Money Management Newsletter: General Interest
Need help understanding your account statements?

By The Money Management Editor (with files from InvestorEd.ca)
Money Management Newsletter, June 2005

Are your investments doing as well as you expected? Do you know what they are worth? Your investment account statement gives you the information to answer these important questions.

You should review your statements to ensure everything is in order. It's up to you to check your statement and report any errors promptly, because mistakes can and do happen. The longer you wait, the more difficult it is for the financial firm to fix an error. If you find a problem contact your advisor for assistance. If you deal at a bank or discount broker, most will have a help desk to explain the structure of their account statements.

When you receive your account statements, follow this simple check list for the following:

1. Your name, address, account number and adviser information are correct.
2. The opening balance matches the closing balance on your last statement.
3. New deposits to the account during the statement period were properly credited.
4. The list of what you bought and sold matches your confirmation slips.
5. Any automatic withdrawals were processed on the correct business day.
6. The beneficiary information is correct.
7. Ensure you understand the fees you are paying. Many costs are not included on your statements and affect your bottom line.

If you do not use the services of a investment advisor and wish to learn more about your account statements and the important information they contain, have a look at the Understanding Your Account Statement tool on the www.investorED.ca website. This tool provides you with three types of sample statements and allows you to scroll through to learn about the language used (such as "book value"). investorED.ca, is the website of The Investor Education Fund, a non-profit dedicated to providing objective and free investor education resources.

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