What is an Itemized Statement?
An itemized statement is a periodic document issued by a financial institution, such as a bank or brokerage firm, to its customers detailing all account activity for the period. Itemized statements include deposits, credits, debits, fees and all other pertinent activity. Usually, this information is presented in chronological order, although it may be broken down in several different ways for the customer's convenience.
Understanding an Itemized Statement
Itemized statements can be issued for many types of accounts and financial products. Itemized statements of bank card accounts will list the names of all debiting merchants next to each terminal entry. ATM locations are typically listed for debit card withdrawals. Itemized statements used to be considered a premium service for preferred customers by many institutions, but computerized record-keeping has made them commonplace today.
In today's world there are many e-commerce platforms that handle payments and transactions electronically. Sites like PayPal, Venmo, and Stripe handle more and more payments these days. They also provide detailed itemized statements for online merchants and all of their customers.
Example of an Itemized Statement
For example, Bert has a brokerage account and bank account with XYZ Bank and Brokerage. Every month, he receives an itemized statement breaking down all of the trading, credit, debit, and fee activity within his account.