bank of america fake monthly statement cycle pdf

Transaction histories or account balances may also be shared with other financial institutions, when the account holder gives permission, through open banking to provide services such as account aggregation. Such activity may be viewed on or printed from the financial institution's website, a smartphone application, available via telephone banking, or printed by some ATMs. To enable account holders to track account activity on an ongoing basis, many financial institutions offer a non-official transaction history before the official bank statement is produced. Bank statements are important documents and are usually required to be retained for audit and tax purposes for a period set by relevant tax authorities.

In recent years there has been a shift towards paperless electronic statements, and many financial institutions now also offer direct downloads of financial information into the account holders' accounting software to streamline the reconciliation process.

Historically they have been printed on one or more pieces of paper, and either mailed directly to the account holder or kept at the financial institution's local branch for pick-up. Once produced and delivered to the customer, details on the statement are not normally alterable any error found would normally be corrected on a future statement, usually with some correspondence explaining the reason for the adjustment.īank statements are commonly used by the customer to monitor cash flow, check for possible fraudulent transactions, and perform bank reconciliations. The start date of the statement period is usually the day after the end of the previous statement period.

Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. JSTOR ( May 2019) ( Learn how and when to remove this template message)Įxample of a checking account statement for a fictional bank.Ī bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution.Unsourced material may be challenged and removed. Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.

Bank of america fake monthly statement cycle pdf