Because not every bank uses the same abbreviations or terms, you may not always know what your statement is telling you.
Your HSBC bank statement shows everything you’ve spent and received over a certain time period.
At the top of the page, your name, address, the time period covered by the statement, and the name of your account are listed.
In the top right corner, you’ll see the name of the account the statement is for and a summary of the account.
International Bank Account Number (IBAN): The IBAN is a set of letters and numbers that can be used to find bank accounts anywhere in the world.
Bank Identifier Code (BIC): Your BIC tells banks outside the UK where to send money.
This is how much money was in your account at the beginning of the statement period.
Payments in: The total amount you got during the statement period, such as your salary or benefits.
Payments out: The total amount you spent during the statement period. This could include things like shopping, money you took out of an ATM, and Direct Debits or standing orders you set up regularly.
This is how much money was in your bank account at the end of the statement period.
Overdraft limit: This is the agreed-upon maximum amount that you can be short on this account.
Under “Summary,” the following important information is given:
Sort code: A six-digit number that tells where your bank account is held.
Account number: This 8-digit number is unique to your account and will be needed by anyone sending you money.
Sheet number: Your statement might be longer than one page. Each sheet is numbered so you can keep them in the right order.
