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What Is a Bank Statement?

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Bank statement definition

A bank statement is a monthly or quarterly document that summarizes your banking activity. It shows the money that went into and out of a bank account during the time period, or cycle. A statement can help you track finances, catch account mistakes and understand your spending habits.

If you have checking and savings accounts at the same financial institution, you might get information for all of them in the same report. While a statement period is usually one month long, it may not match up with the beginning of the calendar month. Your financial institution usually determines the cycle date [0] HelpWithMyBank.gov . Can my bank change my deposit account statement cycle date? . Accessed May 6, 2022. View all sources .

What's in a bank statement

The starting account balance, the amount at end of the last billing cycle.

Your deposits, the money received in your account, such as direct deposits, checks and electronic transfers.

Your withdrawals, the amount taken out of the account, such as purchases, sent electronic transfers and ATM cash withdrawals.

Any interest the account earned, noting the annual percentage yield, or APY, and dollar amount.

Any fees charged by the bank, such as a monthly service charge.

The ending account balance.

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How often will I receive a bank statement?

Banks send statements at least monthly if your account uses electronic funds transfers [0] HelpWithMyBank.gov . Is the bank required to send me a monthly statement on my checking or savings account? . Accessed May 6, 2022. View all sources . For example, if your bank lets you create an automated savings transfer from checking to savings, you can expect to receive a monthly statement. If EFT isn't offered, the bank may send statements quarterly instead of monthly.

Are bank statements free?

Some banks charge a small fee for paper statements — typically around a dollar per report. If you have online banking, however, you usually have free access to electronic versions of your statements on the bank's website and mobile app.

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What to do with your bank statement

Once you get a new statement, aim to do these things:

1. Reconcile your account

This means matching your own record of deposits, withdrawals, interest and fees with the information on your bank statement. Reconciling can help you catch errors or even account fraud if there are unauthorized expenses. It can also help you keep track of your balance, which is key to avoiding overdraft fees .

2. Correct mistakes

If you notice charges on your bank statement you don’t remember making, or see transaction amounts you don’t think are accurate, take a few minutes to find the reason for the discrepancy.

It could be that you made a purchase you forgot about, or you recorded the wrong purchase amount in your budgeting app or spreadsheet. Review recent paper receipts or online confirmations to verify transactions. If you believe a transaction on your statement is in error, report it to your bank or credit union.

You’ll usually have up to 60 days from your statement date to dispute the error and correct the transaction.

3. Keep records

After you review your statement, file it in a safe place. If you receive electronic statements only, consider downloading them. Some banks might limit access to statements after a few years, or you might choose to switch to another financial institution in the future.

You'll also probably need to refer to bank statements when you file your tax return , since they can help you confirm income and expenses. After you file your taxes, it is a good idea to keep your records for at least three years .

Bank statements help bank customers with their recordkeeping. The reports are a great tool to track your money and stay on the same page as your bank or credit union.

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What Is a Bank Statement?

How a bank statement works, types of bank statements.

• Benefits of a Bank Statement
• Requirements
• Bank Statement FAQs

The Bottom Line

• Personal Finance

What Is a Bank Statement: Definition, Benefits, and Requirements

Investopedia / Katie Kerpel

A bank statement summarizes all the account's monthly transactions and is typically sent by the bank to the account holder every month in paper or digital form. Bank statements contain checking and savings account information, such as account numbers and a detailed list of deposits and withdrawals. 

Key Takeaways

• A bank statement is a list of all transactions for a bank account over a set period, usually monthly.    
• The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period, along with any interest earned.
• Account holders generally review their bank statements every month to help keep track of expenses and spending, as well as monitor for any fraudulent charges or mistakes.
• On average, paper statements c
• On average, paper statements cost a few dollars per statement, which can add up over the year.

A bank issues a bank statement to an account holder that shows the detailed activity in the account. It allows the account holder to see all the transactions processed, typically chronologically.

Most banks send statements to the account holder either monthly or quarterly. Banks and credit unions aren't required to send you a monthly statement unless you made at least one electronic fund transfer that month. Electronic fund transfers include:

• ATM and debit card transactions
• Payments using online bill payment
• Direct deposits
• Any recurring automatic deduction payments

Your bank can usually change the bank account statement cycle date at any time.

Banks must keep records of any deposit of over $100 for at least five years.

Many banks offer account holders the option of receiving paper or electronic statements, usually via email.

Electronic Bank Statement

An electronic statement or e-statement allows account holders to access statements online for downloading or printing. Many recipients of e-statements still print out their statements at home, preferring to keep a permanent record .

Some banks email statements to customers as an attachment. Bank automatic teller machines (ATMs) may be able to print a summarized version of a bank statement, called a transaction history. 

Receiving digital statements is typically free, and opting into digital statements can sometimes spare you monthly account maintenance fees.

Paper Bank Statements

Even with the convenience, value, and accessibility of electronic statements, paper statements aren't likely to go away anytime soon. However, receiving paper bank statements may lead to a fee due to the labor and supplies cost of printing and mailing the statement.

Overall, banks usually charge a few dollars per statement for this service—which can add up per year if sent monthly. Credit unions may charge less. Fees will vary by institution.

Paper statement fees may be waived for people over a certain age, such as 65, or minors under a certain age.

Benefits of a Bank Statement 

Bank statements are a great tool to help account holders keep track of their finances, identify errors, and recognize spending habits.

You should verify bank accounts regularly—daily, weekly, or monthly—to ensure your records match the bank’s. This helps reduce overdraft fees, errors, and fraud.

Account holders can check for discrepancies while reconciling their bank account with the bank statement. Discrepancies must be reported to the bank promptly. Account holders may have as little as 30 days to dispute errors, but timelines vary by account and state. You should keep monthly statements for at least one year.

