Statement Summary

• The statement summary is your financial month at a glance - at least for this account. It may be called other headings such as "Account at a Glance" or "Transaction Summary." This section takes the final balance at the close of the previous month and then summarizes all deposits and withdrawals. This leaves you with the month end balance. If you have balanced your check book and this coincides with your checkbook ledger, then you should feel pretty confident that all transactions went as expected.
  
  

Transaction Detail

• If there is a discrepancy from what your checkbook says your final balance should be and what you see your final balance showing on the summary, then you need to look at the transaction details. This section may be pages long and itemizes each check, debit card purchase and ATM withdrawal. It also lists automatic payments that go out. This is in chronological order. This also includes any credits such as deposits made on your account as well.
  
  

Check Transactions

• Knowing which checks have been cashed is imperative to knowing what your real available balance is. Along with the transaction detail, many banks include a specific check section that lists the checks cashed and notes which ones are outstanding. You will need to deduct the pending checks from your available balance for your accurate available balance. Remember, vendors have anywhere from six to eighteen months, depending on the institution, to cash a check. If you think you have the money and then spend it, you may bounce a check because the person finally deposited it.
  
  

Daily Balance Summary

• The daily balance summary gives you detailed itemization of what the incoming money and outgoing transactions are. While this doesn't give you the details of each transaction, it can help you see discrepancies that you were not aware of. For example, if you are wondering why your account is being assessed an overdraft fee for an item, you may see that your deposit did not become available before a check was cashed and cleared. Seeing this daily balance can help you better manage when you send bills in relation to making deposits.
  
  

Identifying Fraud

• Within your statement are many areas to make sure you are not a victim of fraud. In the transaction detail, look for debit card purchases that you don't recall making. These may often be online transactions but are not limited to just Internet vendors. There should be a number associated with a vendor that you can call and inquire about the transaction. Reconcile not just your check numbers but the amounts for which they were cashed. There are still those who wash checks and write in a larger amount. Contact you bank immediately with any suspected fraudulent activity to begin an investigation.