Your TRS Annual Statement is one of the most important documents you will receive from TRS. It includes valuable information about your membership which will help you plan for your retirement. Grab your statement and follow along as this video walks you through your statement section by section….(read more)

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Understanding Your Member Statement

As a member of a financial institution, it is important to stay informed about the status of your accounts and track your financial transactions. One of the essential tools that can help you in doing so is your member statement. This document provides you with a comprehensive overview of your account activities over a given period. However, the statement may seem confusing and overwhelming at first glance. To help you navigate through your member statement with ease, here is a breakdown of its key components:

1. Account Summary: The member statement typically starts with an account summary section. This section provides crucial information about your account, such as the account number, account holder’s name, current balance, and the statement issuance date. Make sure to review this section to ensure all the details are accurate.

2. Transaction Details: Moving on, the statement will list all the transactions made within the statement period. It includes both deposits and withdrawals. Each transaction is accompanied by the transaction date, a description of the transaction, and the amount involved. Take your time to review each transaction and ensure that it aligns with your records. If you come across any discrepancies or unfamiliar transactions, contact your financial institution immediately to investigate further.

3. Interest and Dividends: If you have interest-bearing accounts or investments, your member statement will disclose the interest earned or dividends received during the statement period. This information is essential for tracking your passive income and understanding how your investments are performing.

4. Fees and Charges: It is crucial to pay attention to any fees or charges listed on your member statement. Financial institutions may charge fees for various services, such as account maintenance, overdrafts, or ATM usage. Make sure to understand the fees you’ve been charged and evaluate whether they align with the services you’ve received. If you have any concerns or if you identify any erroneous charges, raise them with your financial institution.

5. Important Notices: Towards the end of your member statement, there may be a section dedicated to important notices or updates from your financial institution. This section often includes information about changes in terms and conditions, upcoming promotions, or any significant updates pertaining to your account. It is important to read and understand these notices to stay informed about any changes that may impact you.

6. Contact Information: Lastly, ensure that your financial institution’s contact information is easily accessible on your member statement. This includes phone numbers, email addresses, and physical addresses. Keep this information handy in case you have any questions or concerns about your account or your member statement.

In conclusion, your member statement plays a vital role in keeping you informed and in control of your financial transactions. By familiarizing yourself with the key components of your member statement, you can have a better understanding of your account activities, identify any discrepancies, and address any concerns promptly. Remember, if you have any doubts or questions about your member statement, do not hesitate to contact your financial institution for assistance.