Bank statements may be simply defined as the summary or the concise, pertinent representation of every kind of financial transactions irrespective of volume and nature over a specific time-frame.
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Few of the important characteristics/features/components of the bank statements are mentioned in the below segment –
- They can be issued on an individual’s deposit account with one of the local branches of the bank.
- The bank statements can be issued in regards to the transactions related to the usage of the credit card services of a particular bank.
- The bank statements are also released in connection to the running of a current or recurring account by the individual.
- Generally, the bank statements are printed on a number of sheets of papers and a copy is given to the concerned person or entity.
- A replica of the content of the bank statement is, in most of the cases, mailed to the residence of the account-holder.
- Some of the bank statements have the provisions of highlighting the cases of cancelled cheques in their documents.
- Bank statements are also distributed via internet that makes it susceptible to the problem of identity theft through data interception.
- AS per displaying of an individual’s account number, a bank statement either shows the last 4 digits of the account number or the first 4. It depends on the security policy of the concerned individual’s bank.
- If a person has got some queries or problems in regards to his/her personal bank statement then he/she must contact only the personal banking section of the bank.
- The service for providing the banking statement for a business organization or a commercial entity is distinctly different from that provided in case of a personal deposit account in any branch of the bank.
- The bank statement must not be confused with the financial statement as the latter speaks about the financial status of a company or an individual.