Definition and example of account history
How account history works
Types of account history
Account history vs. statement
Benefits of account history
Definition and example of account history
Account history is a list of all transactions that have occurred in a bank account or another financial account. Typically, it displays completed transactions that have been fully processed by your financial institution, along with pending transactions that have not been fully processed by your bank. The current account balance is usually shown after each transaction in the account history as well. In addition to the transaction list, your bank may also allow you to view images of checks in your account history.
Alternative name: account activity
For example, if you opened a bank account on July 2 and made an initial deposit of $100, deposited a check the following week, withdrew cash from an ATM a few days later, and then received your paycheck on Friday, your account history for the past week might look as follows:
Date Transaction Type Amount Balance
July 2 Branch Deposit + $100 $100
July 5 Check Deposit + $350 $450
July 8 ATM Withdrawal – $200 $250
July 9 Direct Deposit + $1000 $1250
How account history works
You can access your account history online from your bank through the bank’s website or mobile app. The ability to access your account history almost immediately is one of the main benefits of online banking. However, it is common for banks to allow customers to download account history for a limited time, such as 18 months. If you need your account history beyond what is available through online banking, you may need to contact your bank to see if there is a way to provide copies of statements other than what you can download online.
Additionally, it is possible for the financial institution to make errors in your account history, so it is important to keep your own account records to verify any discrepancies against the account history prepared by your financial institution.
Types of account history
The transactions in your account history vary depending on the type of account it pertains to.
Account Type Typical Transactions in Account History
Checking Account Deposited checks, written checks, cash withdrawals, direct deposits
Savings Account Deposits, transfers, interest earned
Brokerage Account Deposits, transfers, dividends, margin interest fees
Credit Card Account Payments, credits, purchases, balance transfers, cash advances, fees, interest charges
Account history vs. statement
Although they provide much of the same information, account history is not the same as a statement.
Account history is merely a list of transactions in your account, while a statement is a document prepared by the bank or other financial institution on a monthly basis that shows not only your account history for the statement period but also other important information.
For example, while both your account history and statement show a list of transactions that have occurred in your account, your statement will also show you:
– The average daily balance for a bank account.
– The minimum payment and due date for a credit card account.
– Your accounts and the change in investment value in a brokerage account.
Note: While statements are typically generated on paper or electronically at the same time each month, account history is available almost anytime online and includes pending items that may not appear on the statement.
Benefits of account history
Regularly tracking your account history is the easiest way to ensure that you have enough money in your account to cover a purchase or other transaction. Also, by maintaining your own records and comparing them to your account history, you can inform your bank of any errors or discrepancies.
Taking
Main statement
– Account history is a record of all transactions that have occurred in a bank account or another financial account.
– You can access your account history online from your financial institution, although it is common for banks to specify the timeframe during which you can obtain account history.
– Account history is not the same as a bank statement, as a bank statement provides more information than account history.
– It’s important to check your account history regularly to ensure there are sufficient funds in your account and to verify the accuracy of the transactions that have taken place in your account.
Source: https://www.thebalancemoney.com/what-is-an-account-history-5202127
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