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What is a Bank Statement?

Bank statements list money that has gone into your account (deposits) and money that has gone out (withdrawals, bill payments, debit card purchases, and bank fees). They also show your account balance at the start and end of the period.If you apply for a payday loan, lenders often ask for a recent bank statement to verify your income and spending.

Bank Statement Definition

  • Bank Statement: A bank statement is a summary of all the transactions in your bank account over a set period. Banks in Canada usually send these statements every month. You can receive them by mail or view them online through your banking app or website.

Why Are Bank Statements Important?

Bank statements are important for keeping track of your money. They help you:

  • See where your money is going
  • Spot mistakes or unauthorized charges
  • Confirm deposits like paycheques or government benefits
  • Keep records for taxes and applications

When you apply for a loan from a lender like Speedy Cash, your bank statement also shows that you receive regular income and that you have an active chequing account.

What Does a Bank Statement Include?

A Canadian bank statement usually includes:

  • The account holder’s name and address
  • The bank’s name and contact details
  • The account number
  • The statement period (for example, July 1–July 31)
  • A list of all transactions:
    • Deposits (e.g., paycheques, e-transfers)
    • Withdrawals (e.g., ATM withdrawals, debit purchases)
    • Payments (e.g., bills, pre-authorized debits)
    • Fees and service charges
  • The opening and closing balance

What is an Online Bank Statement?

Most Canadian banks now offer online bank statements through their apps or websites. These electronic statements have the same information as paper statements but are stored digitally.

Online statements are easy to access and reduce paper waste. You can usually download them as PDF files. If you need to apply for a payday loan online, lenders often ask you to upload one of these PDF statements.

Bank Statement vs. Transaction History

A bank statement is different from a transaction history.

  • Bank statement: Covers a full period (usually one month) and is sent by your bank.
  • Transaction history: A real-time list of account activity that you can view anytime.

Lenders like Speedy Cash prefer a full bank statement because it shows a complete financial picture over a longer period.

How Do You Get a Bank Statement?

You can get a bank statement by:

  1. Online Banking: Log in to your bank’s website or app and download your statement.
  2. In-Branch: Ask a teller at your local branch for a printed copy.
  3. By Mail: Most banks mail paper statements unless you opt for online-only.

If you are applying for a loan, make sure the statement is recent (usually from the last 30–60 days).

Why Lenders Ask for Bank Statements

When you apply for a payday loan, lenders use bank statements to:

  • Verify your income and employment
  • Check your account balance
  • Confirm your account is active and in good standing

Speedy Cash, for example, requires you to provide a 30–60 day bank statement when you apply for a payday loan. This is part of the loan requirements that help verify your financial situation.

Loan Requirements that Include a Bank Statement

To apply for a payday loan with Speedy Cash, you must meet certain requirements, including providing a recent bank statement.

Speedy Cash Loan Requirements

  • One piece of Government Picture ID
  • Pre-Authorized Debit Form (PAD)
  • 30–60 Day Bank Statement
  • Proof of Address
  • Most recent Pay Stub (if your income is not Direct Deposit)

Speedy Cash Service Areas

Note: Speedy Cash does not offer loans 24/7. Loan processors work during business hours. Instant funding is only available through EMT with Auto Deposit.

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Summary

A bank statement is a document provided by your bank showing all transactions in your account over a specific period. It lists deposits, withdrawals, fees, and balances, and is often required when applying for payday loans to confirm income and financial stability. Always keep recent bank statements handy for quick access.