Bank Statements: What They Are and How To Make Sense of Them

Your bank statement isn't just numbers—it's the diary of your dollars. Here's how to read between the lines to track habits, catch errors and make smarter financial moves.

Reviewing your bank statement is one of the simplest, most effective ways to keep tabs on your financial health. That's because every deposit, every swipe of your debit card, every ATM visit—it's all laid out in neat columns and rows. In other words, it's your money story in black and white, and a careful read can be surprisingly revealing.

Here's how to use your bank statement to spot errors, guard against fraud and get a clearer picture of your spending.

What Is a Bank Statement?

A bank statement is a summary of your bank account activity over a set period—usually a month, sometimes a quarter. It's your bank's official record of what money came in, what went out and where it went.

Think of it as both a receipt and a report card. It shows your opening and closing balances, transactions and any fees or interest.

You can often choose how you'd like to receive your statements: digitally, by mail or both. The important part is that you take the time to actually read them.

How To Obtain Your Bank Statement

Today's banks offer several options to access your statement, from online portals and sleek mobile apps to good old-fashioned paper copies. Here are the main ways to get your Synchrony bank statement:

Online

After logging in at www.synchrony.com/banking, look along the top for the tab labeled “Inbox." From there, you'll see "Statements" listed underneath, and then you can view recent months or scroll back through your history. Downloading your statements as PDFs makes it easy to save, print or even upload them into budgeting software. To request email notifications that let you know when your monthly bank statement is available, look for the "Statements and Notice Delivery Preferences" section under "ePreferences" or "Settings."

Mobile app

You can also access your statements in the Synchrony Bank App, which is free to download from the App Store for iOS and Google Play Store for Android.

Physical statements by mail

If you prefer to get a paper statement by mail, select this option in your online account settings under the "Statements and Notice Delivery Preferences" section.

How To Read a Bank Statement

Not all statements look identical, but most contain the same building blocks. Here's a breakdown of what you'll typically find and what each section means.

Account information

This is the header of your statement. It includes your name, mailing address, account number, the type of account (checking, savings, etc.) and the statement period dates.

Summary section

This at-a-glance overview tells you:

• Opening balance: what was in your account at the start of the statement period.
• Deposits/credits: total money added to your account.
• Withdrawals/debits: total money spent, withdrawn or transferred out.
• Closing balance: what's left at the end of the period.

Transaction history

Each line item shows the date, description and amount of the transaction—whether it was a paycheck deposit, debit card purchase, bill payment or ATM withdrawal. This section is often the most time-consuming to review, but also the most telling.

Fees and charges

Any charges by your bank—such as maintenance fees, overdraft charges or ATM fees—are listed separately, so they're easy to identify. If you travel, you might also spot foreign transaction fees—usually a small percentage of each ATM withdrawal or purchase made in another currency. If something doesn't look right, don't be shy about asking your bank for clarification.

Interest and other credits

If your account earns interest, this is where you'll see the amount added to your balance. You might also notice other credits, like a refund for a returned purchase or a bank adjustment. Even small amounts are worth noting—they all add up over time.

Tips When Reviewing Your Bank Statement

Now that you know how to find and read your statement, how should you use it? Here are a few smart habits:

• Check for unauthorized transactions. Fraud doesn't always show up as a giant red flag—it might sneak in as a $1.25 “test charge." Spotting it early saves headaches later.
• Compare with your own records. Match transactions against receipts, budgeting apps or even your mental tally. This double-checking builds confidence that everything is accurate.
• Spot subscription creep. Your statement is a detective when it comes to forgotten subscriptions—an old gym membership, a streaming service you don't use anymore or that free trial you never canceled.
• Review spending patterns. Do you see lots of late-night food delivery charges? More ATM fees than you realized? Insights here can guide smarter budgeting.
• Set reminders. Reviewing your statement once a month only takes a few minutes. Put a recurring calendar reminder in your phone so it becomes second nature.

What To Do If You Find Errors or Fraud

Mistakes happen, and fraud is unfortunately a reality. If something looks off on your bank statement, here's what to do:

1. Contact your bank immediately. Most institutions have a dedicated fraud hotline. The sooner you report an issue, the faster it can be resolved.
2. Dispute the transaction. Your bank may require you to fill out a form or provide documentation.
3. Keep records. Save emails, forms and copies of your statement highlighting the error. Having a paper trail helps if follow-up is needed.
4. Follow up. Don't assume the problem is fixed until you get confirmation. Banks usually investigate and update you within a set time frame.

The Bottom Line

Your bank statement may not be a beach read, but it is one of the most valuable documents in your financial life. It helps you track your money, flag errors and even identify opportunities to save more. And if you notice your balance is growing, consider moving extra funds into a Synchrony High Yield Savings Account, where your money can work harder for you. After all, every financial story has a next chapter—your bank statement just helps you write it with more intention.

READ MORE: What Is a High Yield Savings Account? Pros, Cons and How It Works