Requirements for a Bank Statement 

Parts of a bank statement include information about:

• The bank's address and contact information
• Account information
• The statement date
• Total number of days in the statement period, or the period's beginning and ending dates
• Beginning and ending balance of the account

Details of each transaction—notably the amount, date, and payee—that took place in the bank account during the period will also be included, such as:

• Withdrawals
• Checks paid
• Any fees or service charges debited from the account
• Interest earned on accounts
• The dollar amount of interest earned during the statement period

For example, for the period Sept. 1 through Sept. 30, a bank statement may show a non-interest-bearing checking account with:

• A beginning balance: $1,050
• Total deposits: $3,000
• Total withdrawals: $1,950
• Service charges: $0
• An ending balance of $2,100

What Is an Official Bank Statement?

An official bank statement is typically sent by the bank to the account holder every month, summarizing all the account's transactions during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals. 

How Can I Get a Bank Statement?

Typically, you can access your latest bank statements on your financial institution's website. Otherwise, you can request a monthly paper statement be delivered to your home.

What Is the Difference Between a Bank Statement and a Transaction History?

A transaction history displays all bank account transactions for a set period you choose. Typically, a bank statement only covers one month of transactions and may leave recent or pending transactions out.

Can Anyone Check My Bank Statement?

No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent .

Bank statements allow you to ensure transactions and deposits align with your expectations and record-keeping. Reviewing your bank statements, you may find that you're paying for subscriptions you don't need or want, or you may find you were charged twice for the same transaction.

You can also review how much interest you're earning in your bank account as a percentage and a dollar amount and whether you might want to switch to a higher-earning checking or savings account. However, be aware of fees for mailed paper statements that can add up over the year.

Consumer Financial Protection Bureau. " Does My Bank/Credit Union Have to Send Me a Monthly Statement for My Checking Account? "

Helpwithmybank.gov. " Can My Bank Change My Deposit Account Statement Cycle Date? "

HelpWithMyBank.gov. " How Long Must Banks Keep Deposit Account Records? "

Helpwithmybank.gov. " There Are Several Forged Checks, All From the Same Person, Against My Account. The Bank Claims That Because More Than 60 Days Have Elapsed, It Doesn't Have to Do Anything. Is This True? "

Consumer Financial Protection Bureau. "Interactive Bureau Regulations/12 CFR Part 1030 (Regulation DD) ."

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Banking and finance personal statement example.

“Life is never easy for those who dream”. At the age of 19 years, I had to bear the loss of my father, the ever best ideal personality for a teenage son. The first thing; I inherited from my father, was bar of responsibilities. Being an elder son, i had to bear down all the adversities being faced by my family. I had to undertake a night shift job while carrying on studies in the morning. My siblings (one brother + two Sisters) were also studying in their respective fields. Despite of all spell of upheavals, I remained focused, determined, and persistent while undertaking my responsibilities. At fifth standard, I had been nominated for District Scholarship owing to my academic record at school. I stood 3rd in annual school exam. I have always secured position among top ten students of class at each respective level of studies. Even-after death of my father, I managed to secure 4th position in BCS (hons) batch with 77% of marks. Then in MBA; I got 72% marks and stood 7th in whole batch. All credit goes to my mother who has poured a sense of responsibility in my personality. Nonetheless; during studies, I had to work in night shift to meet living & educational expenses. Apart from studies; I remained involved in extracurricular activities. At university level, I was selected as a member of student advisory committee named as ‘Executive Forum’ that has groomed me as a team player and discovers my creativity, leadership & interpersonal skills. As per “Higher Education Commission”, Bahauddin Zakariya University is 3rd largest university of Pakistan. In my view, economic development is the only key to make a success story of Pakistan that can create employment, energy & infrastructure. Being a Banker; I feel unwell for the prevailing banking system in Pakistan. Banks are performing far behind than their actual potential. The ever increasing profits/deposits of banks and lack of interest towards private sector borrowing are the core reason behind economic instability. Since my proposed course of study (MSc Banking & Finance) is absolutely relevant to my hands on experience and education, this course would help me in transforming my knowledge into expertise and understanding relation of Money & banking in context of international horizon. Apart from the basics like principals of Banking & finance, proposed study will provide me in-depth knowledge of financials and corporate finance which will be broadly applied in core banking functions. Eight years of banking experience with specialization in SME / Agri & Corporate credit, acquired knowledge would sharpen my skill to be used in day to day banking decisions. In line with my aim to work for economic prosperity, I intent to work for grooming of Banking practices and to give them a right direction either by joining Central Bank or through working within banks.Financial inclusions, product development and eco-friendly Financing structure would be learned and exhibited after acquiring international banking and finance knowledge.

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There is no profile associated with this personal statement, as the writer has requested to remain anonymous.

Author's Comments

Have Offer from University of Glasgow. May be, it is not the best piece of writing. but the same is completed in one sitting and without help from blog.

This personal statement is unrated

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What is a bank statement.

A bank statement is a detailed summary of all the financial activities for an account over a specific time period, highlighting the comings and goings of your finances. It provides a record of your money and regular reviews of your bank statements can be helpful for tracking expenses, spotting potential accounting errors and identifying fraudulent activity. Let’s learn more about how to make the most of your bank statement.

What is the purpose of a bank statement?

A bank statement helps you review your account’s activities during a certain period. Doing so can help detect fraud , accounting errors and refresh your memory of the period’s activities. A bank statement is also commonly used for account reconciliation, a process where you compare your statement with a second record of financial activities — like a personal accounts ledger or a budgeting app — to highlight any discrepancies.

Many rely on their bank statements for tracking expenses. By laying out your account’s overall activities, a bank statement can help you monitor your spending and spot trends that may have gone unnoticed during day-to-day spending. This can be helpful for budgeting purposes and finding ways to save money.

