What is a Bank Statement?

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A bank statement is a document from the bank that covers a specific time period, usually a month, that shows all the activity on your account for a time period.

a young woman looks at her bank statement

The activity shown on your bank statement includes information such as processed deductions and deposits, your average daily balance, and any interest earned. You will not see your current balance or any pending transactions. Some banks list deposits and deductions in separate sections, but most will list them in order by date.

Since bank statements are financial records and financial records are used for taxes, it’s recommended to keep your bank statements for at least seven years. If you save your files electronically, make sure you have back-up copies. Keep in mind that your online statements may only be available to access for a limited period of time. At Huntington, bank statements are available online for 24 months, for older statement records you would need to contact Huntington directly, so we recommend printing out statements. Store your paper bank statements or back-up files in a secure location. Shred any paper documents when you dispose of them. These documents contain personal banking information that you will want to keep private.

How to Get a Bank Statement

If you get paper copies of your bank statement, your statement will be mailed to you. If you want to access your bank statement online, you need to tell your bank that you want to switch to a paperless bank statement. Then your documents will be available online through your secure banking portal.

Your bank may message or email you when your statement is ready, usually on a monthly basis at the end of your statement period. Every banking portal is organized differently, but Huntington account holders will see a statements tab on their Online Banking profile. By clicking or tapping that, you’ll see two years of bank statements that you can view immediately.

If you’re a Huntington customer, you can also take advantage of The Hub to help you manage and keep track of your finances.

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How to Read a Bank Statement

Bank statements contain all transactions that were completely processed during the time period covered by the statement. You should verify that your name, address, and additional contact information is accurate and up to date. Typically, this information can be found at the top of your bank statement.

Your average daily balance may also be on your bank statement. Some account types require a minimum average daily balance to avoid paying a Monthly Maintenance Fee. If you have an interest-bearing account, your bank statement will list the interest rate used to calculate how much interest you earned during the covered period. Some banks may list a Year-To-Date (YTD) total of interest earned.

Your bank statement may also list an opening and closing balance. The opening balance is the balance of your account at the start of the time period covered by the statement. The closing balance is the balance of your account at the end of the time period covered by the statement.

Most of your bank statement is a list of all deductions and deposits processed during the time period covered by the statement. Review them to ensure they were processed for the right amounts. If you wrote any checks, you’ll see the check number and the dollar amount.

Double-check this information to make sure all the checks are accounted for and were processed for the correct amount. If you used your debit card, you’ll see abbreviated vendor or merchant information and the dollar amount of the transaction.

If you notice any discrepancies or find unexpected transactions on your bank statement, you should contact your bank right away. Your bank’s contact information can most likely be found on your bank statement.

What is a Bank Statement Used For?

Bank statements can be used for monitoring your account, balancing your checkbook, and as proof of your financial activity.

  • Monitor your account: You should review your bank statement to ensure that your account is in good standing, that there is no suspicious or incorrect activity on your account, and your personal information (name, address, etc.) is correct.
  • Balancing your checkbook: Huntington has a worksheet for balancing your checkbook. Balancing your checkbook is a process that accounts for transactions that happened after the ending date on your bank statement.

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“How Long to Keep Tax Records and Other Documents- Consumer Reports,” Consumer Reports, Updated: February 18, 2019.

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The information provided in this document is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering financial, legal, technical or other professional advice or services, or endorsing any third-party product or service. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES.