Statement Descriptions
"Human beings are born collectors. We collect everything
from beanie babies and baseball cards to tax returns and
old W-2s. Who doesn't have a stack of 20-year old canceled
checks sitting in the attic or basement?"
- Ilyce R. Glink, author of
100 Questions You Should Ask About Your Personal Finances
Statement Summary
This may be referred to in many ways, including "Account at
a Glance." Basically, this section summarizes the totals of
your deposits and withdrawals/debits/checks within the last
month. It starts with the balance at the beginning of the
month, adds the total deposits, subtracts the total withdrawals,
and gives you a summary balance as of the date of the statement.
Transaction Detail
This is where the pages and pages come in. There is at least
one line item for every check, withdrawal, debit, and deposit
made throughout the entire month. The transactions are listed
in chronological order as to when the money was actually transferred--not
the date you made the transaction. That's why your check numbers
never seem to be listed in numerical order, as some vendors
take longer than others to process their payments.
Check Transactions
Your bank may also include a separate listing of your check
transactions in numerical order, which makes it easier and
faster to confirm payments--particularly if you're trying
to track down whether a particular check has cleared or not.
Daily Balance Summary
For the truly detail-oriented, this section shows exactly
what happened within your account--in terms of total deposits
and withdrawals--each day throughout the month. It generally
offers no bearing on when you actually made individual transactions,
since they may take several days to clear your account. However,
it can be helpful in spotting any major account discrepancies
and on what day they occurred.
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