Whether you still receive paper statements, or access them online, how closely do you review yours each month? According to banking experts, there are five things you don’t want to ignore on your statement. AOL breaks down the key aspects of these essential documents:
Account Summary
An account summary may also go by other names such as activity summary or a monthly statement review. Geri Hopkins, chief operations officer at Skyla Federal Credit Union, said you should be able to find the following information listed here within a specific statement period:
- Your beginning and ending balance
- Total deposits (in dollar amounts)
- Withdrawals (in dollar amounts)
- Any fees incurred
Your account activity snapshot
Take a moment to carefully review this information and ensure its accuracy whenever you receive your bank statement. Doing so, Hopkins said, allows you to find and avoid surprise fees and charges as well as check for any unfamiliar entries which may be a sign of error or potential fraud.
Transaction History
Juan Londono, branch manager at Affinity Federal Credit Union’s Norwalk branch and a certified wellbeing coach, said the transaction history is the most important area to review in any given bank statement.
Your transaction history should outline dollar amounts for automatic bill payments, debit card purchases, ATM withdrawals and check deposits or cashed checks over a specific statement period.
When reviewing this section, Londono recommends checking to make sure everything is accurate. Double check to ensure all deposits and withdrawals are authorized and legitimate within the statement period. Account holders that spot discrepancies may bring this issue to their bank’s attention quickly to better protect against possible identity theft or fraud.
Interest Earned
Hopkins said the Interest Earned section is specific to account holders with interest-bearing accounts. You’ll be able to find more information about the interest accrued for the statement period here.
Snapshot of Fees Paid, Year To Date Interest Paid and Dividends Earned
Rachel Bond, AVP community engagement and public relations at Greater Texas Credit Union, said many bank statements provide a snapshot of fees paid, year-to-date interest paid and dividends earned.
Account holders can’t afford to not review this part of their bank statement.
“It really lets you see the value in your account. It can provide insight into how much the account may be costing you, that you could potentially save or if you should look at refinancing for a better interest rate in the future on a loan,” said Bond.
Top of the Statement
Whether you review it first or last, don’t neglect the top of your statement.
The top of your bank statement includes key information like the name and address of your financial institution, your financial institution’s contact information (typically a phone number you can call), your name and address, your account number and the statement period.
If you find this information is inaccurate, or there are other discrepancies in your bank statement you want to clear up, account holders may reach out to their bank or FI to address immediate concerns.
You can read the full article here.
If you ever have questions concerning your First Federal Bank statement, just call or visit your local branch, and our team will be happy to walk you through the information. And if anything seems amiss, it is vital you reach out as soon as you notice it, so that we might assist you.