Image Credit: Sergio Ortega
In addition to the list of deposits and withdrawals, a bank statement will also commonly include the following:
- Fees: overdraft fees, service charges, ATM fees, etc.
- Earned Interest: the amount the bank pays you to hold onto your money
- Balances: opening and closing balances of the account for the transaction period
The account holder should not assume that the information on the bank statement is always accurate. People often keep separate records of their deposits and withdrawals. They compare their own records to the bank statements to see if there are any discrepancies. Any errors found on the bank statement should be addressed with the bank in a timely manner.