Account statements are used to provide customers with an overview of their account activity. These statements provide detailed information about transactions that have occurred in an account and the balance of the account. Account statements can be requested at any time, though many banks, credit cards, investments, and other financial institutions offer them on a monthly or quarterly basis.

Account statements contain vital information about transactions to which a customer must pay attention. Interest and fees assessed on each new statement should match the summary view of the account. Unexpected charges, unfamiliar names, and incorrect information should be reviewed and investigated immediately to ensure accuracy.

Account statements are also beneficial for budgeting. Historical data helps customers monitor their spending and recognize patterns that could lead to wasteful behavior. Utilizing account statements to keep track of expenses helps customers stay in control of their finances. Staying organized and maintaining accurate records is advised to help customers take advantage of any tax deductions or incentives for which they may qualify.

Account statements also demonstrate to customers why their account balances differ from statement to statement. Having an understanding of where money is being used and tracking changes to the account balance keeps customers informed and helps them plan for the future. According to certain laws, financial institutions are required to maintain customer account statements on file. Additionally, customers can store these documents in an archive folder to use as records.

Account statements are an important tool to review and monitor an account. By scrutinizing account statements, customers become aware of what transpired with their account, how their money is being used, and how their savings and investments are being managed. Through an account statement, customers can ensure accuracy, track spending, and make the most of their financial situation.