How to read a bank statement

Your bank statement may be simple, but it contains a lot of information. The style, formatting and exact contents of a bank statement vary by financial institution, but common elements you can expect to find are:

• Statement period: This is the time frame covered within your statement. For example, from the first to the last of the month or other time frames that are approximately a month long.
• Starting and ending account balances: Your statement includes starting and ending balances that let you quickly gauge where your money is trending. Some banks and credit unions may include average daily balances as well.
• All completed transactions for the time period: These are commonly shown in chronological order. Each line item typically shows transaction date, its exact amount and the name of the payee. Your bank statement may not include pending transactions.
• Fees and any interest earned: Statements for interest-bearing accounts will show interest earned over the statement period.
• Bank information: The statement will clearly indicate the issuing bank, account number, and possibly personal information like phone number and mailing address.

How to get a bank statement

If your account has made at least one electronic fund transfer (ETF), for example an ATM transaction, debit card usage or direct deposit, within a given month, your bank is required to provide you with a bank statement. This could be either a paper statement in the mail or an e-statement sent through email. Alternatively, many banks also make statements accessible through their apps or online portals .

Choosing between these options is a matter of preference. Many financial institutions allow you to opt out of paper statements or set up e-statements through online portals .

How long do banks keep bank statements?

For any accounts surpassing $100 in transactions, banks — including those you’ve closed accounts with — keep records for a minimum of five years. Some institutions may choose to keep records longer, though they aren’t required to. Calling your bank or any previous institutions you’ve held accounts with about their record-keeping policies can help you stay prepared for future inquiries into your financial activities.

General guidelines for keeping bank statements?

A common rule of thumb is to consider any financial document that verifies information on your tax return as relevant and worth holding on to. If you keep electronic copies of your bank statements, maintaining at least one set of these backups may help prevent file loss. When disposing of unwanted bank statements and other financial documents, shredding paper copies and ensuring that electronic copies are fully deleted can help prevent your personal information from falling into the wrong hands.

How often should you check your bank statements?

Aiming to review your bank statement at least once per statement period may help you spot accounting errors or fraudulent transactions early. The sooner you act to correct mistakes, the better your chances may be at recovering lost or stolen funds.

Regularly checking your bank statement may also help to keep tabs on any potential fees. Overdraft fees, minimum balance fees and maintenance fees can catch customers by surprise.

Can anyone check my bank statements?

Typically, the only parties that can check your bank statements or your account information are the account owner(s), authorized account managers and bank professionals. Banks take great care to maintain the privacy and security of their customers’ personal information. Unless you give out your account information to someone else, the only third parties that may be able to access your statements and other banking information are law enforcement professionals and legal representatives, and only with the appropriate request for documentation.

A bank statement serves as a snapshot of all the financial activities for an account within a given time period. This includes transaction history, account balances, fees and interest earned and personal information like, your account number. A bank statement can be a useful tool for catching accounting errors or fraud and tracking your spending habits. Customers can typically opt for paper statements, electronic statements or in some cases both. Checking with your bank on its statement policies can be a great first step toward making use of this valuable budgeting and financial management tool.

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What Is a Personal Financial Statement?

Definition and Examples of a Personal Financial Statement

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A personal financial statement is a document that details an individual's assets and liabilities. It's often used by lenders to learn a loan applicant's net worth and other details of their financial life.

Learn how to prepare a personal financial statement, and why it's so important for loans. 

What Is a Personal Financial Statement? 

A personal financial statement details your finances in a simple form. This is an important document for those seeking a business loan proposal. It allows lenders to quickly glean your assets and liabilities. If you are married, the personal financial statement may include your spouse's assets and liabilities, as well. 

Your assets are the things you own that you can turn into cash, such as a home, a checking account balance, or stocks. Your liabilities are amounts you owe to others, such as your mortgage, student loans, and credit card debt.

Your net worth is the difference between your assets and your liabilities, so your financial statement will allow lenders to determine your net worth. For example, if you have a house and a car with a value of $100,000, and you have a mortgage and car loan for $75,000, your net worth is $25,000.

Net worth for an individual is similar to owner's equity for a business. Therefore, a personal financial statement is similar to a business's balance sheet .

How a Personal Financial Statement Works

If you are presenting a business plan or business loan request to a lender, they will probably ask for a personal financial statement. You may be asked to provide a personal guarantee for part of the loan, or you may have to pledge some of your personal assets to guarantee the loan (this is called a "collateral loan"). 

If you have to pledge some of your assets, the personal financial statement will be required so the lender can see if you have enough assets to cover the loan. The personal financial statement will also detail the kinds of assets you have. For example, if you are pledging investments (like an IRA or 401k), the bank will need to know the amount of the investment and where it is kept.

The Small Business Administration (SBA) has a  sample personal financial statement  you can use to collect the information you need.

How Do I Prepare a Personal Financial Statement?

The format of the personal financial statement is standard. It shows assets on the left and liabilities on the right (like a balance sheet). Net worth is also displayed on the right-hand side of the statement. 

To begin, start gathering information about assets and liabilities. The people reading your personal financial statement know that it simply captures your net worth a point in time, so prepare the document with the most recent information you have, but don't worry if some of the documents are a few weeks old. Your lender understands that some of this information is constantly in flux.

Some of the assets and liabilities that should be listed include:

• Cash in a checking or savings account
• An IRA, 401(k), or any other retirement accounts
• Brokerage accounts
• A copy of the latest statement on your home mortgage, with the balance outstanding (you may also need a recent appraisal )
• A copy of the latest statement on your car loan, boat loan, or any other loans
• Personal property with significant value that can be verified with an appraisal, such as antiques or jewelry (but not household goods or furniture)
• Credit card debt, and any other debt that may show up on a credit report
• Any joint debt you took on by being a co-signer on a loan with someone (this is called a "contingent liability")
• Money owed from a small claims judgment, lien , or similar outstanding liabilities
• Unpaid taxes from previous years, including any business payroll taxes for which you are personally responsible

Some assets—like stocks—have a clear dollar value, but not all assets are as easy to account for. If you are unsure of the value of assets, do your best to get a reasonable figure, but be realistic. If the lender wants to use the asset for a guarantee on your business loan, they will do an appraisal.

