Harness Money

What is an account statement?

An account statement is a document provided by a financial institution, such as a bank or credit card company, that summarizes the financial transactions and activities related to a particular account over a specific period of time. It serves as a record of all the deposits, withdrawals, purchases, fees, and other transactions that have occurred within the account during that period.

Typically, an account statement includes the following information:

1. Account Information: The account holder’s name, account number, and contact details are usually displayed at the top of the statement.

2. Transaction Details: This section lists all the transactions that took place during the statement period, including deposits, withdrawals, transfers, purchases, payments, and any associated fees or charges. Each transaction is typically accompanied by a date, description, and the corresponding monetary amount.

3. Beginning and Ending Balances: The statement displays the account balance at the beginning of the statement period and the balance at the end of the period. This allows the account holder to track the changes in their account balance over time.

4. Additional Information: Depending on the type of account and the institution, the statement may provide additional details such as interest earned, accrued rewards, account-specific messages, or important notifications.

Account statements are vital for monitoring and managing personal or business finances. They help account holders review their transaction history, reconcile their records, identify any discrepancies or errors, track their spending, and assess their financial health.