Decoding the Monthly Bank Statement

PR Manager

Jul 27, 2023
4 min

Every month, we send you a message – your monthly bank statement. Ever wondered why we do that – and how you can do it? Well, now you’ll get all the answers!

Monthly statements give us a snapshot of our financial activities, offering valuable insights into how we spend, save, and invest. In this article, we'll dive into why it's important to understand why we receive these statements and how they comply with EU regulations. We'll also talk about why it's crucial to review and use bank statements for effective financial management, so you can make informed decisions with confidence.

Understanding the Purpose of Monthly Bank Statements

Financial institutions in the European Union have to follow regulations that require them to provide monthly bank statements to customers. These rules are in place to ensure transparency, protect consumer interests, and prevent fraud in the banking sector.

Monthly bank statements have multiple purposes. Their main goal is to give customers a detailed record of their financial transactions. By providing an overview of account activity, bank statements help account holders keep an eye on their spending, deposits, withdrawals, and other financial moves. This comprehensive information helps you stay financially aware and keep track of your funds accurately.

These statements are really important when it comes to managing personal finances effectively. By analyzing your transaction history and looking at how money flows in and out, you can find areas where you can improve how you handle your finances. For example, if you notice you're spending too much or there are recurring charges, you can tweak your budgeting approach to better match your financial goals.

Also, monthly bank statements help with tax compliance. It's important to keep track of your financial transactions throughout the year to accurately report your taxes. Bank statements are a reliable source of information when preparing your tax returns, making sure you comply with tax regulations and reducing the risk of errors.

Last but not least – another function of monthly statements is to keep your money safe. Compare your statements with your personal financial records to identify any discrepancies or unauthorized transactions promptly. If you notice any discrepancies, contact us immediately! Read more about the protection of your payment data here.

Key Components of a Monthly Bank Statement

Monthly bank statements usually have different parts that give a complete picture of your financial situation. Some of these key components are:

  • At the top of the statement, you'll find personal account details like the account holder's name, account number, and address. This information is important to make sure that the statement is correctly associated with your account.
  • The transaction history is like the core of a bank statement. It's where you can find all the details about your financial activities during the statement period. Each transaction includes the date, description, and amount, so you can easily track your spending, income, and transfers. Pretty handy, right?
  • The statement shows the account's current balance, which represents the funds available for use. It also displays the turnover: total spending and earnings for the month.

To sum up, monthly bank statements aren't just pieces of paper or digital records. They play a crucial role in financial management and complying with EU regulations. Understanding their purpose and significance empowers individuals to take charge of their financial well-being and make informed decisions for a secure financial future. Embracing the insights offered by these statements gives us the power to secure our financial future.


How do I receive my monthly statement?

You don’t need to do anything. If you are already a Blackcatcard customer – at the beginning of the month, you will receive a monthly statement for the previous month.

Do I have to monitor my monthly statements?

No, you don’t have to do that. However, it is a useful tool for financial planning and control of spending.

How do I access my monthly statement?

Log in to a desktop version of Blackcatcard online banking ( and go to the “Reports” section.

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