Where it helps
Reviewing bank statements is part of almost every file. Lenders commonly ask for recent months of statements to verify assets and reserves. Bank statement loans for self-employed borrowers can mean 12 or 24 months of statements to work through. Reading those as PDFs is slow, and retyping deposits into a spreadsheet invites mistakes.
StatementCheap converts each statement into Excel with one row per transaction. From there, the analysis takes minutes.
What you can do with the spreadsheet
Total deposits by month
With dates in column A and amounts in column C, this formula totals deposits for January 2026:
=SUMIFS(C:C, C:C, ">0", A:A, ">="&DATE(2026,1,1), A:A, "<"&DATE(2026,2,1))
Repeat for each month, then average the results. A pivot table by month does the same thing in a few clicks.
Find large deposits
Filter the amount column for deposits above a threshold. Large deposits often need a documented source, so finding them early saves back-and-forth with the borrower later.
Spot transfers between accounts
Sort by description to group transfers. That helps you avoid counting the same money twice when a borrower moves funds between their own accounts.
Check for overdrafts and returned items
Search descriptions for terms like NSF, OD or "returned". If the abbreviations are unfamiliar, see our bank statement abbreviations guide.
Keep the file organized
A simple structure makes review faster and easier to hand off to a processor or underwriter:
- Convert each statement separately, so each one gets its own balance check.
- Paste them into one workbook, oldest first, with a column for the account.
- Add a month column with
=TEXT(A2,"yyyy-mm")so pivot tables group cleanly. - Keep a short notes column for deposits you've asked the borrower to explain.
Checked against the statement
When you calculate income from deposits, a missed row changes the answer. Every conversion is checked against the statement's own numbers: opening balance plus transactions must equal the closing balance. If it doesn't, we show the difference and the rows where the running balance breaks, so you can fix them before you run any numbers. Our guide to reconciling a statement in Excel explains the check.
What a converter can't tell you
Be clear about the limits. A converter reads what's printed on the page. It doesn't verify that a statement is genuine, and it doesn't make underwriting decisions. Follow your lender's and investor's requirements for document authenticity and income calculation. Treat the spreadsheet as a working copy, and keep the original PDF as the document of record.
Borrower privacy
- Statements are processed in memory and not stored by StatementCheap.
- Converted rows go back to your browser and aren't kept on our servers.
- We keep only metadata (page count, date, whether it reconciled) for billing and abuse prevention.
- Extraction runs on Cloudflare Workers AI. Cloudflare doesn't retain inputs or outputs after the response and doesn't train on customer content. No third-party AI company sees the files.
Make sure this fits your company's data handling policies before uploading borrower documents.
Pricing
A loan file with two months of statements from two accounts might be 15 to 30 pages. A 24-month bank statement file can run to a few hundred.
- Free: 5 pages every day, no sign-up
- Page pack: $6 for 150 pages that never expire
- Starter: $9/month for 500 pages
- Pro: $19/month for 2,000 pages
- Business: $49/month for 7,500 pages
See pricing, or start with the bank statement to Excel converter.
Works with statements from any bank, including Chase, Bank of America, Wells Fargo, Capital One, Barclays and HSBC.