What exactly does an account statement contain? Typically, a bank statement gives a thorough overview of the account for the chosen period. The following is a summary of the account statement:
- The account’s starting and closing balances
- income deposits, cash deposits, and other types of deposits.
- Account earnings Interest on the Account Service Charges and Penalties Applied to the Account
- Cash, checks, or other payments are taken out of the account.
What format does a bank statement have?
Typically, an account statement is composed of three sections:
Account Information Transaction Record
Information about the account holder is listed at the top of the account statement. Name, registered mobile number, and residential address are the account holder’s details.
Following the account holder information, an account summary is displayed, which includes the depositor’s account number, home address, account type, and other information.
The transaction detail section lists every transaction that has been made along with the date, the amount, and the payee or payer’s description. The statement period for which a customer wants a bank statement is up to them to decide.
For Instance: A customer has the option to subscribe to receive the account statement for the entire financial half-quarter, the statement period of the previous three months, or any specific range of days. Customers can select the statement period that best suits their needs because different banks offer various statement periods.
How to get a Bank Statement?
There are two ways of getting a bank statement:
How can I get my bank statement online?
Online mode is an electronic or paperless mode in which account holders can access their statements, known as e-statements, online through a mobile banking app or a net banking portal and download them as PDFs.
Some banks don’t allow you to download or print your bank statements when you access them online or through a mobile banking app. In this situation, banks email customers their statements, which they can download or print.
Some banks routinely mail out monthly statements. These mailed statements will be exact replicas of online statements. These emails are password-protected as a security measure and can only be accessed by entering the correct information.
To access the bank statement online, follow these steps:
- Step 1: Sign in to the account using the bank’s mobile banking app or online banking portal.
- Step 2: Look for “bank statement” or “e-statements” in the heading.
- Step three: Choose the statement period.
- Step 4: The bank will send the account statement for the chosen period to the account holder’s registered email address. As an alternative, some banks offer the choice to download the bank statement as a PDF directly from the online banking website or mobile banking app.
How can I obtain my statement online?
In offline mode, some banks frequently mail out bank statements. In order to obtain a bank reconciliation statement from the majority of banks, the customer must visit the bank branch and complete a bank statement request letter.
Customers can select the statement period that best suits their needs and pick it up from the bank branch because different banks offer various statement periods. A transaction history, which is a condensed version of a bank statement, can also be printed from ATMs. Therefore, one has the option of using an ATM.
Which one Should I Use?
Today, the majority of banks provide bank statements online, making it simpler for customers to review their transaction history and keep track of their expenses. Online bank statement access is certainly quick, simple, and cost-free, but in some situations, it is not appropriate.
A certified bank statement is required for situations like filing a tax return because it serves as proof of the customer’s financial standing. Only certified account statements are offered offline by banks. As a result, account holders who want certified account statements must go to the local bank branch.
Banks charge different fees for these stamped statements, and they deduct those fees from the savings or current account. Therefore, in such circumstances, it is imperative that account holders visit the bank branch and collect an account statement.
What’s simply the difference between a Bank Statement and a Mini Statement?
|Bank Statement||Mini Statement|
|A bank statement is a list of all transactions for a bank account over a set period, usually monthly / year.||A mini statement is a summary of the last three or five transactions a customer made.|
|displays transaction information for the customer-requested statement period.||depending on the bank, the last 3 or 5 transaction details are displayed.|
|Online account statement access is free, but going to the bank to get a certified account statement costs money.||A mini statement can be accessed without charge.|
What characteristics does an account statement have?
- keep an eye on the balance of the account
Customers can keep track of their transactions and expenses with the aid of a bank statement (debit and credit both). As a result, a customer becomes informed and manages their finances appropriately.
- Tracking Fees and Interest
One can see how much money is being made on their savings each month if a bank or credit union offers interest. One may invest some of the funds in a money market or investment account, depending on the interest earned, to increase earnings.
- Recognize fraud
One can check their bank statements frequently to look for fraudulent activity, such as someone else using their debit card, etc.
Top Nigerian Banks that offer Statements
Q. What is the relevance of online statements?
A. Some banks encourage their customers to receive account statements electronically in order to save money on postage and the production of paper account statements. As a result, e-statements are delivered via email and made available to customers for viewing and downloading. It is much more convenient and cost-free to use the e-statement.
Q. How do you make an offline statement request?
A. To obtain a bank statement offline, a customer must go to a bank branch. To obtain his or her statement, the customer might be asked to complete an application form for a bank statement.
Q. How can I get my bank statement online?
A. If the customer has registered their email address with the bank, most banks send monthly account statements. To download a PDF of a bank statement, carefully read the password instructions included in every email that contains an account statement.