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How to Get a Bank Transaction Statement

Bank Transaction Statement


When applying for a home loan, business loan, and other loans, your assets and bank information are typically required.  While a bank statement is usually sufficient, mortgage lenders often require transaction statements due to the transaction being on a tight timeframe.

Bank statements tend to only come out once a month so when recent transactions need to be verified, a bank Transaction Statement will typically do the trick!

Perhaps you are at that stage in your home loan processing, or you would like to have the necessary information before beginning your mortgage process. This article is a complete guide that provides you with all of the information you need to obtain a bank transaction statement regardless of who you bank with.


What Is a Bank Transaction Statement?

A bank transaction statement is a document containing recent transactions or history in your account. You can pull a transaction statement for normal bank accounts like checking/savings as well as non-liquid accounts like IRAs, 401ks, etc. 

It typically will show similar data to that of an official Bank Statement, except that it'll be non-official meaning it can withhold sensitive information like Social Security numbers, full account numbers, etc.


How To Obtain a Bank Transaction Statement

You can obtain a free IRS transaction statement at any time with nearly any bank using one of the following methods:

Download Your Transaction Statement Online

This is the simplest and quickest way to obtain your bank transaction statement. In addition, it allows you to avoid any unnecessary trips to the bank.

Transaction Statement_ Date Range

After successfully downloading your transaction statement, you'll be able to send that PDF over to your lender and voila! All done!


Obtain Your Transaction Statement In Person

If you're unable to login to your online banking portal or the previous method doesn't work for you, you'll need to go into a local branch for help.

This method definitely takes a little longer but is typically the failsafe option to ensure you get your necessary documents over to your lender to close on time.


Obtain Your Transaction Statement Over The Phone

You can also get a bank transaction statement mailed or faxed to you by calling your bank.


Why Do You Need An Bank Transaction Statement?

As part of the loan application process, mortgage lenders require that there be no gaps in between asset statements. For example: If you submitted a bank statement that was dated January 1st to January 31st and then you paid your earnest money for your home purchase on February 7th, there would be a gap in assets if you provided the receipt of earnest money. To combat this, mortgage lenders would require you to obtain a bank transaction statement dated January 31st (which was the date of the last statement) up until February 7th (or whenever the withdrawal/deposit in question happened).

Thus, giving a perfect asset history without any gaps.

The following are the major reasons why your lender requires assets without any gaps:

In addition, a bank transaction statement would allow a lender to increase the verified assets on your loan application if payday occurred just after a bank statement cycle.


Final Note

Bank transaction statements are essential pieces of documentation in your mortgage process. Your lender will require them to evaluate your asset history and payment ability to verify the information contained in your loan application. Once you present your transaction statement to your lender, you are one step closer to getting your final mortgage approval.



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