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What Is a Monthly Statement?

A monthly statement is a generic term for a financial document that an account holder receives on a monthly basis. A monthly statement contains specific information about the account that the account holder may need. This includes the account number, the statement balance, the amount owed, and so on. The details will vary depending on the nature of the account.

There are many different situations wherein a monthly statement is used. Perhaps the most common is the monthly statement for bank accounts. Whether you have a savings account, a current account, or some other type of bank account, you will receive a monthly statement. In a savings account monthly statement, you will see the current balance in the account, the withdrawals, and the deposits. If there is applicable interest, then this will be reflected as well. For a checking or current account, the same information will be shown, with the addition of checks that have been drawn. More so, if the account is overdrawn, the monthly statement will reflect this as well.

Credit card companies also issue monthly statements. In this case, the monthly statement will reflect that total amount due on the credit card. It will also show the minimum amount that one has to pay - and when - to avoid penalties. The credit card monthly statement includes the breakdown of the purchases made within the cut off period for that month as well. If there are other charges, they will also be reflected in the monthly statement.

Other types of accounts such as mobile phones, Internet service, and other utilities also issue monthly statements.

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