How to understand the bank statement?

Every month, your bank sends, in paper or digitally, a bank statement, which is a document with all the information about your bank account and investments made in that financial institution. There is a lot of information given in codes and letters established by banks and you may not know all of them, and we want you with this article to help you better understand your statement and how you can make the most of what your bank has to offer

It is currently possible to receive a printed version with the monthly email, but the most up-to-date option is to enter your bank’s website and view the updated statement at that time. Some banks even give discounts to customers who choose not to receive via mail, as well as being environmentally friendly.

Understand your bank statement

Understand your bank statement

The main content of a bank statement is the movement of incoming and outgoing money from your bank account. These transactions are marked with the letters c (credit, that is, entry) or d (debt or cash outflow). The statement also indicates the opening balance in the period and the final balance, including or not the amounts of credit lines available to the account holder. One needs to pay attention to this point, and never considers the balance available, but rather balance without the loans. See if your bank offers applications that allow quick access to the online bank statement to check the launches in near real time.

Checks and cards

Checks and cards

In the statement it is also possible to see when the checks were presented for payment and which were returned for lack of funds. The activities of your debit card can also be accompanied by the bank statement, which is important to identify immediately when there is a double payment, to complain quickly with your bank. In some banks it is also possible to monitor credit card launches through internet banking, which also assists in controlling the expenses at the time they are made.

Extract, a helper in controlling expenses

Extract, a helper in controlling expenses

If you are already fully understanding the dynamics of your bank statement, you can start using it in your favor. Identify all fees charged by your bank, and talk to your manager to negotiate discounts and even delete services that you eventually do not use. Take advantage also to start a spreadsheet based on the postings of your extract. This way, you can visualize where the expenses are bigger and how you can make cuts and start saving for future projects. Applications like Alceste can connect your bank statement and the data already appears in your budget.

Now that you already know your bank statement and the key terms and services offered, take time to study it calmly and understand how you can use this tool in your favor, controlling your spending and taking advantage of the benefits that can be offered by your bank . Do you have other tips on how to use the bank statement? Write in the comments below and help others who do not know this tool!