How much Money do you have in your Bank Accounts?
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A bank statement is a record, typically sent to the account holder every month, summarizing all the transactions in an account throughout the time from the previous statement to the current statement. The opening balance from the previous month added to the total of all transactions during the period results in the closing balance for the current statement. Consumers should carefully review their bank statements and keep them for their own financial records.
Bank statements are a great tool to help an account holder keep track of his money. They can help account holders track their finances, identify errors and recognize spending habits. An account holder should verify his bank account on a regular basis either daily, weekly or monthly to ensure his records match the bank’s records. This helps reduce overdraft fees, errors and fraud.
If any discrepancies are found, they must be reported to the bank in a timely manner. Account holders usually have 60 days from their statement date to dispute any errors. They should keep monthly statements for at least one year.
