Application for bank statement is a crucial document that is needed to obtain information about previous transactions, apply for loans, monitor vendor payments, etc. By sending a letter of request for a bank statement to the appropriate bank, a company can get one.
What is a bank statement?
A formal document called a bank statement lists all transactions for a certain period of time in detail. Each month, the bank mails it to the account holder. The following is frequently summarised in a bank account statement:
- each and every transfer, withdrawal, and deposit
- During the period, interest was earned Services fees or penalties were incurred
- Balances at the beginning and the end
It makes it easier for account users to keep track of their spending, income, bank fees, interest earned, and other things.
A bank statement is necessary for business
A bank statement is helpful in a business in many ways. Some of them are explained below:
- A bank statement lists all deposits, withdrawals, and charges for reconciliation purposes. To identify transactions not recorded in books or vice versa, a business might compare these transactions with its books of account. It enables the company to effortlessly monitor its accounting and steer clear of mistakes.
- Planning and budgeting: Bank statements assist businesses in classifying their expenditures. This makes it possible for the company to keep track of existing costs and make plans for upcoming ones.
- Monitoring vendor payments: A bank statement is evidence of a payment being made. By updating the payment made and figuring up the closing account amount owing, it aids in maintaining vendor accounts.
- Determine bank fees and interest earned: By examining the bank statement, a company can determine the bank fees and interest earned during the period. In the event that additional charges are booked, it can also contact the bank.
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Process to apply for bank statement
You can either receive a bank statement offline or online. For offline mode, one must send a letter requesting a bank statement and stating the time period in which they need the account statement. The next subject provides a detailed explanation of the bank statement request letter’s contents and sample format.
To obtain your bank statements online, take the following actions:
- Use a mobile banking app or online banking to log in to your account.
- Select “Bank Statement” from the tabs.
- Click “OK” after selecting the account statement period.
The bank will send the account statement for the chosen time to the registered email address. Some banks also give customers who use their net banking or mobile banking applications the ability to download the bank statement as a PDF.
Automated Teller Machines: The ability to print the consolidated account statement is available on ATMs as well. To obtain its transaction history, one can also use this option.
The cost of distributing printed bank statements is typically minimal. E-statements are not, however, charged. Therefore, using net banking to track your account is preferable. The e-statement can be printed out and submitted to the bank for authentication.
Contents and format of bank statement application or bank statement request letter
Write the letter requesting or requesting a bank statement in clear, businesslike language. The following are some key details that must be included in a letter requesting bank statements:
- Bank name and address of the recipient
- Subject line for a bank statement request
- The body should contain information such as the bank account number, account information, the justification for the request for the statement, the time frame for which the statement is needed, etc.
- A complimenting final phrase
- Adding your name
- names and addresses of you
- mobile phone
- if any enclosures
