Annual Statements

B1K1

Just received annual statement from NatWest.  The total spend and total amount paid figures do not equal.  There's a difference of over £1,500!  We settle balances promptly and all charges are zero so why is there a difference?

jay1804

What was last statement balance?

[Deleted User]

It's because both are counted within the same time period, so a mismatch is almost inevitable, unless you make transaction and corresponding payment on the same day every time. 

blue.peter

B1K1 said:

Just received annual statement from NatWest.  The total spend and total amount paid figures do not equal.  There's a difference of over £1,500!  We settle balances promptly and all charges are zero so why is there a difference?

At a guess, it's because there's a mismatch. Remember that there'll be a gap between a monthly statement date and the date on which it's paid off. The chances are that either the start date or the end date of the year falls between them - probably both . If you go back and analyse it carefully, it'll probably be correct. Think about:

(a) what your outstanding balance was at the start of the annual period;

(b) what the statement balances were during the period;

(c) how much you paid during the period; and

(d) what your outstanding balance was at the end of the period.

It's tedious, and probably not really worth the effort unless you're desperate to understand the annual statement. Personally, I just shred them as soon as I get them. But you might be one of the people who finds them helpful.