Working with banks is always associated with accounts. According to their characteristics, accounts are different. These can be accounts of individuals or legal entities, credit, deposit, settlement, card, etc. Money flows depending on the type of transactions on the accounts. Various methods are provided for clients to track their balance or cash flow in a timely manner.
Information can be obtained online. It is a little more complicated with the settlement accounts of legal entities. Here, account holders must order an account statement on paper, sometimes even on a paid basis, or receive it through remote channels. It’s easier with the accounts of individuals. They have more options to get a statement of their account. Thanks to the statement, you can quickly monitor your money and notify the bank if errors are detected.
What is a bank statement?
By its nature, this is also financial documentation of a reference nature, reflecting all the movements on the account for the selected period. The statement is a copy of the records from the client’s account. It is needed to control financial movement. Not a single piece of legislation contains a description of a specific form of a bank statement. Each bank statement has its own form and designation.
The bank statement is generated from the software on which the bank operates. The bank does not generate statements on its own without a prior request from the client. If the client has set a requirement to receive a statement in his/her own way at a certain time, then the bank is ready to provide statements through the selected channel.
Now, most often, clients in Woburn, MA receive regular account statements online (eStatements) in their personal account or by e-mail. In addition, now there is an opportunity to independently generate statements in your personal account or even at an ATM. As for ATMs, here you can make a statement only on a card account. If we are talking about a deposit or account, then the statement is generated by a bank employee or in a personal account.
Thus, a bank statement is a reference document reflecting the cash flow of accounts. Depending on the type of account, customers can choose the methods and frequency of receiving it.
What should be included in an eStatement?
As mentioned above, the law does not provide for a strict form of eStatement. However, there is a list of information data that must be in it without fail:
- Name of company. The name of the bank, its legal address, details (BIC, correspondent account) must be indicated. Also, a subdivision or branch of the bank, the name of the office can be indicated here;
- Client name (full name) and account number;
- Date of formation;
- Selected period. Since an eStatement is generated for a certain period, it indicates for which period the statement was made;
- Balances at the beginning and end of the period;
- The total amount of account movements (debits and credits);
- List of all operations of receipt / expense. Here you can see the date of the transaction, the date of debiting the account (for information, these dates may not coincide), a brief description of the transaction (for example, cash withdrawal from an ATM, paying for mobile communications, etc.).
If the statement is generated for a credit card account, then there is still information about the amount spent for the period, the amount in the grace period, the amount of the minimum payment, the amount of current interest, the date of payment. For the loan, the statement contains the amount of receipts and write-offs to pay for the loan (the amount of the principal debt, interest, penalties, fines, if any, etc.).
If the statement is generated in the office, then the employee must put his/her stamp and signature on it. This will already be an official certified extract. It can be provided at the place of demand. For example, there are situations when there was a return of goods in the store, but the money has not yet arrived. At the same time, the store claims that it has sent the amount back to the client’s account. A certified eStatement, which does not reflect the refund amount, will be a confirmation that the money has not yet been credited to the account, and the store must verify the correctness of the returned payment.
How do I get an eStatement?
As mentioned above, there are a lot of ways to get an eStatement. Banks are now focusing on online customer service channels, so there is no point in going to the bank for a statement with a personal account, especially when there are several accounts and they are located in different banks – it is easier to control the movements on the accounts online.
The online banking functionality has now expanded significantly compared to a few years earlier. This is not just an information resource but a full-fledged platform for independent work in a bank. In many banks, all work is done online only and there are no offices. In your personal account, you can see all your accounts with current balances. Here you can also create a statement for any period, view it, and even print it out.