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Simple English definitions for legal terms
bank statement
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A quick definition of bank statement:
A bank statement is a report that a bank sends to its customers every month. It tells the customer about all the money that has gone in and out of their bank account. This includes things like deposits, checks that have been cashed, and any fees that the bank has charged. It also shows the customer how much money they have left in their account. It's like a report card for your bank account!
A more thorough explanation:
A bank statement is a report that a bank issues to its customers periodically, usually monthly. It provides information on the customer's account, including:
- Checks drawn and cleared
- Deposits made
- Charges debited
- Account balance
For example, if you have a checking account with a bank, you will receive a bank statement every month that shows all the transactions that have occurred in your account during that month. This includes checks you have written, deposits you have made, and any fees or charges that have been deducted from your account.
Bank statements are important because they help you keep track of your account balance and ensure that there are no unauthorized transactions on your account. They also provide a record of your financial activity, which can be useful for budgeting and tax purposes.