What is a bank statement? (2024)

A bank statement is an official document that summarizes your account activity over a certain period of time—typically one month. You’ll find records of all transactions—both incoming and outgoing—so you know exactly what was going on with your funds during that period. Bank statements are an essential resource for account holders to track their funds, review spending habits, and flag fraudulent transactions or potential payment errors.

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How are bank statements created?

Each time you make a transaction, your bank makes a record of it. These records are then compiled to create a bank statement. Usually covering a one-month period, statements include your incoming salary or payments, any transfers or deposits made, and cash withdrawals. They also provide a starting and end balance, so that you’ve got a clear idea of where your finances are at the close of the month compared to its start.

What information is on a bank statement?

At the top of the statement, you’ll usually find your account number, the bank branch provider, your full name and home address, as well as the beginning and ending period of the statement. Next, you’ll find the full list of transactions made within the statement’s timeframe—essentially all payments that came into your accounts, and all outgoing payments. Each transaction will show the date it was processed and may also include some information about who the payment was to or from.

How to access your bank statements

Historically, bank statements were sent to customers via post, which sometimes incurred a small service fee. Now, with most banks having a digital presence, electronic statements are more commonly used.E-statements are a convenient way to view your account activity without the messy paperwork, and your financial data is securely stored. Some banks let you opt-in to receive emails with your statements attached, or you can view them directly via your online account or smartphone app.For quick and convenient access to your bank statements, why not open an N26 account? With N26, your e-statements can be accessed quickly right on your smartphone.

Using bank statements as official documents

Bank statements can also be used as official documents for verification purposes. For example, if you ever need to apply for a personal loan, your bank statement is a great document to verify your identity and show proof of your income. It’s always a good idea to keep records of your bank statements in case you ever need to reference your financial records. If you can’t locate them, don’t fret. Luckily, your bank is legally required to hold onto your statements for at least five years.

Using bank statements to set saving goals

Using your bank statement to review your spending habits is a great way to help you identify possibilities for saving. Looking at a full overview of your spending gives you the chance to see where you could stand to cut back or tweak your spending habits. At N26, not only can you quickly and simply access your transaction information via your smartphone, you can also download your statements in PDF form. Want to learn more? Discover our top budgeting tips here.

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Checking bank statements for fraud

Reviewing your bank statements regularly can help you spot any unauthorized payments on your account so that you can flag them to your bank right away. With N26, you can enable push notifications whenever a transaction takes place on your account, so that you can quickly spot any suspicious activity.Open a free N26 account today to access a host of security features, including fingerprint identification, face recognition, and discrete mode to blur your screen to others when accessing your banking details in public.

Keeping your bank statements secure

Bank statements include highly personal information, such as your name, account number, and address. This means that if they do fall into the wrong hands, they could be used for fraudulent activity. That’s why it’s important to make sure you keep your bank statements somewhere safe, and always use a shredder when disposing of them. Never ever share your bank details with someone you don’t trust, and make sure you know the fraud policies at your bank. For its part, N26 will never ask you for private information about your account via email.

Bank statements with N26

At N26, you can track your financial activity as often as you want—hourly, daily, or weekly! Easily view transactions via your mobile or web app—and rest assured that all your bank statements are securely and safely stored for your peace of mind.To view your statements, open your home screen and click through on the three horizontal bars, then tap the ‘Balance Statement’ tab. Log into your N26 account today to get accessible reports in just a few taps.

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Your money at N26

At N26, we understand that transparency and simplicity are key for our customers. All our accounts provide you with detailed statements, so you can always see where your money is going. Making our customers’ data secure is our top priority, so rest assured your account history is securely logged and never shared with anyone.Contact us immediately if you ever believe your account has been compromised—our Customer Support team is always here to help.

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