• About
  • Privacy & Policy
  • Terms
  • Contact
Breaking News Nigeria, Latest Nigerian News
ADVERTISEMENT
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Dollar

    CBN cautions DMB, BDC to desist from rejecting old, lower US dollar denominations

    COVID-19

    COVID-19: Nigeria Records 120 new cases

    Ohanaeze

    Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

    Unity Bank

    Unity Bank’s asset grows by 67.9% to N492.02B

    NCDC

    COVID-19: Nigeria records 70 new cases

    UBA

    UBA records N38.16B profit in Q1 2021. See key highlights

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

    cash-out refinance

    #SmartKobo: How to know if it’s time for cash-out-refinance

  • #EndBadGovernance Photo Challenge
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Dollar

    CBN cautions DMB, BDC to desist from rejecting old, lower US dollar denominations

    COVID-19

    COVID-19: Nigeria Records 120 new cases

    Ohanaeze

    Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

    Unity Bank

    Unity Bank’s asset grows by 67.9% to N492.02B

    NCDC

    COVID-19: Nigeria records 70 new cases

    UBA

    UBA records N38.16B profit in Q1 2021. See key highlights

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

    cash-out refinance

    #SmartKobo: How to know if it’s time for cash-out-refinance

  • #EndBadGovernance Photo Challenge
No Result
View All Result
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
Home SmartKobo

#SmartKobo: What is Bank statement and how do I read it?

Theresa Lawrence by Theresa Lawrence
September 28, 2020
in SmartKobo
0
A A
0
bank statement
Share on FacebookShare on Twitter

Bank Statements help keep track on spending


A bank statement is a summary of financial transactions that happened at a certain institution during a specific time period. For example, a typical bank statement may show your deposits and withdrawals for a month. Bank statements allow you to check for errors, watch for suspicious activity, and track your spending.

Though a lot of people might know what a Bank Statement means, some always find it difficult to read and understand it. Here is a chance to learn how to read your Bank Statement and it is not as hard as you might think it is.

One of the benefits of reading your bank statement is that it will enable you to track your finances to know when you are overshooting your budget.

The evolution of technology has made it easier for you to access your bank statement at your comfort zone and there are a number of reasons why you will be in need of your bank statement. These include when you are applying for a loan, when in need of mortgage loan or for permanent residency/schooling outside the country and it is appropriate that you should be able to read them in order to be able to answer some of the questions that they might be able to throw at you.

Here are tips that will serve as a guide on how to read your bank Statement

1. PERSONAL INFORMATION/ACCOUNT DETAILS

The first thing to do when you get your account is to check your name and account number. The reason for doing so is to be sure that there is no mistake with your name and also to be sure that you are reading your own statement of account.

You can access your account using your debit card pin, or your account number. There some banks that encode the bank statement that you can read it using your account number.

2. STATEMENT PERIOD

Bank Statement is usually sent to you every month, gone are those days that you have to queue in the banking hall just to get your statement. With the evolution of technology, you can now get your bank statement of account sent to your mail which you can access using the account number of your debit cards pin.

Having received your statement of result and you have ensured through that your name and the account number is correct, the next thing to do is to check the date the statement covers.

Bank statement is usually sent every month, though there is a quarterly and yearly statement. Confirmation of the date will guide you on what
period of your financial history the statement is about as it is critical to the bank balances.

3. STATEMENT SUMMARY

Most bank statements will give you a snapshot of your account by providing the opening and closing balance, there is the uncleared and cleared balance. The balance column is also very important.

Opening balance shows the balance in your account at the beginning of the month or beginning of the statement period while closing balance gives you the balance in your account at the end of the period the statement covers.

Read also, #SmartKobo: 9 money habits that can keep you in poverty

Cleared and uncleared balances refer to cheque/s you paid into your account. When cleared, it means that the Cheque has gone through clearing successfully and this will form part of your closing balance otherwise the Cheque is still in clearing and the value will not reflect in your closing balance.

The balance column shows the balance after every debit or credit transaction consummated on your account.

4. DEPOSIT DETAILS

All deposits during the statement’s period are in a column, deposits include cash and Cheque lodgements, including interest paid to you by your bank during the period covered by the statement. You will be able to verify all cash and cheques that were paid into your account during this period including the amount of interest the bank has paid into your account if your account is interest bearing.

