Bank statement: what it is and how to analyze the data provided

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Bank statement: what it is and how to analyze the data provided

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O Bank statement it is a paper or digital document so that the customer who has a checking account at a given bank can check their movements, making it easier to check the entries and exits.

Although it is part of the daily life of many people, the Bank statement it is a bank document of little significance to many. However, through it you can create strategies to maintain your financial education in day.

This document can make your life easier when used in combination with your financial goals and everyday needs. Therefore, we think of this post just for you who live from calculations to end the month with a positive balance in the accounts.

Follow along with this reading and discover with us everything you need to know about what appears on the bank statementO.

What is a bank statement?

The bank statement is sent monthly for customers or can be consulted through the website or smartphone application of your banking institution.

The bank statement contains all drives made in your bank account in a certain period, which facilitates your tracking of entries and exits.

Hence the importance of knowing how to identify exactly everything in the document. Thus, you will never feel that the bills came with unpleasant surprises.

What are the types of bank statements?

In general, bank statements report the same information, but they can offer more specific or broad perspectives, going according to your objectives when checking the document.

These are the main types of bank statements:

  • ordinary: with the client's statement according to a certain period;
  • consolidated monthly: containing the version of all transactions effected in the period of an entire month;
  • consolidated annual: which corresponds to the movements that the customer made during the year.

Did you see how you can get better financial planning knowing exactly what is on the bank statement? To complement what we said here, it is time to learn how to “read” this type of document!

What is on the bank statement: understanding the data

what-there-is-bank-statement

It is common to find some acronyms and codes throughout the bank statement that tend to confuse the customers of financial institutions. But with a quick guide, like the one we'll see below, we hope you don't have any questions left.

Check out the quick glossary below that explains in detail what each of these terms means:

  • C: means credit and corresponds to the inflows of funds in your bank account;
  • D: corresponds to the debit, that is, they are the discounted values ​​for each purchase, withdrawal or transfer made. Generally, these amounts are accompanied by the (-) sign at the front, explaining the deduction from the amount in the account;
  • C / C: is the abbreviation for current account;
  • C / I: corresponds to the investment account the customer has at the bank – it can be a savings account;
  • Ch. Dep .: deposits made into your account by means of checks;
  • Dep. Dinh .: corresponds to the same objective mentioned above, but in cash;
  • (TB): is the abbreviation for bank transfers in the bank statement;
  • (TBI): corresponds to bank transfers through applications or directly through the website;
  • TEDs or DOCs: these are the different types of transfers that exist;
  • PGTO, PAG, PAGTO or PG COLLECTION: refer to the payment of bank slips;
  • DA: are the amounts discounted via automatic debit;
  • IOF: is the amount corresponding to the costs, starting from the Tax on Financial Operations;
  • TRF or TAR: it is the synonym for monthly service tariff;
  • ENC: appears on the statement when all charges appear in your bank account.

Other data that can be checked and, occasionally appear on the bank statement, are the dates (which indicate the entire period of observation of the statement) or CCF, which is the Registry of Issuers of Fundless Checks.

This, in turn, acts as a record of Banco do Brasil – via the Central Bank – to analyze data from issuers of bad checks.

How can a bank statement help with spending control?

You can use your bank statement for a number of things to your benefit. For example: track all expenses and receipts throughout the month to compare how much you save and how much you spend.

For financial planning this is essential. In addition, you can have a good perspective of the rates practiced by your banking institution and thus negotiate better rates, in case you are looking for a better relationship with the bank.

It is also worth noting that the statement serves as a history of your accounts. So, if you plan to change your monthly and family budget, this is the document you need to have in hand and compose your new financial goals.

In fact, the bank statement has an active participation in the analysis and calculations of those who live with lean income.

To help, take the time to read another article of ours that explains in detail: ‘How to get out of the red: 7 steps to organize your financial life. ‘

With your bank statement at your disposal, note what the costs of the past few months were, and then assess which ones were absolutely necessary.

Based on these calculations and projections, you can analyze how much your income can, in fact, be valued at the end of the month and focus on important costs.

A good example of this is the facility to identify ways to cut spending and, thus, prioritize debt settlement. Or, even, learn how to save money based on some purchases that have been superfluous in the past few months.

To have more control over your finances, have no doubt that the bank statement will be one of your most accurate and reliable allies for decision making.

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We hope that this reading has helped you to clear all your doubts on the subject! Now, if you want to go further, enjoy our page on Facebook and follow us on Instagram and LinkedIn! There, we gathered many relevant tips on this subject, directly or indirectly!

Conclusion

HR Consultant UK can help if you have any questions about Bank statement: what it is and how to analyze the data provided
. Our HR consultant in London can assist you if you live in London. Suppose you live further afield thats not an issue! Visit our HR Consultants Near Me page to find the best consultancy nearest to you.
See you next time!

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