Bank account statement and its purpose

What is a bank statement

A statement in itself is a document containing information about all transactions on the account, the time they were made, and the transaction amount. What the bank issues to the client upon request is a copy of this document provided to the account holder.

The main function of a statement for individuals is to monitor the inflow and outflow of funds. With the spread of online banking and mobile banking, this function is taking a back seat; the statement is used by individuals only in case of disputes regarding money write-offs.

For legal entities, an account statement is one of the main documents for an accountant, serving as the foundation for all accounting and tax records.

Statements are also actively used:

• During negotiations with partners.
• At the beginning of developing a new business plan.
• For demonstration to investors as part of a document package.
• For presentation to the bank issuing a loan.
• For submission to judicial authorities and prosecutor's offices

What statements are provided to individuals

Statements are divided by type into paper and electronic. Every client with online banking can view an electronic statement at any time. It is also possible to issue it upon request as an electronic document with an electronic seal.

A paper statement is a classic paper format in the form of a sheet reflecting all transactions in a table.

Every statement must necessarily contain the following information:

1. Information about the account holder and their personal data.
2. The number of the account for which the statement was generated.
3. The name of the bank servicing the account, along with full banking details.
4. The currency in which transactions were conducted.
5. The total number of completed transactions.
6. The sender's or recipient's account.
7. The date and time of each completed transaction.
8. Balance.
9. Debit and credit for the account.

Regardless of the format in which the statement is presented, all of this data must be included.

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How to get a bank statement

The methods for obtaining a statement are quite diverse, as controlling one's money is the right of every bank account holder. All methods are categorized based on the type of statement required.

Electronic statements can be easily obtained via the internet by requesting them directly in the mobile app or client portal. The bank will send the document to the email address provided by the client in the application. Clients can also request a bank statement for a liquidated organization through the Central Bank of the Russian Federation website in the "Banking Sector" section.

Paper statements can also be obtained quite easily:

• Visit a bank branch in person with identification documents. A bank employee will issue a stamped statement directly to you.
• Request a paper format remotely from the bank. In this case, the bank will send the statement via Russian Post.
• Use an ATM; many of them feature a "Print Statement" menu option, which allows you to print the statement on receipt tape. This method only works if a card is linked to the account you want to view.

Russian banks are quite modern, so visiting a branch in person is often no longer necessary. You can request a statement from anywhere in the world and receive it in either electronic or paper format.

When and why an individual might need a statement

While the case for legal entities is clear, individuals can also use account statements if they plan to start a business or need to present them in court. Statements may also be required to initiate a chargeback process to prove that a specific transaction was made to a particular recipient.

Q&A

Can I get another person's account statement?

You can if you have a power of attorney to manage that person's accounts or if you are a bailiff with the appropriate court authorization. No one has the right to manage someone else's accounts without the owner's knowledge, as this information constitutes bank secrecy.

Is it mandatory for a legal entity to store all statements in paper format?

No, this is not required at all, as electronic formats are now fully equivalent to paper ones. There is no longer any need to store piles of paper filed away in cabinets. Electronic document management is becoming increasingly popular.

Can I get a statement for a specific period of time?

Of course, when requesting a statement, the client is always asked whether they need it for the entire period or for a specific timeframe. The client can always choose the period of interest and receive a document covering only that time. In this case, the "balance" column will display the account balance as of the end of the period covered by the statement.

What format does the statement have?

There is no single established form; each bank issues its own version, but it is always a table displaying the specific data that must be included in the statement.

Can a client receive account statements on a regular basis?

Yes, you can set up this service with banks. Some banks automatically send account statements for a specific period (usually a month). Statements are most often free, so the monthly statement service also costs the client nothing.