Rentals aren't included in a personal financial statement, because there is no ownership. Renting a house or leasing a car creates a monthly expense, but you don't own these items, so they don't get included in this statement unless you're specifically asked to detail your expenses.

Some personal financial statement formats ask you to include your annual income and expenses. The income should match your most recent income tax return. The expenses should include taxes, insurance payments, and an estimate of any other regularly occurring expenses.

As part of your preparation for presenting your business plan, you should run a complete credit report on yourself. The lender will certainly do this, and you want to know what they'll find. This means going beyond the FICO score to get a full report that shows details.

When you have entered all the information on assets and liabilities, you can finally calculate your net worth by subtracting the liabilities from the assets.

You may find that you have a negative net worth, meaning that you owe more than you own. If that's the case for you, don't try to change the document by eliminating liabilities or over-estimating assets; just accept your situation. Knowingly misrepresenting yourself on a financial statement could result in up to five years of imprisonment and a fine of up to $250,000.  

Key Takeaways

• A personal financial statement is a document that details a person's assets and liabilities.
• Personal financial statements are often used by lenders to assess the net worth of loan applicants.
• Lying on personal financial statements can result in hefty criminal penalties.

Small Business Administration. " Personal Financial Statement ," Page 3. Accessed June 30, 2020.

How long should I keep bank statements?

Storing bank statements, disposing of bank statements, how long should you keep bank statements.

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• Bank statements are necessary for loan applications and IRS audits.
• Store hard copies in a locked filing cabinet or digital copies in an encrypted folder.
• Banks are required to keep statements for five years, but you may want to keep yours for seven years.

A bank statement is a record of every financial transaction you've made from an account. It includes the dates and amounts of every deposit, withdrawal, and transfer made within a certain time period.

Having your bank statements on hand is not only helpful for tracking your spending and creating a budget , but is often necessary when financing a large purchase, such as real estate, or verifying tax information with the IRS.

Tax-related reasons

Patrina Dixon , a financial educator and coach, recommends keeping any bank statements or other important financial documents for up to seven years in case you're audited . You may need account transaction information to verify your income, or make a case for claiming credits and deductions on a federal or state tax return.

Major purchases and loans

Lenders often require between one month and a year's worth of bank statements for loan applications. Generally, the larger the loan — a mortgage , for instance — the more financial documentation you will need to provide.

While financial institutions are required by federal law to keep customers' bank statements for at least five years, they may not be easily accessible to you. It's best to keep your own records as well.

Digital vs. paper storage

If you receive paper bank statements in the mail from your bank, collect and store them in a locked filing cabinet in a secure place at home. If you would prefer to minimize your paper trail, Dixon advises opting for online bank statements.

Be sure to download your statements as PDFs so you can access them without an internet connection. If you use a public computer, always clear the search history when you're done.

Keep your bank statements and other sensitive financial documents in a password-protected folder on your Mac or Windows PC. Dixon recommends installing anti-virus software if you're concerned about a potential security breach. And review your computer software periodically to ensure it's up-to-date.

If you're short on computer storage, consider storing your digital bank statements in an encrypted manner on Google Drive or iCloud.

Keep in mind most financial institutions, including the best banks , do not charge fees for receiving online bank statements. Some financial institutions charge fees for receiving paper statements.

Paper documents can be shredded when you are ready to dispose of them. Digital copies of bank statements should be deleted using specialized software. If you've encrypted and stored your documents on Google Drive or iCloud, follow the instructions for permanently erasing the files.

Keeping bank statements FAQs

Bank statements are required for some loan applications and may be necessary when verifying information on your tax return within the last seven years.

You should keep bank statements for at least seven years, in case the IRS needs to verify transactions during an audit. If you have ample storage space, consider keeping them for longer.

Storing digital copies in a secure, encrypted format is probably most convenient. If you prefer to have hard copies of your bank statements, keep them in a locked file cabinet.

Paper statements should be shredded, and digital files should be permanently deleted using specialized software.

Keeping digital copies of your bank statements is increasingly preferred to keeping physical copies. They can be printed if needed and don't take up space in your home.

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What to include in a Personal Statement

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Personal statement example finance and investment personal statement.

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Finance and Investment Personal Statement

Studying finance has always been a goal for me as it consists of elements which I believe pertains to my current skills. Dealing with finances interests me and I’m keen on finding ways to make money go further. Calculating profits and losses are important parts of finance on my course and I have enjoyed making sure this is done accurately. Originally, I took AS level subjects at college but due to extreme health conditions, I was unable to complete them. This didn’t deter me from pursuing my educational aspirations, I transferred to BTEC Level 3 which was more structured towards my goals.

This course has several units which have helped me to realise that I want to study finance at a degree level, units such as unit 3 and unit 5. These units deal with personal finance and business finance on a national and international scale, they are very interesting to me and are easy to understand. Within unit 3, I particularly enjoyed: forecasting cash flows for businesses, learning about break even analysis, analysing statements of comprehensive income and financial positions. The creating and reviewing of these documents developed my enthusiasm for the topic and convinced me that finance was a field that I would want to be involved in. During my educational studies I have acquired important skills which would help me in higher education. For a lot of our presentations we had to work together to contribute to the final work. These skills are applicable to higher education as we will be presented with many group presentations and we will have to work together to be successful. Also for coursework subjects I have been provided with information I have had to evaluate and use to help me analyse a company’s position and recommend improvements. This can be transferred to higher education as there will be considerable information I will come across and have to analyse independently.

