Bank statement: Everything you need to know

A bank statement is an important document that provides you with crucial information about your bank account with a particular financial institution. Therefore, this document is very important.

In our article, we'll show you what a bank statement is and what it's used for, as well as the types of statements you can get from your bank.

Follow the full article and get all the information about your bank statement.

What is a bank statement?

A bank statement is an important document that provides a complete summary of all financial transactions made in a bank account during a specific period, including deposits, withdrawals, transfers, payments, and charges.

Although the monthly format is the most commonly used, many financial institutions offer statement issuance for other time intervals, such as weekly, bimonthly, semi-annual, and annual, providing greater flexibility and convenience to their customers.

Having access to this information in a clear and organized manner is essential for managing personal and business finances, planning budgets, and making informed financial decisions.

Currently, there are basically two forms of issuance: the printed bank statement on paper and the digital bank statement.

Like a paper bank statement, a digital bank statement is an essential document for tracking financial transactions in a bank account over a given period. The main difference is that it's issued electronically, through the bank's apps or online banking.

In addition to being more convenient and environmentally friendly, digital bank statements also offer security advantages, as financial information is stored in encrypted form and can only be accessed by the account holder.

What is a bank statement for?

A bank statement is a document that serves as a financial history of your bank account, providing complete control over all financial transactions made.

With detailed transaction information, such as date, amount, and description, it is an essential tool to help with personal or business financial control.

By recording all transactions carried out in the bank account, the bank statement allows you to identify excessive spending, avoid paying undue fees and monitor the available balance.

Additionally, access to real-time information can help you make more informed decisions about future investments or expenses.

Therefore, it is important to maintain the habit of regularly checking your bank statement, whether in printed or digital form, to ensure effective financial control and better financial planning.

What are the types of bank statements?

There are different types of bank statements available to customers, each with its own specific purpose.

Check out the options below:

• Common Extract: This is a document that presents a complete summary of all financial transactions carried out in a bank account during a specific period, which can range from periods of several years to specific monthly cuts.
• Consolidated Monthly Statement: This version of the monthly statement contains all transactions made within a month. It's a useful document for individual income tax returns or as proof of income.
• Consolidated Annual Statement: The consolidated annual statement presents all financial transactions made by the client during the fiscal year. This document is specifically requested for annual income tax returns.

How do I check my bank statement?

Nowadays, obtaining a bank statement has become much easier and more convenient. In addition to the option of collecting it in person at your bank branch, it's now possible to obtain it digitally through apps, online banking, and even by phone at some institutions.

The most common option is through your bank's app, where you can easily find the statement option and specify the desired period. You can usually download the document in PDF format to use as proof when needed.

However, in some institutions, it is necessary to register the device at the branch's ATM before using the application.

Another option is to request a statement over the phone by contacting the bank's Customer Service Center. However, it's worth noting that this option isn't offered by all banks.

Internet banking is also an option for obtaining your statement online. Simply log in to the platform with your bank details and/or CPF and password, and look for the statement option.

You can choose the desired period and download the document in PDF format to save or use whenever needed. In some cases, you may need to download security software to access your account.

Finally, the most traditional option is to obtain the statement at the bank's customer service desk or at self-service ATMs, branches and the Banco24Horas network.

However, it is important to check the limit on the number of statements that can be issued free of charge on your account, as the financial institution cannot charge fees for issuing at least two statements per month, as established by Resolution No. 3,919 of the Central Bank.

If this limit is exceeded, the bank may charge a fee for printing the statement.

How do I read bank statement information?

When you issue a bank statement, it's common to find codes and acronyms next to each financial transaction, indicating the type of transaction. Below, we highlight the main codes and acronyms found on bank statements:

• C: credit;
• D: debit;
• C/C: current account;
• C/I: investment account;
• DA: direct debit;
• Dep. Ch.: deposit made by means of checks;
• Din. Dep.: deposit made in cash;
• TB: bank transfer;
• TBI: bank transfer made via the website or app;
• PIX, TED and DOC: types of bank transfers;
• PAG, PAGTO, PGTO, PG COLLECTION: payment of bank slips;
• IOF: Tax on Financial Transactions, which is levied on some transactions;
• ENC: charges;
• TRF or TAR: monthly service fees.

These codes and acronyms are essential to help understand and organize bank statement information, allowing customers to better control their finances and avoid potential problems, such as undue charges or the identification of suspicious transactions.

What is the difference between a bank statement and a bank balance?

There's a difference between a bank statement and a bank balance. They're different concepts of what you'll see about your bank account information:

• Bank balance: The bank balance refers to the current amount available in a bank account, taking into account transactions already made and deposits that have not yet been cleared. It is the net amount the customer has in their account at that moment.
• Bank statement: A bank statement is a document that records all transactions made in a bank account over a given period, usually monthly or annually. The bank statement includes all transactions made in the account, such as deposits, withdrawals, transfers, payments, and charges, among others.

While a bank balance only provides the current amount available in an account, a bank statement provides a detailed record of all financial transactions, allowing the customer to have a broader and more complete view of their banking transactions.

How to use your bank statement to control your expenses?

Bank statements are a valuable tool for your company's financial management. They contain relevant information that can be used for a variety of purposes, from everyday activities like bank reconciliation to long-term financial planning.

By analyzing your statement, you can identify errors in your cash flow control and understand your company's main expenses. This information allows you to make informed decisions about where and how to cut expenses, increasing your business's efficiency.

Furthermore, checking financial transactions should be a frequent activity in your company, and integrating banking and financial information into a single system can make this task much easier.

With tighter control over your finances, you can avoid errors and fraud and gain even more insight into your organization's spending and revenue patterns.

By using it intelligently and integrated with other systems, you can have more effective control over your finances and make informed decisions to ensure the success of your business or your personal finances.

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