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While it may not be as much fun as scrolling through social media posts, there’s definitely a payoff for reviewing your monthly bank statements. Consistently reviewing these documents is one of the most effective ways to stay on top of your financial health. From catching errors (or even fraud) to aligning your spending with your money goals, taking a few minutes each month to drill down your bank account statements can help you avoid costly mistakes and make smarter decisions.
Here’s your guide to reviewing bank statements as quickly and efficiently as possible.
Key Points
- Regularly reviewing bank statements helps you catch errors and monitor your spending habits.
- Monthly reviews can identify potential savings opportunities and protect against fraud.
- Consistent statement reviews help align spending with financial goals and improve budgeting.
- Regular monitoring of bank statements vs. just checking account balances is essential for maintaining financial health.
- Setting a set time and place to review your statement each month can help make it a regular habit.
What Is a Bank Account Statement?
A bank account statement is a summary of all transactions made through your bank account during a specific time period, usually a month. You’ll likely see your paycheck being deposited and your rent/mortgage, utilities, credit card, and subscription payments going out.
Your bank statement is provided to by your bank either through online access, in its app, or via a mailed paper copy.
What Information Does It Contain?
A typical bank statement includes:
- Account summary: Your statement will typically list the name(s) of all account holders, the account number, whether the account has overdraft coverage or any other specific account services, and the statement period.
- Balance summary: Here, you’ll see an overview of the account activity during the statement period, including the beginning balance, deposits and additions, checks and deductions, ending balance, and average monthly balance. Note that the current balance in your account may be different, as your bank statement only accounts for transactions that were processed by the end of the statement period.
- Transaction summary: This lists the number of transactions by type, such as checks, ATM transactions, and debit card transactions.
- Interest summary: Your statement will highlight any interest earned in the statement period. While most traditional checking accounts don’t earn interest, online checking accounts often do. Savings accounts typically earn interest as well, with high-yield savings accounts often offering rates that are several multiples of what brick-and-mortar banks pay.
- Activity detail: You’ll see a detailed list of transactions (such as deposits, withdrawals, purchases, and transfers) including the date of the transaction, amount, and a description of the transaction.
This document serves as both a financial report and a tool for accountability.
Recommended: Understanding Bank Statement Abbreviations
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Why Review Your Bank Statement Each Month?
Even if you use banking alerts or budgeting apps to track spending, looking over your bank statements can offer crucial insights. Here’s a look at four reasons why it’s important to review your bank statement each month.
Catch Errors and Unauthorized Transactions
Banks process millions of transactions daily, and while errors are extremely rare, they do happen. You might notice a double charge, an incorrect amount, or a transaction you didn’t authorize.
Checking your bank statement also allows you to catch any fraudulent charges. While it’s hard to determine the exact number of bank fraud instances in a year, the Federal Trade Commission (FTC) does receive more than 100,000 reports of bank fraud per year, and millions of cases of identity theft.[1] Banks work hard to protect accounts from such issues, but it can be worthwhile to be vigilant.
Regular reviews help you identify and report unauthorized transactions quickly, often within the window required to dispute them and recover funds, which is typically 60 days.[2]
Monitor Your Spending Habits
Even quickly scanning your balance summary can be revealing, since it shows you exactly how much came in that month (total deposits) and how much went out that month (total deductions).
If you consistently see that your monthly spending is around the same as your monthly earning (meaning you aren’t saving money) or, worse, that your spending tends to exceed your earning (meaning you’re going backwards), you’ll want to drill down and look at where your money is going each month in more detail.
Identify Potential Savings Opportunities
Reviewing your bank statements regularly can help you identify patterns in your spending and opportunities to save. Are you tapping your debit card daily to pay for a fancy coffee? Has your home insurance, which you have on autopay, gone up significantly without your realizing it? Are you getting hit with monthly bank fees?
Maybe that cold foam coffee becomes a TGIF treat rather than an everyday expense. Or it’s time to shop for a new, more affordable insurance policy — or a bank with lower (or no) fees. Statements can give you the reality check you need to adjust your habits and make conscious choices with your cash.
Stay on Track With Your Budget
How can monitoring your bank account transactions help you stick to your budget? For one reason, your bank statement is a snapshot of your financial behavior, which makes it a powerful tool for comparing your actual spending with your budget. Say your monthly budget earmarks $400 for groceries, but you see $600 worth of supermarket transactions. That could tell you it’s time to reassess either your budget, your buying behavior, or both.
Reviewing your statement helps you stay informed and can motivate you to ramp up your financial discipline. If after several cycles you find your earnings, spending, and savings are not well-balanced, that might be a signal that it’s time to investigate some different types of budgets, such as the envelope system of the 50/30/20 budget rule.
Tips for Reviewing Your Account Statements
While it may feel like drudgery, monthly statement reviews don’t take much time and can deliver big payoffs. Here are a few tips to make the process easier and more effective.