This eagerness to study finance led me to carry out work experience in Barclays Bank PLC. As a supervisors assistant I was able to shadow the branch’s head supervisor in his daily dealings such as: sorting out customers queries, transferring money from accounts, cashing up tills and several more things. From my time at Barclays, certain skills were taught to me and others were further developed. When dealing with customers we had to cater for their needs whilst following company regulations, this often required critical thinking as we had to analyse the issue in order to diagnose it. This skill will prepare me for the often demanding thought process which has to be applied when it comes to a degree in finance. I gained employment at Schuh kids at the beginning of the summer of 2017 and here I was thrown into a more independent role where there were financial targets set out for me to reach as an individual. I developed a numerous skills such as time management. As the store was very busy we had to make sure that we provide speedy service whilst still maintain quality service. This skill will be applicable on a degree level as a lot of work will be handed out so I will be able to keep on top of it and make sure it is of a good quality.

During my college experience, I was one of the dance leaders for the dance society and we were tasked with creating routines for the members to learn to perform at school events. This role instilled in me leadership and organisational skills as I had to make sure everyone was aware of the routines and comfortable with them. This skill can be transferred unto degree level as I will be able to take leadership in my studies and group activities, making sure all work is done successfully.

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Moscow International Business Center (Moscow City)

• Guide to Russia

What can you do at Moscow City?

• Dine in style: Moscow City is home to 100+ cafes and restaurants, including Europe’s highest restaurant and ice-cream shop
• See Moscow like never before: Ascend to one of Moscow City’s observation decks for an unparalleled panorama of Moscow
• Admire world-class architecture: Each of Moscow City’s skyscrapers has distinctive architecture and design
• Learn something new: Visit the Museum of High-Rise Architecture in Moscow or the Metro Museum

Moscow City is a multifunctional complex in the west of Moscow, which has come to represent the booming business of Russia’s capital. Its skyscrapers enrich Moscow’s skyline, contrasting the medieval cupolas and Stalinist high-rises. Visitors to Moscow City can enjoy entertainment high in the sky, as the complex is home not just to offices, but to restaurants, cinemas, viewing platforms, and museums.

Photo by Alex Zarubi on Unsplash

History of Moscow City

Moscow City was first conceived in 1991 by honoured Soviet architect Boris Tkhor, who proposed to construct a business center in Moscow. It would be complete with gleaming skyscrapers rivalling those of New York and London, to reflect the new life and growing ambitions of post-Soviet Russia.

The chosen site was a stone quarry and disused industrial zone in western Moscow, in between the Third Ring Road and Moskva River. Initially, the territory was divided into 20 sections arranged in a horseshoe shape around a central zone. The skyscrapers would increase in height as they spiralled around the central section, with shorter structures built on the waterfront to give the taller buildings behind a view of the river. 

Architect Gennady Sirota, who contributed to iconic projects such as the Olympic Sports Complex on Prospekt Mira, was selected as the chief architect, and many other world-famous architects were attracted to Moscow to realise their visions in Moscow City.

What can you see and do at Moscow City?

Where Moscow’s cityscape was once dominated by Stalin’s Seven Sisters skyscrapers , this is no more. Moscow City is home to eight of Russia’s ten tallest buildings, six of which exceed 300 metres in height. More buildings are still under construction there today, including the One Tower (which will be Europe’s second-tallest building). Once completed, Moscow City will comprise more than 20 innovative structures.

Each of Moscow City’s skyscrapers was designed by its own architect, lending the cluster of skyscrapers a unique appearance. Aside from being a site of architectural wonder, Moscow City is a place for leisure and entertainment with over 100 cafes and restaurants, exhibition spaces, cinemas, viewing platforms, and more.

Photo by Nikita Karimov on Unsplash

Federation Tower

• East Tower: 374m, 97 floors; West Tower: 243m, 63 floors
• Completed in 2017
• Architects: Sergey Tchoban and Peter Schweger

The East Federation Tower is the tallest building in Moscow, and the second-tallest building in Europe after the Lakhta Centre in St Petersburg. Visitors can enjoy a luxurious meal of seafood, truffles or steak at restaurant ‘Sixty’ on the 62nd floor of the West Tower, or visit Europe’s highest observation deck, ‘Panorama 360’, on the 89th floor of the East Tower.

Did you know? The ice cream and chocolate shop on the 360 observation deck are the highest in the world!

• South Tower: 354m, 85 floors; North Tower: 254m, 49 floors
• Completed in 2015
• Architect: Skidmore, Owings & Merrill LLP

The South OKO Tower is the third-tallest building in Russia and Europe. Here, you can visit ‘Ruski’ to dine on hearty Russian cuisine cooked on a real Russian stove, and have a drink in the ice bar. Alternatively, visit restaurant, nightclub and performance space ‘Birds’; the restaurant is the highest in Europe, situated on the 86th floor roof terrace alongside an observation deck. The OKO Towers are also home to karaoke club ‘City Voice’.

Did you know? Underneath OKO Towers is the largest underground parking in Europe, with 16 levels and 3,400 parking spaces.

Mercury Tower

• 339m tall, 75 floors
• Architects : Mikhail Posokhin, Frank Williams, Gennady Sirota

Another multifunctional skyscraper, which was designed as the first truly ‘green’ building in Moscow. The Mercury Tower has a distinct geometric shape and copper-coloured glazing, and was the tallest building in Europe upon completion. Visit ‘More i myaso’ (Sea and meat) on the first floor of the tower to enjoy European and Mediterranean cuisine whilst surrounded by greenery. On the 2nd and 40th floors a modern art gallery, the ‘ILONA-K artspace’, has just opened.

City of Capitals

• Moscow Tower: 302m, 76 floors; St Petersburg Tower: 257m, 65 floors
• Completed in 2009
• Architect: Bureau NBBJ

The unique geometric design of the City of Capitals towers resembles stacks of rotating blocks, and is rooted in Constructivism of the early Soviet period (many Soviet Constructivist buildings can be found in Moscow). Visitors to the Moscow Tower can enjoy a range of cuisines – traditional Italian dishes on the summer terrace of ‘Tutto Bene’, Panasian cuisine in the tropical luxury of the ‘Bamboo Bar’ on the 1st floor’, and poke or smoothie bowls at ‘Soul in the Bowl’ cafe on the 80th floor.

