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When do I receive my statement? (bank and credit card)

Last Edit: 20/11/18

When it comes to bank and credit card statements, they are by standard sent every month, but typically only when the customer has a balance for the account. For dormant accounts, credit card company may only send one statement a year; for the customers records. Bank statements are an important document, and should be kept securely. Bank statements can be used by organisations to prove the address or ID of a person. Bank statements can also be used by criminals to steal a person's identity and to commit fraud. Due to this risk, some people invest in a paper shredder to dispose of old financial statements. Customers can manage how they receive their statements by either: logging into their account online; telephoning their customer services; visiting their local branch; or by writing a letter and sending it to the correct department.

Banks and credit card companies are increasingly pressuring their customers to switch from paper to digital (online) statements; the obvious advantage to financial institutions is the reduced overheads of having to post a paper statement. It has often been muted that UK banks hope to start charging for paper statements; some U.S. banks do charge. Banks (UK) are restricted (when it comes to charging for paper statements) due to FCA (Financial Conduct Authority) guidelines that state; "A firm must provide or make available to a banking customer on paper or in another durable medium such regular statements of account as are appropriate to the type of retail banking service provided." Change is afoot however, with some banks opting to send paper statements every three months rather than every month.

An example of a bank statement, with the latest transactions and account name of the customer and the bank
(Pictured: An example of a bank statement)

Shown above is an example of a bank statement; customers can expect to have most of the following information included in their statement: their name and address; their branch details (where they opened their account); the period (date) of the statement, which will typically be monthly but can sometimes be a quarterly or annual statement; every transactions made during the period of the statement; sort code of the customer's account; the account number of the customer's account; IBAN code for the customer's account; BIC code of the customer's account; Swift code of the customer's account; overdraft of the bank account; total available credit for credit card accounts; minimum repayment amount for credit card accounts; payment due date for credit card accounts; interest rate for overdraft or credit balance; interest rate for savings; and contact details for the financial institution.