Itemized Statement

What Is an Itemized Statement?

An itemized statement is a document issued by a financial institution, for example, a bank, credit card company, or brokerage firm, to its customers enumerating all account activity for a specific period.

Statements can be issued in paper form and mailed to a customer, however are commonly sent electronically and can be gotten to in a customer's online account.

Itemized statements frequently incorporate deposits, credits, debits, fees, and trading transactions if applicable. The information is many times introduced in sequential order, albeit online statements can be arranged according to the customer's inclinations.

Figuring out an Itemized Statement

Itemized statements can be issued for some types of bank accounts and financial products, similar to credit cards. The statements give itemized information like purchases, merchant names, and ATM withdrawals. Deposits made to accounts as cash or check, or payments to a credit card will likewise show up on an itemized statement.

Itemized statements were once considered a premium service for preferred customers by numerous institutions yet computerized record-keeping has made them commonplace.

Numerous web based business platforms handle payments and transactions electronically. Locales like PayPal, Venmo, and Stripe additionally give definite itemized statements to online merchants and their customers in general.

Step by step instructions to Obtain an Itemized Statement

Itemized statements are made and given by a bank or service provider. Before the coming of the Internet, itemized statements would be mailed month to month to a customer for their survey and bookkeeping purposes.

At present, paper statements received through the mail are frequently just accessible by request yet can be gotten by visiting a branch of the financial institution.

As companies move to an all-paperless format, itemized statements are accessible electronically through a customer's online account. Transactions saw online are refreshed daily or in real-time to give the customer a daily statement rather than a month to month summary.

What are the Benefits of an Itemized Statement?

Itemized statements document a customer's record of debits and credits with a financial institution. By giving individuals subtleties on spending for movement, food, and household bills, itemized statements sum up periodic spending and a snapshot for budgeting.

Itemized statements can assist with distinguishing fraud. On the off chance that an individual notification new transactions on their itemized statement this might give an alert to identity theft or other fraud and they can issue a stop payment, cancel the debit or credit cards associated with the account, and contact the institution to investigate the activity.

The Internal Revenue Service (IRS) likewise takes a gander at itemized statements while examining tax fraud and itemized statements can assist with deciding crime, for example, money laundering.

Illustration of an Itemized Statement

Bert has a bank checking account with XYZ Bank. Consistently, he gets an itemized statement enumerating the entirety of his transactions.

Bert received an electronic direct deposit for $2000 from his employer on June 6.

On June 7, Check #123 that Bert kept in touch with his landlord for $700 was cleared in his account.

On June 12, Bert burned through $100 on basic food items utilizing his debit card with an account number on the card that finishes in 5678. He likewise deposited $50 cash utilizing the bank's ATM.

On June 18, Bert's online payment that he scheduled to pay his vehicle insurance was handled in the amount of $500.

Date	Description	Credit	Debit
6/6	Direct deposit ABC Company	$2,000
6/7	Check #123		$700
6/12	Purchase Grocery *5678		$100
6/12	ATM Cash Deposit	$50
6/18	Car Insurance Co. PMT		$500

## Features - An itemized statement is many times created month to month and sent by means of mail or gotten to through an online account. - An itemized statement is a document issued by a financial institution to its customer specifying all account activity for a specific period. - Itemized statements frequently show deposits, credits, debits, and fees. - Itemized statements give supportive information while applying to a home [mortgage](/home-mortgage) loan, or getting information required while filing tax returns with the Internal Revenue Service (IRS). ## FAQ ### For what reason Do I Need to Provide Bank Statements When Applying for a Mortgage? At the point when you apply for a mortgage, lenders take a gander at your bank statements to confirm that you can bear the cost of the down payment, closing costs, and mortgage payments. A few issues that make a concern for lenders incorporate [bounced checks](/bouncedcheck) or non-adequate funds fees, large deposits without a documented source, and regularly scheduled payments to an individual or non-uncovered credit account. ### Consider the possibility that I Detect a Fraudulent Charge on My Credit Card Statement. It's important to confirm purchases by evaluating every month to month statement. According to the Fair Credit Billing Act, consumers have as long as 60 days to report indications of fraud or other billing errors to credit card services. ### How Long Should I Keep Bank Statements? Bank statements ought to be held for a very long time. In case you are reviewed, the IRS might ask about returns documented in the last three to six years. Any suitable financial documents might be expected to confirm your income, credits, or deductions guaranteed for a tax return submitted during those years, including bank statements.