Tower on the Embankment

• Tower A: 84m; Tower B:127m; Tower C: 268m, 61 floors
• Completed in 2007
• Architects: Vehbi Inan and Olcay Erturk

After completion, the Tower on the Embankment was the tallest building in Europe, and is now the 13th tallest. It houses the headquarters of several large Russian and international  companies, including IBM and KPMG. There are two cafes located on the 1st floor of Tower C – self-service café ‘Obed Bufet’ (Lunch Buffet) and Bakery Chain ‘Khleb Nasushchny’ (Daily Bread).

Evolution Tower

• 255m tall, 54 floors
• Architects: Philip Nikandrov and RMJM Scotland Ltd

Evolution is Moscow City’s most recognisable tower, and the 11th tallest building in Russia. Its façade is a true architectural marvel, comprising continuous strips of curved glazing spiralling high into  the sky. According to the architect, Philip Nikandrov, the spiral shape of the tower honours centuries of architectural design in Russia, from the onion domes of St Basil's Cathedral to Vladimir Shukhov’s Tatlin Tower, a masterpiece of Constructivist design. Outside the Evolution tower is a landscaped terrace and pedestrian zone descending to the Presnenskaya Embankment, which was also designed by Nikandrov.

Did you know? Moscow’s largest wedding palace was supposed to be built on the site of the Evolution tower, though the project was abandoned.

• 239m tall, 60 floors
• Completed in 2011

Imperia’s interesting design has a curved roof and an arched glass façade. Inside the tower are various cafes including ‘City Friends’ for all-day breakfasts and light lunches, ‘Mama in the City’ for simple meals of Russian cuisine, and ‘abc kitchen’ for European and Indian-inspired dishes. Alternatively, visit ‘High Bar’ on the 56th floor for cocktails with a view. In Imperia you’ll also find the Museum of High-Rise Construction in Moscow (suitably located on the 56th floor), and the Camera Immersive Theatre.

Did you know? Inside Vystavochnaya metro station is the Metro Museum , dedicated to the history of the beautiful Moscow Metro!

• 130m tall, 26 floors
• Completed in 2001
• Architect: Boris Tkhor

Tower 2000 was Moscow City’s first tower. It stands on the opposite bank of the Moskva River, and houses a viewing platform from which visitors can admire an unparalleled panorama of Moscow City. The Bagration Bridge reaches across the river from the tower to Moscow City, and underneath are piers from where you can take boat trips.

Photo by Alexander Popov on Unsplash

Afimall is Moscow’s largest entertainment and shopping complex, home to 450 shops, cafes and restaurants, a cinema, and a virtual-reality game park. The shopping centre is located in the central section of Moscow City, and a cinema and concert hall are currently under construction there.

What’s nearby?

Sechenov Botanical Gardens: The botanical gardens of the First Moscow State Medical University was created for students’ training and research in 1946. Today it is open for free visits, and is home to a large arboretum.

Park Krasnaya Presnya: This park belonged to the Studenets estate of the Gagarin princes. It is a monument of 18th and 19th century landscaping, with Dutch ponds, ornate bridges, and tree-lined alleys. There are also sports facilities, sports equipment rental, and cafes.

Photo by Akkit  on Wikipedia

Essential information for visitors

Website: https://www.citymoscow.ru/

Email: [email protected]

Phone: +7 (495) 730-23-33

Nearest metro: Mezhdunarodnaya (closest to the skyscrapers), Delovoy Tsentr (underneath Afimall), Vystavochnaya (closest to Expocentre)

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Keep these 10 financial documents forever. Scan and shred the rest.

Always hold onto birth certificates and social security cards, but it’s okay to cast off those old bank statements.

No matter how digital we’ve become, we’re still a paper nation.

Are your financial documents stuffed in a closet, files, shopping bags or stacked up on the floor?

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You may prefer to view it as organized chaos. But isn’t it really just a manifestation of your inability to discern what you need and what you should let go?

When I look at the piles of paper in my office accumulated throughout the past year, I know it’s time for another document dump. It’s part of my spring cleaning ritual .

Sometimes we hold onto all that paper because we aren’t sure what to keep and what to toss. Here’s a rundown of what should be retained.

Forever documents

Certain papers should be kept in a safe location where they are protected from damage, loss and theft. Such original documents, which may be hard or costly to replace, include:

• Birth certificates and adoption papers
• Death certificates
• Marriage and divorce records
• Social Security cards. Yes, you know the number, but there may be an occasion where you have to produce the actual card.
• Military service records, including discharge documents. An honorably discharged service member is eligible to receive funeral and burial benefits.
• Loan payoff statements. Here’s something important: If you negotiated to pay less than what you owed on a debt, keep the original agreement in perpetuity. Often when debt is sold to debt collectors for pennies on the dollar, the sale doesn’t include a lot of information, including documentation proving a payoff.
• Year-end pay stubs. If a company goes out of business you may not be able to track down the information should you need it later.
• Retirement or pension records. Be sure to keep the records from previous jobs.
• Estate documents
• Funeral programs. Although many funeral homes will post an obituary online, they are often shortened versions of the program you might receive at the service. I have a folder of programs because they contain a wealth of information that can be helpful in estate planning, including maiden names and other family history you might need. (In this case, I like keeping the originals rather than a scanned version.)

Loan documents: Keep original loan documents and statements until you have paid off the loan. Then, save the paperwork verifying the balance was paid in full. My husband and I are coming up on one year of paying off our home . I may be a little paranoid, but I’m keeping the original documentation.

Vehicle title: Keep the original as long as you own the vehicle.

Receipts for big-ticket items: For insurance purposes, in case of fire or theft, save receipts for big-screen TVs, computers and other major purchases. Hold on to each receipt as long as you own the item. Personally, I like to keep the original, but a scanned copy should be fine.

