Is It Necessary to Keep Your Financial Statements? National Consumer Law Center. There is a "credit balance" shown on my statement. What is a credit balance? A credit balance on your billing statement is an amount that the card issuer owes you. Credits are added to your account each time you make a payment. A credit might be added when you return something you bought with your credit card. You should consult your own attorney or seek specific advice from a legal professional regarding any legal issues. Plus, having a smartphone might not be enough. Or, you can leave the credit on your account to pay for future charges. A detailed statement; Free for CommerceRelationship checking accounts. A bank statement shows how much money was credited to and debited from a bank account. When you no longer need your documents, be sure to shred the paper files and completely delete the electronic copies (including any backups). Reviewing statements can help you spot fraud and other irregularities, such as an unusually high bill. If you need a paper copy of a bank statement, or a copy of an older statement thats not available online, you may need to visit a bank branch or request the statement by mail. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Chase also offers online and mobile services, business credit cards, and payment acceptance solutions built specifically for businesses. Not necessarily. Should You Use a Brokerage Checking Account? Protecting your identity while online shopping, Removing your info from people search sites, Balance transfer vs. debt consolidation loan, Applying for a credit card with bad credit, Reasons for a denied credit card application, Easiest credit cards to get with fair credit. Knowing what a bank statement is and how to properly use it could help further your financial goals. Your bank statements can offer a quick account summary of your account, and regularly reviewing your statements could help you stay on top of your personal finances. See Experian's guide to storing financial documents for tips on how to maintain them safely and securely. His bank also provides graphs of his spending history. Explore guides to help you plan for big financial goals. I make a lot of mistake, but I tend to ignore them until they go away, like illegitimate children. Banks have encouraged customers to opt into electronic statements, or go paperless, for over a decade, and the push continues; a quarter of banks now charge a fee to send a paper statement, according to 2014 data from banking analytics firm Novantas. Credit Karma is a registered trademark of Credit Karma, LLC. There are several reasons you may need to get a bank account statement or a statement for one of your other accounts. Chase, for example, holds onto statements for seven years. Computers crash and files get lost, so storing statements digitally isnt foolproof. Email: