- Bank statement
An account statement or a bank statement is a summary of all
financial transaction s occurring over a given period of time on adeposit account , acredit card , or any other type of account offered by afinancial institution .Bank statements are typically printed on one or several pieces of paper and either mailed directly to the account holder's address, or kept at the financial institution's local branch for pick-up. Certain ATMs offer the possibility to print, at any time, a condensed version of a bank statement.
Historically, bank statements were produced
quarter ly or even annually. Since the introduction of computers in banks in the 1960s, [ [http://www.rbc.com/history/anytimeanywhere/automating-detail.html#5 rbc.com - History ] ] bank statements are generally produced every month. This frequency is nowadays reserved to accounts not carrying a large volume of transactions, such asinvestment s orsavings account s. Depending on the financial institution, bank statements may include certain features such as the canceledcheque s (or their images) that cleared through the account during the statement period, promotional inserts or important notices about changes in thefees . Thanks toonline banking , financial institutions offer virtual statements, also known aspaperless statements or e-statements. Due toidentity theft concerns, a virtual statement may be seen as a safer alternative against physical theft, as it does not contain tangible personal information and does not require extra safety measures of disposal such as shredding. However, a virtual statement is easier to get for the thief who is an expert on online banking.References
ee also
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Passbook
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