Bank account statement is what we receive monthly or quarterly from the bank for the transaction made for that particular period. Account statement gives us a brief pattern on how we are moving financially.

Bank customers can look at previous months banks statement by using net banking. However, one cannot download previous year in some banks. In such cases, they can approach a bank for the same.

To discourage usage of paper, many banks charge for the physical copy of the statement.

Individuals hardly go through the statement and realize only when there is a discrepancy later.

Here are 5 things you must check when you receive you bank statement:

1) Spending habits

Account statements can give you a fair idea on how is your spending habits. If you have multiple bank accounts, accumulate all statements and analyze together.

2) Check direct debits/EMI

If you have given any standing instructions to debit your account for a particular loan, check whether the amount is same or changed. It may so happen that your EMI is one even after closing your account.

3) Refunds

When there is failed transaction in ATM due to server error, banks have to refund the money.

4) Points And Cash back

There is an advantage of reckless shopping as you will be entitled to many points and cash back when you use your card. Make sure you have received all the points and offers which you are supposed to.

5) Bank Charges

Check if there is irrelevant bank charges which you are not supposed to pay. Make sure you go through all terms and conditions before banking. As bank charges, some fee of an ATM is used for more than a certain number. The fees and charges will vary depending on the bank and account.

6) Understand the acronyms

Banks use acronyms when the transaction is made. The acronyms differ with banks and type of transaction. In case of doubt feel free to contact the bank.

• Cheque clearing transaction - CLG
• Interest paid- Int. Pd.
• CWDR - cash withdrawal using ATM.

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