Home improvement purchase orders, receipts, canceled checks: Keep proof of any upgrades until you sell the home. If you have a capital gain from selling your primary home, you may qualify to exclude as much as $250,000 from your income or as much as $500,000 if you file a joint return with your spouse.

If you exceed these limits, here’s where having proof of the capital improvements helps your tax situation: “When you make a home improvement, such as installing central air conditioning or replacing the roof, you can’t deduct the cost in the year you spend the money,” according to TurboTax. “But, if you keep track of those expenses, they may help you reduce your taxes in the year you sell your house.”

Investment statements: If they are available online, you do not need paper copies. The most important reason to maintain these records would be to establish your cost basis when selling an asset to make sure you claim the proper capital gain or loss on your tax return.

3 to 7 years

Tax records: Record-keeping guidelines are tied to statutes of limitations. That’s generally three years, but it’s seven years for worthless securities and bad debts, according to IRS spokesman Eric Smith.

“For most people, the tax-related statute of limitations is pretty straightforward,” he said.

But there are special circumstances that extend that time. For example, getting a tax-filing extension, serving in a combat zone, qualifying for a disaster-area deadline postponement or a financial disability.

You must keep records, such as receipts, canceled checks and other documents that support an item of income, a deduction or a credit appearing on a return, according to the IRS.

But it doesn’t have to be an original. Scan and shred. The agency will accept a legible digital copy of a document.

“Electronic storage is also fine, as long as they can be retrieved, if needed,” Smith said.

Why keep even a scanned version after several years?

Your past returns contain your financial history — employment, investments and charitable giving choices.

But you won’t have to worry about having a scanned copy if you have an IRS online account. With an account, you can access a transcript of your return.

Maintaining years of tax returns can help if you ever need to research payments made into Social Security .

Medical bills: If you paid a medical expense with your health savings or flexible spending account, keep the receipt for three years. Consider it a tax-related document.

If you want more personal finance advice that's timeless, order your copy of Michelle Singletary's Money Milestones.

Credit card statements: Companies will provide you with a year-end statement that categorizes all expenses. If that works for you, shred the monthly statements you may have been getting in the mail.

And if you’re still getting paper statements, stop. Get them e-delivered. I still scan and save statements in case I close an account and no longer have online access.

Less than a year

There is no need to keep all those ATM or retail receipts. Once you get your statements, you can shred and toss.

Word of caution

I’ve mentioned this before, but be sure to research online services that will backup your scanned documents. By the way, an external hard drive attached to your computer is still vulnerable to hackers.

Make sure you also regularly update your computer software. The Washington Post’s Help Desk is a great source to help secure information.

B.O.M. — The best of Michelle Singletary on personal finance

If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678).

My mortgage payoff story: My husband and I paid off the house in the spring of 2023 thanks to making extra payments and taking advantage of a mortgage recast . Even though it lowered my perfect 850 credit score and my column about it sparked some serious debate with readers, it was one of the best financial decisions I’ve made.

Credit card debt: If you’re in the habit of carrying credit card debt, stop. It’s just a myth that it will boost your credit score. For those looking to get out of credit card debt, see if a balance transfer is right for you.

Money moves for life: For a more sweeping overview of my timeless money advice, see Michelle Singletary’s Money Milestones . The interactive package offers guidance for every life stage, whether you’re just starting out in your career or planning for retirement. You can also purchase a copy for yourself or as a gift.

Test yourself: Not rich and wondering what it’ll take to build your wealth? Take this quiz for my wealth-building tips.

Massive Data Leak at ICICI Bank: Unauthorized Exposure of Credit Card Details

A significant data mishandling incident occurred at ICICI Bank, where a large number of new credit cards were made accessible to the wrong account holders.

According to the bank based in Mumbai, they mistakenly assigned roughly 17,000 recently issued credit cards to erroneous iMobile Pay app users, confirmed by an official on Thursday to TechCrunch. Customers voiced their worries about the iMobile Pay app revealing the full credit card information, including the card number and CVV, of people other than the cardholders.

“Protecting our customers’ interests is of paramount importance to us,” ICICI Bank’s corporate communication head Kausik Datta expressed in an official statement to TechCrunch. “We apologize for the caused inconvenience. Although no misuse of the affected cards has been reported, we promise that the bank will recompense customers for any financial damage sustained due to this error.”

The spokesperson highlighted that the flawed cards reflect a marginal fraction, about 0.1%, of their total credit card portfolio.

The exposure of confidential credit card data including card numbers, expiration dates, and CVVs to unintended users was initially brought to attention by Technofino, a finance-focused forum.

One iMobile Pay app user reported on the forum, explaining, “Due to a flaw in the iMobile app, I ended up with access to someone else’s Amazon Pay credit card. I’m unable to execute domestic transactions without an OTP, but the app has provided me with all the details needed for international transactions.”

Responding to the situation, the bank’s spokesperson informed TechCrunch that the compromised credit cards have been deactivated, and replacements will be issued to the rightful owners.

With an international presence in 17 countries and over 6,000 branches in India alone, ICICI Bank is a significant banking entity. The iMobile Pay application, launched in 2008, serves an extensive user base of more than 28 million customers.

FAQ about the ICICI Bank Credit Card Data Exposure

ICICI Bank experienced a data handling error where around 17,000 new credit cards were erroneously mapped to the wrong users through the iMobile Pay application. This error exposed full credit card details to unintended individuals.

Yes, ICICI Bank has blocked the affected credit cards and is in the process of issuing new cards to the customers impacted by this leak.

Customers should monitor their account statements and alert the bank immediately if they notice any unauthorized transactions. They can also reach out to customer service for confirmation and assistance regarding the replacement of their cards.

ICICI Bank has assured that it will compensate any customer for financial losses directly linked to this incident. As of now, there have been no reported misuses of the compromised cards.

