Financial Wellness Minute: How to Read a Bank Statement

Get smarter about your money with this Financial Wellness Minute. I'm Jackie Formo, from Mid Minnesota Federal Credit Union's Fergus Falls Office. You may get your monthly bank statement online or in the mail. Here are steps to effectively read your statement.

• Begin by checking that your personal information, such as your name, address, and account number, are correct.
• Take note of the statement date range. It is necessary to keep track to ensure that all transactions within that period are accounted for.
• Examine the transaction section of your statement carefully. Start by checking deposits and credits to ensure they match your expected income and any interest earned. Then, focus on withdrawals and debits, making sure there are no unauthorized transactions or charges that you don't recognize.
• Pay attention to fees and service charges to make sure these have not changed, and they are reasonable.
• Look for any special messages, notifications, or alerts. These could include important updates or offers that may impact your financial decisions.
• Regularly reviewing your statement helps detect errors, unauthorized transactions, or potential fraud. If you identify any discrepancies, contact your financial institution immediately for further assistance.

Want to know more or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.