An individual may use a bank statement to apply for loans, to monitor all financial transactions on a regular basis - daily, weekly, or monthly, to trace transaction information to check if there are discrepancies in the account, to use as proof for legal claims, and as a guide when making financial decisions.Ī bank is obligated to provide a bank statement upon the request of an account holder. While it is a simple financial document that outlines financial transactions, it comes with a lot of benefits. It contains specific transactions and their respective amounts within a given period. The primary purpose of a bank statement is to provide an account holder with his or her bank information. By providing a financial summary, it lets a person become aware of his or her financial status, allowing him or her to plan expenses accordingly and effectively. In general, it comes from a bank and financial institutions and provides an individual the information regarding the funds he or she has in his or her account. A Bank Statement is a financial document that contains a summary of financial transactions that occurred over a period of time.
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