Financial Literacy: Reading a Bank Statement
Understanding deposits, withdrawals, fees, and balances
Financial Literacy: Reading a Bank Statement
Understanding deposits, withdrawals, fees, and balances
Financial Literacy - Grade 6-8
- 1
Maya's bank statement shows a beginning balance of $245.60. During the month, she deposited $80.00 and withdrew $35.25. What should her ending balance be?
Add deposits to the balance and subtract withdrawals.
Maya's ending balance should be $290.35 because $245.60 plus $80.00 equals $325.60, and $325.60 minus $35.25 equals $290.35. - 2
A bank statement lists these transactions: beginning balance $120.00, debit card purchase $18.45, ATM withdrawal $40.00, deposit $75.00, and monthly service fee $5.00. Calculate the ending balance.
The ending balance is $131.55 because $120.00 minus $18.45 minus $40.00 plus $75.00 minus $5.00 equals $131.55. - 3
On Jordan's statement, a transaction labeled 'Deposit' shows $150.00. Does this increase or decrease the account balance? Explain your answer.
Think about whether the money is going into or coming out of the account.
A deposit increases the account balance because money is being added to the account. - 4
A bank statement shows an ending balance of $386.20. The checkbook register shows $406.20. What is the difference between the two balances?
The difference between the two balances is $20.00 because $406.20 minus $386.20 equals $20.00. - 5
Lena's statement shows a $12.00 monthly maintenance fee. If her balance before the fee was $98.75, what is her balance after the fee is taken out?
A fee is money the bank takes out of the account.
Lena's balance after the fee is $86.75 because $98.75 minus $12.00 equals $86.75. - 6
A bank statement includes the following entries: 9/3 deposit $60.00, 9/5 debit card purchase $22.35, 9/8 check #104 $31.50, and 9/12 deposit $45.00. Which transactions are withdrawals?
The withdrawals are the debit card purchase for $22.35 and check #104 for $31.50 because both transactions take money out of the account. - 7
Noah had a beginning balance of $500.00. His ending balance was $462.40. There were no deposits during the month. How much money was withdrawn or charged in total?
Compare the beginning balance to the ending balance.
A total of $37.60 was withdrawn or charged because $500.00 minus $462.40 equals $37.60. - 8
A bank statement shows an ATM withdrawal of $40.00 and an ATM fee of $3.00 for the same day. How much did the account balance decrease in total?
The account balance decreased by $43.00 because the $40.00 withdrawal and the $3.00 fee were both subtracted from the account. - 9
Priya's bank statement shows a debit card purchase at a grocery store for $28.64. Priya's receipt says the purchase was $26.84. What should Priya do next?
When a statement and receipt do not match, the account holder should investigate the difference.
Priya should compare the receipt with the bank statement and contact the bank or the grocery store if the statement amount is incorrect. The possible error is $1.80 because $28.64 minus $26.84 equals $1.80. - 10
Use this statement summary: beginning balance $210.50, deposits $125.00, withdrawals $94.75, and fees $6.00. What is the ending balance, and what does this tell you about the account for the month?
The ending balance is $234.75 because $210.50 plus $125.00 minus $94.75 minus $6.00 equals $234.75. This tells you the account increased by $24.25 during the month.