What is a bank statement?

• A. A real-time list of all transactions in the online portal.
• B. A notification of upcoming fees.
• C. A summary of loan terms.
• D. A formal record from the bank listing transactions and the ending balance for a period.

Answer: (D)

A bank statement is an official document from the bank that covers a set period (usually a month) and lists every transaction that posted during that time, along with the ending balance. It shows deposits, withdrawals, checks that cleared, fees, and interest, and it starts with the balance at the beginning of the period and ends with the balance at the end. This formal record is what you use to verify activity, reconcile your own records, and catch any mistakes. It’s not a real-time feed from an online portal, not a summary of loan terms, and not a notice about upcoming fees.