BANK STATEMENT Meaning and
Definition
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A bank statement is a document issued by a financial institution, typically on a monthly basis, that provides a summary of all financial transactions associated with a particular bank account. It serves as an official record of the account holder's activities and enables them to review and monitor their financial position.
The bank statement contains essential information such as the opening and closing balances of the account for the specified period, details of deposits made into the account, checks and withdrawals made, electronic fund transfers, interest earned, bank fees charged, as well as any other relevant transactions. These transactions are usually presented in a chronological order, allowing the account holder to easily track their banking activities.
Bank statements play a vital role in personal and business financial management. They serve as a crucial tool for reconciling accounts, verifying the accuracy of transactions, and ensuring that no unauthorized or fraudulent activities have occurred. Bank statements are also commonly used as proof of funds for various purposes, such as applying for loans, filing taxes, or verifying income for self-employed individuals.
With the advent of online banking, many financial institutions offer electronic bank statements, which can be accessed and downloaded by the account holder securely through their banking portal. This advancement allows for greater convenience and real-time access to account information.
Top Common Misspellings for BANK STATEMENT *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for BANK STATEMENT
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Etymology of BANK STATEMENT
The word "bank" originated from the Old Italian word "banca" meaning a bench or a counter, which was used by money lenders or money exchangers. This later gave rise to the word "banque" in French, and "bank" in English.
The word "statement" comes from the Latin word "statio" meaning position or station. Over time, it evolved to refer to a written account or explanation of something.
Therefore, the term "bank statement" combines the word "bank" referring to the financial institution and "statement" meaning a written account or explanation. It is a document provided by a bank to its customers that provides details of their financial transactions and account balance during a specified period of time.
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