Every month, whether we have a loan or credit, the bank sends us to our e-mail or by correspondence, our account status. But do you know what points you should check in them and what do they mean? Here we tell you more about it.
What is an account statement?
An account statement is a document issued by financial institutions to their clients. Thanks to this you can know the last movements of your account, your consumption, debts, overdue debts, payment date, etc. Account statements are issued free of charge by these entities and it is important that you always review them to prevent fraud, identity theft, suspicious movements, etc. An account statement is issued whether you have a debit, credit or loan account.
What points should I check in my account statements?
Account statements include various information, here we detail the most important:
- Personal information: You must verify that all your data is correct: full name, identity document, address, etc. If you notice an error, call the bank to correct it.
- Cut-off date: At this point you will be able to know from what day to what day the movements you made with your card or account are counted. Knowing this information is important, since, in the case of credit cards, if the closing of these is on the 25th of each month and you want to make a large purchase, in one installment, but pay it the following month, you can do it the day 26.
- Payment deadline: You must keep this in mind to pay the monthly installment on time. You usually have up to 20 days after the cut-off date to pay the monthly fee or the minimum amount. Meeting the punctual payment prevents you from ending up paying late penalties and more interest.
- Minimum payment: Along with the total payment for the month, comes the minimum amount or payment, although it may seem tempting to pay less this month, the ideal is that you only resort to the minimum payment when you do not have liquidity. In addition, you should avoid getting used to always making this payment, since your debt will become more expensive (in the long run you will be paying more than everything, interest).
- Interest rate: It is the percentage of interest that a bank charges you for the purchases you make with your card. Check, on your statement, that the interest rate is the same as the one indicated in your contract.
- The commissions charged by the bank: They are also specified in the account statement, check well that they are the same as those in your contract and if you have any questions about them, call your financial institution to clarify it.
- Details of operations: These are each of the operations you made with your card or account during the month.
- Credit limit: It refers to the maximum amount that you can spend with your card.
Now that you know more about your account statement, pay attention to it every month to make sure it corresponds to your activity. And remember, if you need advice to be able to settle the debts of your credits or loans, in up to date we can help you; we currently have the program Pool Thanks to which you can cancel your debt with a single payment, thanks to the massive negotiation of debts. Contact us for more information!