Are you applying for a visa or loan? Perhaps you would like to understand your spending habits and budget better. Whatever your next step is, an account statement or proof of account will come in handy. Asides from being a legal, financial document, they contain all the details about your finances and spending habits. 

Sadly, some financial institutions require a formal request before issuing these documents, but fortunately, we’re all about convenience and ease on Grey. So if you have an account on Grey, in this article, we will show you how to easily get your account statement and proof of account in less than a minute. Keep reading to find out how.

What is Proof of Account?

Proof of account is a method used to verify the ownership and existence of a particular account. This is usually done in the context of financial institutions, such as banks or brokerage firms, where individuals or businesses must prove that they have an account with the institution.

Proof of account can take many forms but typically involves providing documentation verifying the holder’s identity and account details. This may include a bank statement, a canceled check, or a letter from the financial institution confirming the account’s existence (which is what Grey offers).

Why are Account Statements and Proof of Accounts Important?

Account statements are essential financial documents that provide a clear overview of your financial transactions, including deposits, withdrawals, and account balances. These documents are essential for various reasons. However, the most popular ones are for:

1. Expense Management

Account statements help you track your spending and clearly show where your money is going. You can use them to identify areas where you can cut back on expenses and save money.

These account statements can also help you create a budget by providing you with a detailed breakdown of your income and expenses. You can use this information to plan your finances better and set financial goals in the future.

2. Tax purposes

Account statements and proof of accounts are also crucial for tax purposes. If you reside in a country where you need to stay on top of your taxes, like the US or UK, you’ll need these statements to keep track of your cash inflow. You also need it to prepare your tax returns and ensure you are paying the correct amount of tax.

3. Loan applications

Lenders typically require proof of accounts to verify your income and financial stability when applying for loans. Without these documents, you may not be able to secure a loan.

It serves as evidence of your financial standing and stability. Lenders use this information to determine whether you are a suitable candidate for a loan.

Proof of account includes bank statements, pay stubs, and tax returns. These documents show a lender how much money a borrower has, their income, and their expenses. By analyzing this information, lenders can assess a borrower's loan repayment ability.

So if you have a stable income, a good credit score, and a healthy balance in your bank account, you’ll be more likely to be approved for a loan. 

On the other hand, a borrower with a low income, poor credit history, and little to no savings is considered a high-risk candidate, and their loan application may be rejected.

4. Fraud prevention

One of the main ways that proof of account helps prevent fraud is by detecting and preventing account takeover fraud. Account takeover fraud occurs when a fraudster gains access to a legitimate account by stealing the account holder’s login credentials. 

With proof of account, financial institutions can verify that the person accessing the account is the legitimate account holder and prevent unauthorized access.

Download Your Grey Account Statements and Proof of Account

Ready to get your own account statement or proof of account on Grey? Here’s how you can do this in a few simple steps;

On Web

• Log in to your Grey Web app
• Tap on ‘Accounts & Reports’ located at the left side of your screen
• On the display, tap on ‘Reports & Statements’
• Choose which document you would like to download

• For account statements, select the currency, dates, and format before downloading
• For proof of account, select your preferred currency and download

• Once you tap on download, you’ll immediately get your document on your device

On Mobile

• Log in to your Grey mobile app
• On your dashboard, select what currency you would like to get an account statement for
• Tap on the three-dash icon located just beside the ‘Send Money’ icon
• Scroll down and select what option you prefer
• For account statements, enter the dates and format you’d prefer before downloading.
• For proof of account, you can just download it directly
• Once you tap on download, you’ll immediately get your document on your device

In summary, account statements and proof of accounts are essential documents that provide valuable insights into your finances. Start by getting your foreign account statement on Grey for free here.