How to Read Your Bank Statement and Detect Errors

Key Elements of Your Bank Statement

The Opening and Closing Balance

The opening balance corresponds to the closing balance of the previous month. The closing balance is the result of all transactions for the month. The difference should exactly match the sum of your transactions.

Debit Transactions

These are outgoing funds: card payments, outgoing transfers, direct debits, checks. Each transaction includes a date, a description, and an amount.

Credit Transactions

These are incoming funds: salary, received transfers, refunds, interest.

How to Detect Errors

Double Debit

Check that no transaction appears twice. This is the most frequent error, especially with card payments.

Unauthorized Direct Debit

If a direct debit does not correspond to any of your contracts or subscriptions, it may be an error or fraud. Dispute it within 13 months.

Incorrect Amount

Compare the debited amount with the receipt or invoice. Data entry errors happen.

Disputing a Transaction

1. Contact your bank within 13 months of the transaction (8 weeks for a SEPA direct debit)
2. Fill out the dispute form
3. The bank must provisionally refund you within 10 business days
4. An investigation is conducted to confirm the fraud

The Alternative: Real-Time Tracking

Rather than waiting for your monthly statement, use an application that shows you your transactions in real time. Every expense is instantly visible, allowing you to detect any anomaly immediately.