What is NOT a purpose of a bank statement?

What is NOT a purpose of a bank statement?

• A. To summarize account activity
• B. To highlight transaction details
• C. To provide terms and agreement of the checking account
• D. To show the account balance

Answer: (C)

A bank statement primarily serves to provide a summary of account activity over a specific period, highlight transaction details, and show the account balance. These elements are essential for customers to keep track of their finances, understand transaction history, and ensure that their records match the bank's entries. The purpose of providing the terms and agreements of the checking account, however, does not fall under the typical functions of a bank statement. Instead, the terms and agreements are usually provided separately at the time of account opening or upon request, and they outline the rules governing the account, such as fees, withdrawal limits, and other important conditions. Thus, this option accurately reflects something that is not a typical purpose of a bank statement.

A bank statement primarily serves to provide a summary of account activity over a specific period, highlight transaction details, and show the account balance. These elements are essential for customers to keep track of their finances, understand transaction history, and ensure that their records match the bank's entries.

The purpose of providing the terms and agreements of the checking account, however, does not fall under the typical functions of a bank statement. Instead, the terms and agreements are usually provided separately at the time of account opening or upon request, and they outline the rules governing the account, such as fees, withdrawal limits, and other important conditions. Thus, this option accurately reflects something that is not a typical purpose of a bank statement.