GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Statement


Synonyms:bank statement, financial statement
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of statement

statement
1. A document stating facts sent out by a bank, lender or financial institution.
2. A documented record (paper or electronic) of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, cheque fees, service and interest charges, ATM activity, et cetera.

Related Terms and Acronyms:

  • annual fee   A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual fee.
  • annual mortgage statement   A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
  • bank   An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • billing statement   A monthly bill that is sent by a creditor to the customer that provides a summary of the activity on an account. This can include balances, purchases, payments, credits, and finance charges.
  • lender   The bank or mortgage company offering the loan.
  • minimum balance to open an account   The minimum initial deposit required to open a bank account.
  • minimum monthly balance   The least amount of money in a bank account during an entire month.
  • year-end statement   A report sent to the borrower each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.

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