October 11, 2021
A bank account statement is a summary of all account transactions such as deposits, withdrawals, and transfers. Reviewing your statement every month is a habit that can help you target areas for budgeting, better control your spending habits, and more. It is recommended that you keep your financial records for at least a year and to keep tax-related records for at least seven years.
Although every bank has its specific format for statements, most will contain the same general information including bank information, statement period dates, starting and ending balances, transactions, fees, and interest earned. Statements can be delivered either online or in paper form. If you need assistance reading a statement from Citizens First Bank, visit one of our locations today for help from our knowledgeable staff.
By reconciling your bank statement, you are confirming that there are no mistakes, missed payments, or uncashed checks. This gives you a better insight into your spending for better budgeting. Use a written record or digital log to track your receipts, deposits, and withdrawals. Cross-reference your statement’s starting account balance and transactions with your records. If a transaction doesn’t match up, adjust your records to reflect the ending balance or contact your bank if they caused the error. If a transaction doesn’t match up, adjust the records to reflect the ending balance or contact your bank if they caused the error.
If you have more questions about your bank statement or if you would like to open a new account, come to a Citizens First Bank branch today or visit us online.