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Simple English definitions for legal terms
statement of account
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A quick definition of statement of account:
A statement of account is a report that a bank or creditor sends to a customer every month. It tells the customer about the money that has gone in and out of their account, including deposits, checks, charges, and credits. For a bank account, it shows the balance left in the account. For a credit account, it shows how much money the customer owes. It helps the customer keep track of their finances and make sure everything is correct.
A more thorough explanation:
A statement of account is a report that is issued periodically, usually monthly, by a bank or creditor to a customer. It provides information on the customer's account, including the transactions made, charges debited, and the account balance.
For example, a bank statement is a type of statement of account that a bank issues to its customers. It shows the checks that were drawn and cleared, deposits made, charges debited, and the account balance. This helps the customer keep track of their finances and ensure that there are no errors or fraudulent activities on their account.
Another example is an account statement that a creditor issues to its customers. It provides information on the amounts billed, credits given, and the balance due. This helps the customer keep track of their payments and ensure that they are not overcharged or undercharged.
These examples illustrate how a statement of account is a useful tool for customers to keep track of their financial transactions and ensure that their accounts are accurate and up-to-date.