What Is a Bank Statement?
A bank statement is a valuable tool for tracking and managing your money. It gives you a clear picture of your account activity and helps you catch mistakes before they become problems. The more familiar you are with your bank statement, the easier it may be to stay on top of your finances.
What Is a Bank Statement?
A bank statement is a record of your checking or savings account activity. It shows the money going in and out of your account during a specific period of time. It includes:
- Balances
- Deposits
- Withdrawals
- Fees
- Interest earned (if eligible)
You can get paper statements in the mail or electronic versions online.
What’s the purpose of a bank statement?
Bank statements help you:
- Understand your account balance: See how much money you have and use it to track spending and budget.
- Avoid overdrafts: Check your account regularly to avoid overdrafts and unexpected fees.
- Watch for fraud: Review your transactions to spot errors or unauthorized charges.
- Provide proof of activity: Use statements as records for taxes, loans or mortgage applications.
What Does a Bank Statement Look Like?
This document has several sections. Each part shows different details about your account and activity:
- Header: This is located at the top of the first page. It usually includes the bank’s name and address and your name and mailing address. It also has the statement date range.
- Summary: Found below the header, this shows your starting balance at the beginning of the period and your balance at the end.
- Transaction history: This is a list of all activity on your account, including dates, descriptions and amounts. This section can span multiple pages if there are a lot of transactions during the period.
- Fees and interest: This shows any fees charged during the period. If your account earns interest, it will also show how much the bank added.
How do I read a bank statement?
You can take a step-by-step approach when reading your bank statement:
- Start with the summary: Look at your starting balance and ending balance for the statement period.
- Review each transaction: Go through the list of deposits (money added) and withdrawals (money taken out). Check the dates, amounts and descriptions.
- Compare with your own records: Match each transaction to your receipts, notes or spending history. This confirms everything’s correct.
- Check for mistakes or fraud: Look for any transactions you don’t recognize. If something looks wrong, contact your bank right away.
- Look for fees or interest: Check for any fees or interest included during that period.
- Make sure the numbers match: After reviewing everything, your expected balance should match the ending balance on your statement.
How Do I Get a Bank Statement?
Most banks and credit card issuers provide statements automatically. Depending on your preferences, you may be able to access your statement in the following ways:
- By mail
- Online (eStatements)
- In the mobile app
- In person at a bank
How do I sign up for online bank statements?
Each bank’s process may look a little different, but it usually follows these steps:
- Sign in to your online banking account or mobile app.
- Find your settings (look for options like “paperless” or “document delivery”).
- Choose to receive statements online instead of by mail.
- Save your changes.
Some banks charge a monthly paper statement fee if you choose not to enroll in online statements. Check with your bank to see what fees may apply.
When do bank statements come out?
Most bank statements are issued monthly. Banks must send a monthly statement if you made at least one electronic fund transfer that month. For example, this includes:
- ATM deposits/withdrawals
- Debit card purchases
- Online bill payments
If you didn’t make electronic transfers, your bank might send a quarterly statement instead. A quarterly statement comes out every three months.
How Long Should I Keep a Bank Statement?
The amount of time you should keep bank statements depends on how you use them. In many cases, keeping them for one year is enough.
You may want to keep them longer in certain situations. For example:
- Taxes: Keep statements for about three years if you use them for tax filing.
- Major financial matters: Keep statements until the matter is fully resolved for loans, insurance claims, or other significant financial events.
Before you throw old statements away, make sure you won’t need them for records or proof later.
How Can KeyBank Help Me Stay on Top of My Statements?
KeyBank provides monthly statements so you can review your account activity, monitor transactions and keep track of your balances. If you have questions about a statement, support is available 24/7 at 1-800-KEY2YOU® (1-800-539-2968).
You can also use KeyBank's online banking and mobile app to view account activity, access statements and stay informed about your finances. For additional assistance, you can get answers to your frequently asked questions online or visit a branch for information about managing your accounts and staying organized. Dial 711 for TTY/TRS.