This column will also contain reversals of excess charges, wrong debits now reversed and all other credits into your accounts by the bank. The narration part will let you know what the amount credited into your account is for.

5. WITHDRAWAL DETAILS

All withdrawals during the period covered by the statement are in another column. Funds paid from your account to a third party including your personal cash withdrawals are in this column.

This column contains charges debited into your account by your bank, AMC and statutory charges like VAT on Account Maintenance Charges, Stamp duty charges, withholding Tax and other statutory charges. The column also contains reversal of wrong credit into your account and all other withdrawals due from your account.

6. BANK CHARGES

This is the most important reason to check your bank statement. All charges can be found in the withdrawal column of your statement of a bank account.

Bank charges include Account Maintenance Charges (AMC), VAT on AMC, Stamp Duty Charges, Withholding Tax and all other bank
charges.

7. BANK INTEREST

Some banks pay interest on their checking accounts. If you earned interest during the period, your bank statement will show how much you earned. If you have multiple savings accounts under the same umbrella account, the statement may show the total interest paid as well as the total interest for each account.

Some banks will also list the amount of interest you’ve earned over the life of the account.

8. ERRORS CHECK

Although you may not find them very often, mistakes do happen from time to time. It is essential that you comb through each and every detail of your bank statement, looking for errors. You never know when you will get charged for something you didn’t purchase, or get hit with a fee that is not fair.

If you don’t catch this on your bank statement, chances are that it will go unnoticed. If you find a fee that you think is unwarranted, be sure to call up the customer service line or your account officer and ask that it be removed from your account.

References

  1. Why your credit score may drop after paying off your debt
  2. Understanding bank statement
  3. How to read your bank statement
  4. Understanding bank statement
Tags: #smartKobobank statementBankingpersonal finance

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

BREAKING! FG suspends electricity tariff hike, averts NLC strike, protests

Next Post

#MondayMotivation: Let these 3 life-changing quotes guide you

Next Post
#mondaymotivation

#MondayMotivation: Let these 3 life-changing quotes guide you

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 2.4k Followers
  • 5 Followers
  • Trending
  • Comments
  • Latest
Youth

Why you cannot get more than N300,000 in FG’s youth investment loan scheme

April 20, 2021
Okorocha

OKOROCHA: See list of 33 stolen items allegedly found with ex-Governor

April 20, 2021
Buhari

How Niger’s president Mohamed Bazoum’s visit to President Muhammadu Buhari went down in Abuja

April 19, 2021
Unity Bank

Unity Bank’s asset grows by 67.9% to N492.02B

April 20, 2021
Ohanaeze

Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
Dollar

CBN cautions DMB, BDC to desist from rejecting old, lower US dollar denominations

April 21, 2021
COVID-19

COVID-19: Nigeria Records 120 new cases

April 21, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021

Recent News

Dollar

CBN cautions DMB, BDC to desist from rejecting old, lower US dollar denominations

April 21, 2021
COVID-19

COVID-19: Nigeria Records 120 new cases

April 21, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Breaking News Nigeria, Latest Nigerian News

Follow Us

Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address below to be the first to know.

Browse by Category

  • Apps
  • Athletics
  • Basketball
  • Breaking News
  • Business
  • Business Editor's Pick
  • Business Featured Section
  • EndBadGovernance Photo Challenge
  • Entertainment
  • Fashion
  • Featured
  • Food
  • Football
  • Gaming
  • General
  • Health
  • Lifestyle
  • Mobile
  • Motor Sports
  • Movie
  • Music
  • News
  • Politics
  • Politics Featured Section
  • Review
  • Science
  • SmartKobo
  • Sports
  • Startup
  • Tech
  • Technology
  • Technology Featured Section
  • Uncategorized
  • World

Recent News

Dollar

CBN cautions DMB, BDC to desist from rejecting old, lower US dollar denominations

April 21, 2021
COVID-19

COVID-19: Nigeria Records 120 new cases

April 21, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
  • About
  • Privacy & Policy
  • Terms
  • Contact

© Copyright Nigeria Today 2020

No Result
View All Result
  • Home
  • News
  • Tech
  • Entertainment
  • Lifestyle
  • SMARTKOBO
  • #EndBadGovernance Photo Challenge

© Copyright Nigeria Today 2020

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please wait...

Subscribe to our Nigeria Today News

Want to be notified when our article is published? Enter your email address below to be the first to know.
SUBSCRIBE