A “Kontoauszug” translates to “bank statement” in English. It is a document that lists all transactions that have occurred over a specific period of time on a bank account.
What is “Kontoauszug”?
A Kontoauszug is an official document provided by banks in Germany that summarizes the account activities over a certain period, usually a month. It includes details such as the account holder’s name, address, account number, and a list of all transactions made, including deposits, withdrawals, and charges. This document is essential for tracking financial activities, verifying transactions, and for record-keeping purposes. In Germany, it serves as a crucial tool for both personal and business financial management.
More information about “Kontoauszug”
Traditionally, Kontoauszüge were printed and either mailed to the account holder or could be printed at bank ATMs or in branches. However, with the advent of digital banking, electronic Kontoauszüge, which can be accessed online through banking platforms or emailed directly to the account holder, have become more common. This shift not only facilitates immediate access to financial information but also contributes to environmental conservation by reducing paper use. It’s important to note that banks in Germany are required to keep transaction records for a minimum of ten years, and account holders are advised to retain their Kontoauszüge for at least three years to comply with the statute of limitations for certain financial disputes[2][3][8].
Related to “Kontoauszug”
Here are some additional terms that are related to Kontoauszug:
- Girokonto: A current account used for daily banking transactions.
- Überweisung: A bank transfer from one account to another.
- Lastschrift: A direct debit, where a third party is authorized to withdraw funds from an account.
- Dauerauftrag: A standing order for regular payments of a fixed amount.
In conclusion, the Kontoauszug is an essential document for managing finances in Germany, providing a clear and comprehensive record of all transactions on an account.