen on the following:
  • Bank statements.
  • Deposit slips.
  • Cheques.
  • Download 'Proof of account balance' document from bank (blank out account balance)
Apr 23, 2024

What makes a bank statement official? ›

If electronic, they must be accompanied by a certified letter on bank stationery certifying the authenticity of the statements. Otherwise, every page of the electronic statement must sport the bank's official stamp.

Are printed bank statements acceptable? ›

However, for bank statements, it is possible to accept one that has been printed at the bank branch and stamped by the bank. Similarly, if a student has printed out a statement themselves, if this is stamped by the bank branch, this would be acceptable.

What do banks look for in bank statements? ›

How Far Back Do Mortgage Lenders Look at Bank Statements? Lenders typically look for 2 months of bank statements from potential borrowers, which provides enough data to assess your income consistency, spending habits, account balances and other crucial financial information.

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