What is 'Combined Statement'
Also known as a descriptive or consolidated statement, combined statements aggregate all information about all of a customer's accounts onto a single periodic statement. For example, if a bank customer has a mortgage, line of credit, retail account, IRA and trust account, then the bank will mail one statement that gives a complete breakdown of all three accounts. This includes all deposits, withdrawals and other transactions, as well as beginning and ending balances.
BREAKING DOWN 'Combined Statement'
Combined statements are offered for both the bank's and the customer's convenience. Instead of having to print and mail out separate statements for each account, the customer can receive one statement that contains all pertinent information. This makes for easier recordkeeping by the customer and lower printing and mailing statements for the bank.