Set Aside Dedicated Time Each Month
Schedule a 15- to 30-minute time slot for the same day each month, ideally on or near the day your statement is issued. Consistency makes it a habit and helps you stay on top of changes in your financial behavior. For some added motivation, you might put on your favorite playlist, make yourself some matcha, or somehow link the review with something you really enjoy.
Compare Transactions to Your Records
Whether you track monthly expenses using an app, spreadsheet, or checkbook register (or simply collect receipts), it’s a good idea to cross-check your statement against your records. This little bit of bookkeeping effort can help ensure there are no discrepancies or missed entries in your records. It could ward off, say, a bounced check and the bank fees that come with that.
Look for Recurring Payments and Subscriptions
Scan for automatic charges such as gym memberships, cloud storage fees, or subscriptions. If you’re no longer using a streaming service or anything else you are being charged for on a monthly basis, it’s time to cancel.
Investigate Any Unfamiliar Transactions
If something doesn’t look familiar, don’t automatically assume it’s a mistake on your part. It could be fraud or an error. Check with your partner or family members if it’s a joint account, and then contact your bank if you can’t verify it.
How to Report Unexpected Fees and Charges
If you notice a suspicious fee or incorrect transaction, here’s how to take action:
- Contact your bank’s customer service immediately.
- Provide details such as the transaction date, amount, and why it looks incorrect.
- Follow up with documentation if needed.
Most banks have specific dispute resolution procedures and will refund the amount if an error or incidence of fraud is confirmed. If the charge is due to a lost or stolen debit card or PIN, you may be liable for a portion of the transaction, depending on how quickly you report the loss.[2]
Align Spending With Your Financial Goals
Whether you’re saving for the down payment on a house, working to eliminate credit card debt, or building an emergency fund, reviewing your statement can show you places where you may be overspending and allow you to quickly correct course. This can help you save more each month and get closer to your financial goals.
Recommended: How Long Should You Keep Bank Statements?
How Often Do Most People Check Their Bank Statements?
While habits vary, many financial experts recommend reviewing your statement at least once a month. Some people check their account activity more frequently, however, via online banking and mobile banking apps.
A January 2025 MarketWatch Guides survey found that most people check their accounts either daily (36%) or a few times a week (33%).[3] But that’s often just to eyeball the bank account balance. Fewer people take the time to carefully review their monthly statements.
Even if you frequently check your balance or transaction activity through your banking app or online account, it’s still a useful exercise to look at your monthly online or paper statement to get an overview of your monthly cash flow.
The Takeaway
Your bank statement is more than just a record of financial transactions. Reviewed carefully, it’s a monthly money check-in that can protect you from fraud, reinforce the power of your budget, and help you spend smarter. Taking time each month to review it helps you stay informed, avoid fees, and make intentional money moves.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
What should I do if I see a transaction on my statement that I don’t recognize?
If you notice an unauthorized transaction on your bank statement, you’ll want to immediately contact your bank and report it. The bank will investigate the transaction and if they find it to be fraudulent or due to an error, they will typically refund any lost funds. If the charge is due to a lost or stolen debit card or PIN, however, you may be liable for a portion of the transaction, depending on how quickly you report the loss.
Can reviewing my account statement help me avoid fees?
Yes. Reviewing your account statements allows you to see when and why your bank may be charging fees, such as monthly account fees, overdraft charges, and out-of-network ATM fees. This can prompt you to take action to avoid fees in the future. Or you might move your accounts to a bank that charges fewer (or no) fees.
What is the purpose of a bank account review?
A bank account review helps you understand your financial habits, track spending, and spot any unusual or unauthorized transactions. By reviewing your bank account regularly, you can ensure all transactions are accurate, avoid overdraft fees, and identify areas where you might cut costs or save more. It also helps you stay on top of recurring charges or subscriptions you may have forgotten about. Overall, it’s a key step in maintaining financial health and making informed budgeting decisions.
Should I let my partner review my bank statements?
It depends on the nature of your relationship and level or shared financial responsibility. If you’re in a committed relationship where finances are shared, transparency can build trust and help both parties stay aligned on spending and saving goals. However, if you maintain separate finances and value financial privacy, it’s okay to set boundaries. Either way, open communication is key — discuss expectations around money management and decide together what level of access feels comfortable and fair.
How often should I review my bank statements?
It’s a good idea to review your bank statements at least once a month, ideally as soon as your statement becomes available. This can help you detect errors, fraudulent charges, or unexpected fees early. Some people like to monitor their bank accounts more frequently using mobile apps and online banking. The frequency depends on your spending habits and financial goals.
Article Sources
- FTC. Identity Theft Reports.
- Consumer Financial Protection Bureau. How do I get my money back after I discover an unauthorized transaction or money missing from my bank account?.
- MarketWatch. 2025 Survey: Banking Habits by Generation.
photo credit: iStock/damircudic
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