What is a bank statement? Everything you need to know
What is a bank statement and how do you get one? Learn how to use, manage and access your bank statements to help you stay on top of your finances.
Updated 
4 min. read
If you have a bank account, credit card or line of credit in Canada, you’ll receive bank statements regularly. But what exactly is a bank statement? How do you get yours and what should you do with it?
Your bank statement is an important document that can help you keep tabs on your expenses, stick to a budget and protect your accounts from fraud. Whether you’re new to banking in Canada or just need a refresher, we’ve got the scoop on everything you need to know about bank statements. And for more details about banking in Canada, visit our Newcomers to Canada hub.
What is a bank statement?
A bank statement is a document created by your bank that gives you, the account holder, an overview of your account activity. It can also be called an account statement. Each statement includes a list of all your account transactions during a set time period (usually one month).
The list of transactions details all the money coming into and out of your account. That includes any income (like a paycheque or direct deposit) and expenses (like paying rent or buying something on your debit card).
You’ll receive a separate bank statement for each account you hold with the bank, including your chequing account, savings account, credit card or line of credit.
You can have hard copies of your statements mailed to you, or you can opt for paperless statements. If you do choose to go paperless, you can check your statements (also called eStatements) through online or mobile banking.
Here’s some of the information your bank statement can include:
- Your personal information (like your name and address)
- Your bank account number (often just the last four digits to keep your information secure)
- Your financial institution, their address and customer service phone number
- The time period that the statement covers
- Your account balance at the beginning and end of the period
- All deposits into your account, including paycheques, direct deposits, transfers into your account and any earned interest
- All withdrawals from your account, including ATM withdrawals, purchases, transfers out of your account, automatic payments and any fees from your bank
The details included in a bank statement can vary slightly from bank to bank, but statements always include a complete overview of your banking transactions for the statement period.
Why is a bank statement important?
Every time you get a new statement, it’s a good idea to review the information thoroughly. Here are a few reasons why:
- To keep track of your expenses: Reviewing your bank statement is a great way to track your financial obligations. For instance, you can make sure you’ve made all your important payments for the month, like utilities or regular donations. And you can spot things you don’t want to pay for anymore, like subscription services you meant to cancel.
- To stay on budget: If you’re trying to stick to a monthly budget, your bank statement can be a powerful tool to keep you on track. It’s an easy way to recognize your spending habits and find areas where you can cut back if needed.
- To monitor for fraud or errors: Your bank statement can help protect you against potential fraud. Monitor your statements and review your transactions regularly, so you can spot any unauthorized charges or errors (like a merchant accidentally charging you twice). Make sure to immediately report any suspicious transactions to your bank.
If you choose paper statements, you’ll want to securely store them for at least a year in case you need to revisit them. When you’re ready to get rid of old statements, make sure to properly destroy or shred them to avoid identity theft or other fraud issues.
If you get eStatements, avoid checking them on public Wi-Fi, where hackers can potentially access your private information.
How do I get my bank statement?
If you bank with BMO, you’ll get a bank statement every month. You can choose between paper statement that are mailed to you or eStatement that you can access online. Both types of statements look the same and include the same information. To manage and change your statement preferences, sign into BMO Online Banking.
How do I sign up for eStatements?
Signing up for eStatements is an easy, secure and environmentally friendly way to manage your BMO accounts. We save your statements for up to seven years, so you can easily access them if needed. Here’s how:
- Sign into BMO Online Banking.
- Go to My Accounts.
- Choose the account you’d like to update, then select Change Statement Options.
- Under Available Statement Options, select eStatements.
- Review and agree to the conditions, then select Verify Statement Options.
Still need help? Try our demo on setting up eStatements for a detailed walkthrough.
Your bank statements are a helpful, easy-to-use tool for monitoring your financial obligations, tracking your spending and keeping all your accounts safe from fraud. Monitoring them regularly can help you keep on top of your financial progress.
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