What is a bank statement?

Question

Hey I'm 14---gimmie a break. I just recieved a bank statement and they just told me that my information and money was secure in my account. Is that all a bank statement is? I've had the account since I was....what? 12? and I never got a statement before unless my parents just never gave it to me when it came...so...?

Answer 1

Maybe you're parents just didn't give it to you. You get one once a month and it just tells you account activitiy and how much you have in.

Answer 2

The statement is an accounting of how the bank has managed your money over a particular period of time. It could be for the last month, or the last three months (a quarterly statement), or the last year,(an annual statement). It shows you if you have put money into the account (deposits), or taken money out (withdrawal). It will also show you if there were any charges for things like maintaining the account that the bank took out as well as any interest you might have earned on the money. It is important that you review what it says.....if there are charges on there that you didn't make, it is important that you immediately go to the bank and show them where their statement does not fit what you actually did with the account.....Banks aren't often wrong on their statements, but it certainly does happen!! Ask your mom or dad...or even go to the bank and ask a customer service person how to read your statement.....once you get used to it, it will be a quick way to be sure the bank is not fooling around with your money!!!

Answer 3

You should receive a bank statement every month so your parents might have not given them to you figuring you didn't care. It will tell you basically how much money is in your account, what transactions took place during the time period, (8-1-2006, to 9-1-2006) it will also show if your wrote any checks, made any deposits, and they might include a photo copy of the checks you wrote.

Answer 4

Your parents might have never given it to you before. Most banks send out "bank statements" once a month. They usually contain your banking information, a list of transactions that have gone through the account over a certain time period and your account balance. They often come with various advertisements and special offers from the bank or other companies.

Just hang on to them-- store them in a folder in a safe place in case you need them in the future. If you don't keep them, you should shred them so that people can't dig through your trash and steal your banking info. But before you do anything with it, check with your parents because they might need it for household record-keeping/taxes.

Answer 5

The purpose of a bank statement is to show all your deposits and withdrawals, checks written.

With this one can verify that all entries are correct. One can then see all the checks that have cleared and any that have not.

With this, the check book can be balanced and verify the bank balance to the check book balance.

If any checks have "not cleared", those can be totaled and deducted from the bank statement balance, which should equal the check book balance.

Any differences must be found. If the bank has made an error, one must contact them.

Answer 6

possibly you got the statement by mistake instaed of ur parents. tThey have opened the account for u and transacting on ur behalf.
in simple words it is nothing but details of the dealings you have routed throgh the acct. deposits cash and cheques and other credits.... also cash drawals and cheks issued and paid by the BAnk. the final balance is shown at the end.
purpose is to provide u the records of the account transactions and help u in verfying the contents for any possible errors.

Answer 7

a bank statement tells you how much money you have in your account, and all your ingoings and outgoings for that month. hope this helps. :)

Answer 8

It's exactly what you see it to be. :)