Bank Statements are crucial financial documents that provide a detailed overview of your account activity over a specific period. Whether you’re managing personal finances or running a business, understanding your bank statements is essential for tracking transactions, identifying errors, and maintaining financial health. This comprehensive guide answers frequently asked questions about bank statements to help you effectively manage your finances.
Accessing Your Bank Statements Online
Are my bank statements with check images available online?
Yes, accessing your statements, including check images, online is convenient and readily available. Bank of America, like many modern banks, allows you to view, print, and download up to 18 months of your statements through online banking. When you opt for paperless statements, check images are automatically included, ensuring you have a complete digital record of your transactions.
If you’re already an Online Banking customer, you can easily go paperless now. Typically, these changes will be effective from your next statement cycle.
New to Online Banking? Enroll in Online Banking today to start enjoying the benefits of online statement access.
What software do I need to view my online bank statements?
Bank statements are generally available in PDF format for easy viewing and printing. To access these files, it’s recommended to use Adobe Reader version 6.0 or higher. You can download Adobe Reader for free from the Adobe website. If you encounter issues downloading your statements, try using a different web browser. You can view a list of supported browsers on the Bank of America website for optimal compatibility.
When will my bank statements be available online?
The availability of your bank statements online depends on the type of account you have.
- Credit card, checking, and savings statements: These are usually available in Mobile and Online Banking around the same date each month, depending on your statement closing date. Minor variations of a day or two can occur due to the differing number of days in a month or U.S. bank holidays.
- Automobile and recreational vehicle loan statements: These statements are typically available 20 days before your payment due date.
- Mortgage and home equity statements: The availability for these can vary. For precise details, it’s best to contact customer service.
Going Paperless: Benefits and How-To
What are paperless bank statements?
Paperless bank statements mean you receive your bank statements electronically instead of through traditional mail. This option is available for most Bank of America accounts and offers a convenient and environmentally friendly way to manage your financial documents. With paperless statements, you receive all the same information as paper statements, excluding promotional materials, directly through Online Banking.
How do I switch to paperless bank statements?
Switching to paperless statements is simple for Online Banking customers. Just sign into Online Banking, navigate to Profile & Settings, and then select Paperless settings. After choosing to stop paper statement delivery, you’ll receive a monthly email notification when your statement is ready to view online. You can always revert to paper statements later by adjusting your preferences in the same Paperless settings section within Online Banking.
Are there any fees for going paperless?
No, there are absolutely no fees associated with switching to paperless bank statements. It’s a free service offered to Bank of America customers to enhance convenience and reduce paper consumption. You can go paperless now if you are an Online Banking user.
What are the advantages of paperless bank statements?
Choosing paperless bank statements comes with numerous benefits:
- Reduced Risk of Fraud and Identity Theft: By eliminating paper statements from your mailbox, you decrease the risk of mail fraud and potential identity theft.
- Same Information, More Convenient Access: Online statements provide the same detailed transaction information as paper statements, accessible anytime, anywhere you have internet access.
- Timely Notifications: You receive an email notification each month, reminding you that your latest bank statement is available online.
- Faster Statement Delivery: Online statements are typically available several days earlier than paper statements delivered by mail.
- Access to Statement History: You can easily access and download past statements online, and even order copies beyond the readily available online history.
- Environmentally Friendly: Going paperless helps conserve natural resources by reducing paper usage.
- Easy to Resume Paper Delivery: If needed, you can easily switch back to receiving paper statements at any time through your Online Banking settings.
Go paperless now if you are an Online Banking customer and want to enjoy these advantages.
Understanding and Managing Your Bank Statements
How can a bank statement help me balance my account?
Bank statements are invaluable tools for reconciling your account and ensuring accuracy. Bank of America provides a step-by-step worksheet to simplify this process. This printable worksheet allows you to manually enter recent transactions and compare your records against the bank’s statement to confirm your account balance. Download the Balance Your Account worksheet (PDF format, requires Adobe Reader).
Balancing your account regularly using your bank statement and a reconciliation worksheet can help identify discrepancies and manage your finances effectively.
How do I order copies of older bank statements online?
You can order electronic copies of statements that are older than what is available online, going back up to 7 years. This service is provided free of charge.
If you’re an Online Banking customer, sign into Online Banking, go to the Accounts tab, select Statements & Documents, and then click on the Request statements tab. Electronic statements are usually available within 24-36 hours of your request and remain accessible for 7 days. You will receive an email notification containing a link to your statements once they are ready.
How do I order paper copies of older bank statements?
If you require a physical paper copy of a statement beyond what’s available online, you can also order these, with records available for up to 7 years.
For Online Banking users, sign into Online Banking, navigate to Statements & Documents under the Accounts tab, and then to the Request statements tab. Select the option to Order a paper statement copy. Paper statements are typically mailed within 7 to 10 business days after your request is submitted.
How long does the bank keep records of my bank statements?
Bank of America retains copies of your bank statements for up to 7 years, ensuring you have access to your financial history for an extended period.
Check Images and Check Copies
How do I view my check images online?
Your check images are conveniently available online for up to 18 months. If you are enrolled in Online Banking, sign into Online Banking and select the relevant account from the Accounts tab. Then, navigate to the Activity tab to view and select checks for detailed images.
Are check images included with paperless statements?
Yes, when you switch to paperless statements, check images are included as part of your online statement. This gives you a digital equivalent of receiving your checks back with a traditional paper statement.
How do I order copies of checks?
If you need copies of specific checks, you can order them online. Online Banking customers can order check copies now or sign into Online Banking, select your account, and go to the Information & Services tab.
For check copies older than 18 months, you will need to provide the check number, date, and amount for each check you order. For copies of checks from a line of credit account, please call customer service at 800.934.5626 for assistance.
Are check images available for all accounts on a combined statement?
For combined statements, check images are usually available only for the primary checking account in most states. Canceled checks for other accounts are managed under the Check Safekeeping Service as described in your account agreement.
How long are check images retained by the bank?
Bank of America keeps check images for up to 7 years from the date they are posted to your account.
Are check images considered valid proof of payment?
Yes, check images are widely accepted as valid proof of payment by various entities, including the IRS, Federal Reserve, local and state governments, courts of law, and merchants.
What is the Check Clearing for the 21st Century Act (Check 21)?
The Check 21 Act is a federal law designed to modernize check processing. It allows banks to convert original checks into “substitute checks” or digital images, streamlining the exchange of funds. Typically, after a check is processed and its image is created, the original paper check is destroyed by the processing bank to enhance efficiency and security within the payment system. All U.S. financial institutions are required to comply with this law since October 28, 2004.
Are check images available for Braille or large-print statements?
Unfortunately, check images are not currently available for Braille or large-print statements.
Conclusion
Understanding your bank statements and utilizing online and paperless options can significantly improve your financial management. Bank of America provides various tools and services to make accessing, reviewing, and managing your statements as easy and efficient as possible. Whether you prefer online access or need paper copies, knowing your options ensures you stay informed and in control of your finances.
Go paperless now and simplify your bank statement management today.
