ADMINISTRATIVE PROCEDURES
Bank Account Statement: how to obtain it
Bank statements serve multiple purposes, from proving you have enough money to buy property, move into the UK, and ascertain your home address. Most institutions ask for your most recent bank statements before approving your requests. So, how do you get a bank statement in the UK? Let’s find out.
What Is a Bank Statement, and Why Might You Need One?
A bank statement records financial transactions moving in and out of an account over time. It summarises your account activity within a month or a few years. Most people request bank statements to track their expenditures to make a spending plan. However, you may need to get a hold of one of these slips for official administrative purposes.
Administrative Procedures That Require a Bank Statement
Whether a Brit or a visitor looking to immigrate into the country, you will need to provide a bank statement to ascertain particular requirements as part of an application process, for example. In general, you may need to produce a bank statement:
- • As evidence that visa applicants can support themselves and their dependents when relocating to the UK
- • As proof of address for UK citizens and residents
- • To demonstrate that loan and mortgage applicants have the financial muscle to repay debts
- • To prove you have no ties to criminal activities
- • For book-keeping and tax filing for businesses
- • To track the inventory and assets a company has
- • To invoice clients for products and services rendered
Who can Get It?
Getting a bank statement is not reserved for special people, which means anyone can get it. However, you must own a bank account to be eligible to request this document. Additionally, your bank account must be active to get a valid transaction slip.
Requirements And Documentation Needed
Due to privacy reasons, anyone who requests a bank statement has to provide particular documents. You need to prove ownership of the said account, and your ID, driver’s licence, or passport comes in handy for this purpose.
Proof of address is also mandatory if you want to have the statement sent to you by mail. You should also attach an application letter to the bank’s branch manager stating your request, especially if you need the bank slip urgently.
Where And How to Get It
You can get a bank statement using two options. Applicants can either visit their bank in person and request it. This option requires some patience because you may have to queu for it. Some banks will print the statement for you on the spot while others may offer to mail a copy of the statement to you. If you chose this option it may take a few days before it reaches you.
You can also use the electronic option to print out statements. However, this option is only accessible to individuals who use online banking. It allows you to view your transaction history instantly when you log into your banking account via the browser or banking application.
Validity And Processing Time
Bank statements are valid for a lifetime but only useful for about six months. After this period, you must request the bank for a new tab. This is because most institutions prefer bank statements for the past half-year activity in your account.
When it comes to processing time, it may take a few minutes to access the slip for several days, but this depends on the option you choose when applying for the banking slip.