How to Check Your Card Statement for Accuracy

A card statement serves as a comprehensive summary of financial activity for a credit card, debit card, or bank account over a specified period, typically a month. This document provides a detailed record of all transactions, payments, and balances, offering a clear overview of your financial activity. It helps individuals track spending, monitor account balances, and ensure transaction accuracy. Regular review of these statements is a simple yet effective practice for maintaining financial health.

Accessing Your Card Statement

Retrieving your card statement is a straightforward process. Most financial institutions offer online banking portals for access. You typically log into your financial institution’s secure website. Once logged in, navigate to a section labeled “Statements,” “Account Activity,” or “Documents,” where you can select the desired statement period to view or download it, often in a PDF format.

Mobile banking applications offer similar ease of access, allowing you to view statements directly from your smartphone. After logging into the app, you will typically find statements within sections like “Account options” or “Statements & docs,” enabling you to select and review specific monthly statements. These digital options provide immediate access and reduce paper clutter.

For physical records, paper statements are generally sent via mail after each billing cycle. You can usually opt-in or opt-out of paper statements through your online account settings or by contacting customer service. Some banks may levy a small fee for paper statements to encourage digital adoption.

Understanding Statement Information

Once you access your card statement, understanding its components is important. An account summary typically appears at the beginning of the statement, presenting key figures such as your opening balance from the previous period, new charges or debits, payments and credits received, and any interest charges or fees incurred, culminating in your closing balance.

Detailed transaction lists follow the summary, itemizing each individual transaction with information including the date, merchant name, and amount. Reviewing these entries carefully helps ensure that all listed activities correspond to your actual purchases and payments. In addition, payment information is clearly presented, outlining the minimum payment due, the total balance due, and the crucial payment due date.

Statements also provide a clear breakdown of interest and fees. Interest charges, calculated based on your annual percentage rate (APR), are itemized. Various fees, such as late payment fees, annual fees, balance transfer fees, or cash advance fees, are also listed, allowing you to identify and understand any additional costs associated with your account.

Addressing Discrepancies

Discovering an error or an unrecognized transaction on your card statement requires prompt action. Common discrepancies include charges you do not recognize, incorrect amounts for legitimate purchases, or duplicate transactions.

Gather all relevant information about the disputed transaction, such as the date, the exact amount, and the merchant involved. Having supporting documentation, like receipts or communication with the merchant, can strengthen your case. It is often advisable to first attempt to resolve the issue directly with the merchant.

If direct resolution with the merchant is unsuccessful, contact your card issuer immediately. Most card companies provide phone numbers on the statement or card, and many offer online dispute forms or portals. Under the Fair Credit Billing Act, consumers generally have 60 days from receiving the statement with the error to dispute a charge in writing. The card issuer must acknowledge your dispute within 30 days and is typically required to investigate and resolve the issue within two billing cycles, which usually equates to about 90 days. During the investigation, you are generally not required to pay the disputed amount, and your liability for unauthorized charges is limited, often to $50.