Descriptive Statement

AAA

DEFINITION of 'Descriptive Statement'

A bank statement that lists deposits, withdrawals, fees, etc. in chronological order. The term "descriptive statement" sometimes refers specifically to information on a statement for which no physical item (such as a check) is enclosed.

INVESTOPEDIA EXPLAINS 'Descriptive Statement'

Under the Securities and Exchange Commission's Regulation E, financial institutions must send statements to customers for each monthly cycle in which an electronic fund transfer (EFT) has occurred. Specific examples of an EFT under Reg E include debit card and ATM transactions, as well as ACH and non-operator-assisted telephone transfers. If no EFT has occurred, only quarterly statements are necessary.

RELATED TERMS
  1. Core Deposits

    The deposits made in a bank's natural demographic market. Banks ...
  2. Bank

    A financial institution licensed as a receiver of deposits. There ...
  3. Automated Clearing House - ACH

    An electronic funds-transfer system run by the National Automated ...
  4. Automated Teller Machine - ATM

    An electronic banking outlet, which allows customers to complete ...
  5. Account Analysis

    1. In cost accounting, this is a way for an accountant to analyze ...
  6. Bank Statement

    A record, usually sent to the account holder once per month, ...
Related Articles
  1. 10 Bank-Breaking Money Myths
    Retirement

    10 Bank-Breaking Money Myths

  2. The Ins And Outs Of Bank Fees
    Options & Futures

    The Ins And Outs Of Bank Fees

  3. Your First Checking Account
    Insurance

    Your First Checking Account

  4. What are the advantages and disadvantages ...
    Investing

    What are the advantages and disadvantages ...

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center