Happy Thursday, readers! Today I'd like to focus on what a bank statement actually entails and why it's important for you to keep a record of the information.
An account statement or a bank statement is a summary of all financial transactions occurring over a given period of time on a deposit account, a credit card, or any other type of account offered by a financial institution. A statement will list deposits, withdrawals, checks paid, interest earned, and service charges or penalties incurred on an account.
Statements are normally sent monthly, but are sometimes sent less frequently for savings accounts. Also, as we talked about on June 7, you have the option to choose paper or electronic statements, whichever best suits your needs. (For more information, click http://mysystematic.blogspot.com/2012/06/make-statement.html).
It’s important to keep a record of your statements, either filed with your other hard-copy documents or saved on your computer. It is recommended that you keep the quarterly statements from retirement/savings accounts until you receive your annual summary; keep the annual summaries until you retire or close the account. For credit card statements, it is recommended that you keep statements at least 45 days and keep the statements seven years if they contain document tax-related expenses.If you have any additional questions about your monthly statement from Systematic or our e-statement option, give us a call at 417.862.5036 or stop by our 318 South Avenue location. We’d love to visit with you. Member FDIC
Also, a friendly reminder that there are only 3 weeks left of Sounds on the Square! This Friday’s free musical performance features the local band, Truett & The Traitors . Don’t miss out!! Visit and enjoy free entertainment on Park Central Square. The show starts every Friday through August 3rd at 7 p.m. We hope to see you there :D
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