What Does Bank Statement Mean?
A bank statement is typically a financial document that a bank generates for an account. This account can be for an individual or organization. Also, this document can be created monthly, quarterly, biannually, or yearly. A bank statement usually contains details about credits, debits, and any charges on the accounts.
In the past, bank statements were printed and physically delivered to clients. A bank can send digital balance statements to all its customers via email. In addition, a client may request this document electronically for any duration. Apart from online outlets, a customer may generate a bank statement from an ATM if their bank provides this service.
How to Extract Data from Bank Statements using PDF.co
You can extract specific data from bank statements from PDF to Excel (and other formats) using PDF.co Web API or its multiple integrations. Here’s the list of tutorials:
Bank Statement Data Parsing to JSON
Extract Different Types of Bank Statements
- Extract JPMorgan Chase Statement
- Extract Wells Fargo Statement
- Extract Bank of America Statement
- Extract Truist Financial Corporation Statements
- Extract US Bancorp Bank Statements
- Extract Capital One Bank Statements
- Extract PNC Financial Services Statements
- Extract Bank of New York Statements
- Extract TD Bank Statement
- Extract Statement of Assets
Uses of a Bank Statement
There are various benefits of a bank statement. Below are some of the most common uses.
- An account holder should always keep an eye on the details on their account bank statement. Doing this helps an account owner to identify discrepancies in calculations. If any problem is identified, the account owner must inform the bank quickly.
- A bank statement helps an account owner keep track of the money they spend.
- This document can also be used to record savings.
- When applying for a visa to some countries, the visa office may require a person to submit a copy of their bank statement.
- Signing agreements that require financial backing may require a person or organization to submit a bank statement.
However, if a person needs to check their bank statement on the internet, they must do it on a secured network. Therefore, it is bad practice to access account details on a public network.
A typical bank statement contains information about an account. Some of these details are highlighted below.
- Customer name
- Customer full address
- Account number
- Account type and details
- Date of generating of statement
- Currency denomination
- Opening balance
- Closing balance
- Total inflow and outflow
- Breakdown of credits and debits
However, the details captured on a bank statement may depend on the reasons for its creation. A financial statement that will be used formally may require an official stamp from a bank branch manager. This type of statement is referred to as an official bank statement.
Bank Statement Requirement
As stated earlier, some institutions may require an account holder to submit a copy of their bank statement. In most cases, institutions will want a person to provide an official bank statement. Entities that usually request this document include creditors, investors, lenders, business owners, and other stakeholders. In general, any institution that requires this document is looking to verify the identity and financial situation of a person. People applying for loans, mortgages, and other financial assistance will typically need to provide a bank statement as proof of employment or income.
On the other hand, many institutions like to evaluate this financial document as it gives them an insight into the financial habits of an individual. From the records of debits and credits, a financial institution can decide whether to do business with a person.
Bank Extract Definition
A bank extract is a record or file that contains information extracted from a bank account or set of bank accounts. This information may include particular details such as transactions, account balances, and account holder information. They can be used to analyze the data and gain insights into the account and its transactions. The extract may be generated by the bank or financial institution, or it may be created by a third-party software or service that connects to the bank account. Depending on the format and contents of the extract, it may be useful for tasks such as budgeting, accounting, financial reporting, and compliance.
Extract Bank Statements – Video Guide
Data can be extracted from bank statements in PDF to Excel and more formats. Here’s a video guide:
- Extract Data from Invoices;
- Extract Data from Reports;
- Extract Data from Bank Statements;
- Extract Data from Purchase Orders;
- Extract Data from Sales Orders;
- How to Create an Invoice.