Descriptive Statement
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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. |
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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. |
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