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An account statement is an important financial document necessary for the accounting activities of the company. However, individuals may also need to get such a document. Almost every person contacts with banks one way or another – receives a debit and credit card, draws up a mortgage, opens a deposit or takes a cash loan. An account is opened for any of these products.
In order for the client to be informed about the movement of money, he or she can order a statement from the bank. The document has legal force – it confirms the presence or absence of debt, the deadlines for fulfilling obligations under the contract. An account statement can be provided when applying for a visa abroad, for litigation or to other organizations.
An account statement is sometimes needed in a number of life situations:
Using any banking product, whether it is a loan, deposit or debit card, it is important to control the cash flow in the account. This is especially true for legal entities and entrepreneurs engaged in commercial activities. An statement from the bank is an official financial document that confirms the amount of crediting and debiting money. Based on such a document, you can confirm the income and expenses of the company, as well as the amount of tax for any form of taxation.
Bank statement is a document that provides information about the state of the account and cash flow funds on it, issued by the organization’s bank.
Banks in the United States are only required to send a current account statement if one transaction has been completed from this account within a month. Bank customers also have the opportunity to receive electronic statements (eStatements). If the virtual order is certified by a qualified electronic signature, it is not required to specifically print such a document on paper or print out bank statements. An electronic version of the document, certified according to all the rules, is equivalent to the paper version.
The question remains open to this day – do I need to print out statements if the bank provides them electronically?
No law directly prohibits organizations from storing only electronic versions of statements.
Many trends speak in favor of electronic statements:
Organization of the entire business is gradually moving in favor of full computerization. Still, it is worth considering that documents stored on the Internet may disappear (for example, during the reorganization of a client-bank or due to problems on the server), therefore it is recommended that they be stored at least periodically on other electronic media.