Bank Statement

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Definition of 'Bank Statement'

A bank statement is a summary of all the transactions that have occurred in your bank account over a certain period of time. It typically includes information such as the date, amount, and description of each transaction, as well as your current balance.

Bank statements are important for several reasons. First, they can help you keep track of your spending and ensure that you are not overdrawing your account. Second, they can be used to reconcile your bank account with your checkbook or credit card statements. Third, they can be used to document your income and expenses for tax purposes.

There are two main types of bank statements: paper statements and online statements. Paper statements are typically sent to you by your bank in the mail on a monthly basis. Online statements are available through your bank's website or mobile app.

Whether you receive your bank statements in paper or electronic form, it is important to review them regularly. This will help you identify any unauthorized transactions or errors, and ensure that your account is being properly managed.

Here are some tips for reviewing your bank statements:

* Check the dates and amounts of all transactions. Make sure that all of the transactions are legitimate and that the amounts are correct.
* Look for any unauthorized transactions. If you see any transactions that you do not recognize, contact your bank immediately.
* Review your current balance. Make sure that the balance on your statement matches the balance in your checkbook or credit card statement.
* If you have any questions about your statement, do not hesitate to contact your bank.

Bank statements are an important tool for managing your finances. By reviewing your statements regularly, you can keep track of your spending, identify any unauthorized transactions, and ensure that your account is being properly managed.

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