Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail
Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail

Account History

What it is:

An account history is a statement of all the activity that has occurred in an account for a given period of time.

How it works (Example):

Monthly bank statements for common checking accounts often are account histories. They show all of the deposits and withdrawals in the account for a month. Most account histories are electronic records and go back to the account's inception.

Why it Matters:

Account histories are important for reconciling and balancing an account. They are also important for credit accounts, such as credit cards, because they help identify unusual and possibly fraudulent transactions. Lenders may also look to borrowers' account history to confirm that the borrower has done or not done certain things. The IRS and law enforcement authorities may even look at account histories to identify tax evasion or improper activity.

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