Why does bank need bank statements

Read More. Affordability Calculator Payment Calculator. Affordability Calculator Payment Calculator Close. Payment options Book Call. Payment options Book Call Close. Book Online Contact Us. Mortgage Types. Why Us? Follow us for updates. Read More The Credit Crunch. Book Your Free Appointment. The importance of bank statements is increasing because, as you can see by the list above, they reveal a great deal of information, and can help lenders determine whether loan applications should be approved or not.

It will be in your best interest to prune any discretionary expenditure e. An added advantage of checking your bank statements regularly and pruning them for loan applications is that it will also lead to better financial management in the long run.

Westminster National Finance Blog. Why do lenders request bank statements? Find where your bank houses their electronic statements. Review the statement on your computer, tablet, or phone — or download your statement as a PDF. Save your bank statement in a secure location on your computer if you wish , print it, or close out the screen. Log out of your bank account for security purposes. How to Get Paper Statements by Mail When you sign up for an account, some banks automatically send you monthly statements by mail.

Here are the main things you can do with a bank statement: Gauge your spending: Review your bank statement monthly to keep a tab on your expenses. Track your savings: Look at your beginning and ending balances over the course of a month or a quarter.

Depending on what interest you earn, you may want to put some of your money in an investment account or money market to earn more. Monitor your account balance: Reduce overdraft fees by ensuring you always have enough to pay for bills and ATM transactions. Identify fraud: Review your statements regularly to help spot fraudulent activity, like someone using your debit card. Promptly contact your bank should you find any fraudulent transactions. Catch banking errors: Banks sometimes make mistakes.

Contact your bank if you suspect any errors, such as depositing in the wrong account or mischarging you. Make sure your bank account is free of errors, duplicate charges, and discrepancies. Rent an apartment: A landlord or rental agency might request to see your bank statements before signing a lease. Refinance your home: Financial institutions may want to see several bank statements if you plan on refinancing your home. File your tax return: You may need to reference your bank statement when you file your taxes.

Maintain records: Keep your statements in a safe place in case you need them in the future. You can download them on your computer or print them and place them in a secure file.