Statement Balance: What It Means and How to Find It
A statement balance is the total amount of money in your bank account as of a specific date. It is the amount of money that is available to you to spend or withdraw. Your statement balance is typically shown on your monthly bank statement.
How to Find Your Statement Balance
You can find your statement balance in a few different ways:
- Online banking: Log in to your online banking account and click on the “Accounts” tab. Your statement balance will be listed under each of your accounts.
- Mobile banking: Open your mobile banking app and tap on the “Accounts” tab. Your statement balance will be listed under each of your accounts.
- Bank statement: Your statement balance will be printed on your monthly bank statement. You can find your statement balance in the upper-right corner of the statement.
Statement Balance vs. Account Balance
It is important to note that your statement balance is not the same as your account balance. Your account balance is the total amount of money that is in your account, including any pending deposits or withdrawals. Your statement balance is the total amount of money that is available to you to spend or withdraw, minus any pending withdrawals.
For example, let’s say that you have a checking account with a balance of $1,000. You have a pending deposit of $200 and a pending withdrawal of $100. Your account balance is $1,100, but your statement balance is $1,000.
Why Is It Important to Know Your Statement Balance?
It is important to know your statement balance so that you can track your spending and avoid overdraft fees. If you spend more money than you have in your account, you will be charged an overdraft fee. Overdraft fees can add up quickly, so it is important to keep track of your spending and make sure that you do not overdraft your account.
Tips for Managing Your Statement Balance
Here are a few tips for managing your statement balance:
- Track your spending: Keep track of how much money you are spending each month. This will help you to identify areas where you can cut back.
- Set a budget: Create a budget and stick to it. This will help you to control your spending and avoid overdraft fees.
- Use online banking or mobile banking: Online and mobile banking can help you to track your spending and stay on top of your account balance.
Conclusion
Knowing your statement balance is an important part of managing your finances. By following the tips in this article, you can stay on top of your spending and avoid overdraft fees.
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