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Simple English definitions for legal terms
account statement
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A quick definition of account statement:
An account statement is a report that a bank or creditor sends to a customer every month. It shows information about the customer's account, like how much money was deposited, how much was spent, and how much is left. For a bank account, it also shows the checks that were written and cashed. For a credit account, it shows how much was charged and how much needs to be paid back. It's an important document to keep track of your finances and make sure everything is correct.
A more thorough explanation:
An account statement is a report that is issued periodically, usually monthly, by a bank or creditor to a customer. It provides information on the customer's account, including the transactions made, charges debited, and the account balance.
- A bank statement is an example of an account statement. It shows the customer's deposits, withdrawals, and any fees charged by the bank.
- A credit card statement is another example of an account statement. It shows the customer's purchases, payments made, and any interest charged.
These examples illustrate how an account statement provides a summary of a customer's financial activity within a specific period. It helps the customer keep track of their transactions and monitor their account balance.