For example, their name, branch, and address should be printed on the statement. But banks have more requirements to meet. The requirement for you to get a bank statement is for you to open the right account at the bank you want to do business with. Some banks may charge a fee for that service.

Then if you need one for a loan, tax audit, etc., you can always ask the bank to get you a copy. However, banks are required by law to hold onto your bank statements for up to 5 years. You can toss them after balancing your checkbook if you want, But that is not always a good idea just in case you did miss some illegal activity. There is no law or set time period for you to keep your bank statement. How Long Should You Keep the Bank Statements? This way, you can see if someone is using your account without permission or if you are spending more than you should be spending.Īfter comparing records, make sure the two agree so you do not accidentally overdraw it and pay more fees. Once you receive the statement, you are to get your checkbook and compare records. The third step has the bank sending your statement to your home address or the address on file. The second step is the bank printing that information either by category or in chronological order. That means it records every deposit, every withdrawal, every check, and every ATM transaction. The first step in the process is that the bank records every transaction you make regarding the account in question. This information can be grouped by deposits or by checks and withdrawals, or it can just be a running statement of individual transactions in chronological order. In other words, it informs you of everything you have done for the previous 30 days as well as telling you how much money you have left in that account. The main purpose of the bank statement is to give you an accurate account of the financial transactions you carried out that involved your bank account at a certain bank.

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