The inadvertent credit card information leak at ICICI Bank serves as a powerful reminder of the importance of robust data protection systems within banking institutions. While this specific exposure is rather contained, affecting a small percentage of the bank’s credit card holders, it nonetheless highlights the potential risks inherent in digital banking. ICICI Bank’s swift reaction to address the affected consumers and their pledge to compensate for any losses is commendable, and it is hoped that this incident will lead to heightened data security measures to prevent similar occurrences in the future.

Today’s average mortgage rates

Mortgage rate news, mortgage predictions for 2024, mortgage terms and types, what factors affect mortgage rates, calculate your monthly mortgage payment, how to find the best mortgage rates, home loan rates increased over the last week: today’s mortgage rates for april 23, 2024.

A few major mortgage rates increased. Will the housing market ever recover?

Katherine Watt

Katherine Watt is a CNET Money writer focusing on mortgages, home equity and banking. She previously wrote about personal finance for NextAdvisor. Based in New York, Katherine graduated summa cum laude from Colgate University with a bachelor's degree in English literature.

Laura Michelle Davis

Laura is a professional nitpicker and good-humored troubleshooter with over 10 years of experience in print and digital publishing. Before becoming an editor with CNET, she worked as an English teacher, Spanish medical interpreter, copy editor and proofreader. She is a fearless but flexible defender of both grammar and weightlifting, and firmly believes that technology should serve the people. Her first computer was a Macintosh Plus.

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

• 30-year fixed-rate 7.32% (+0.03)
• 15-year fixed-rate 6.75% (+0.01)
• 30-year fixed-rate jumbo 7.37% (-0.01)
• 5/1 ARM 6.70% (+0.02)
• 10-year fixed-rate 6.75% (+0.14)
• 30-year fixed-rate refinance 7.33% (+0.03)
• 15-year fixed-rate refinance 6.80% (+0.03)
• 10-year fixed refinance 6.78% (+0.15)

Today's rates

Mortgage rates change every day. Experts recommend shopping around to make sure you’re getting the lowest rate. By entering your information below, you can get a custom quote from one of CNET’s partner lenders.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.

Over the last few years, high inflation and the Federal Reserve’s aggressive interest rate hikes pushed up mortgage rates from their record lows around the pandemic. Since last summer, the Fed has consistently kept the federal funds rate at 5.25% to 5.5% . Though the central bank doesn’t directly set the rates for mortgages , a high federal funds rate makes borrowing more expensive, including for home loans.

Mortgage rates change daily, but average rates have been moving between 6.5% and 7.5% since late last fall. Today’s homebuyers have less room in their budget to afford the cost of a home due to elevated mortgage rates and steep home prices. Limited housing inventory and low wage growth are also contributing to the affordability crisis and keeping mortgage demand down.

Mortgage forecasters base their projections on different data, but most housing market experts predict rates will move toward 6% by the end of 2024. Ultimately, a more affordable mortgage market will depend on how quickly the Fed begins cutting interest rates. Most economists predict that the Fed will start lowering interest rates later this summer.

Since mortgage rates fluctuate for many reasons -- supply, demand, inflation , monetary policy and jobs data -- homebuyers won’t see lower rates overnight, and it’s unlikely they’ll find rates in the 2% range again.

“We are expecting mortgage rates to fall to around 6.5% by the end of this year, but there’s still a lot of volatility I think we might see,” said Daryl Fairweather , chief economist at Redfin.

Every month brings a new set of inflation and labor data that can change how investors and the market respond and what direction mortgage rates go, said Odeta Kushi , deputy chief economist at First American Financial Corporation. “Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates,” Kushi said.

Here’s a look at where some major housing authorities expect average mortgage rates to land.

When picking a mortgage, consider the loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. You’ll also need to choose between a fixed-rate mortgage, where the interest rate is set for the duration of the loan, and an adjustable-rate mortgage. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market’s current interest rate. Fixed-rate mortgages offer more stability and are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 7.30%, which is an increase of 18 basis points from one week ago. (A basis point is equivalent to 0.01%.) A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you’ll have a lower monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 6.76%, which is an increase of 12 basis points from seven days ago. Though you’ll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 6.89%, a climb of 10 basis points from seven days ago. You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.

While it’s important to monitor mortgage rates if you’re shopping for a home, remember that no one has a crystal ball. It’s impossible to time the mortgage market, and rates will always have some level of volatility because so many factors are at play.

“Mortgage rates tend to follow long-date Treasury yields, a function of current inflation and economic growth as well as expectations about future economic conditions,” says Orphe Divounguy , senior macroeconomist at Zillow Home Loans.

Here are the factors that influence the average rates on home loans.

• Federal Reserve monetary policy: The nation’s central bank doesn’t set interest rates, but when it adjusts the federal funds rate, mortgages tend to go in the same direction.
• Inflation: Mortgage rates tend to increase during high inflation. Lenders usually set higher interest rates on loans to compensate for the loss of purchasing power.
• The bond market: Mortgage lenders often use long-term bond yields, like the 10-Year Treasury, as a benchmark to set interest rates on home loans. When yields rise, mortgage rates typically increase.
• Geopolitical events: World events, such as elections, pandemics or economic crises, can also affect home loan rates, particularly when global financial markets face uncertainty.
• Other economic factors: The bond market, employment data, investor confidence and housing market trends, such as supply and demand, can also affect the direction of mortgage rates.

Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET’s mortgage calculator below can help homebuyers prepare for monthly mortgage payments.

Though mortgage rates and home prices are high, the housing market won’t be unaffordable forever. It’s always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right.

• Save for a bigger down payment: Though a 20% down payment isn’t required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest.
• Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates.
• Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments.
• Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs.
• Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.

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Compare current mortgage rates in april 2024, how the federal reserve impacts mortgage rates, compare 30-year mortgage rates for april 2024, how to calculate your monthly mortgage payment, best mortgage lenders in april 2024, how much house can i afford, how to get a mortgage with no down payment, how to get preapproved for a mortgage, and why it’s so important, 10-year mortgage rates for april 2024, compare 15-year mortgage rates for april 2024, 20-year interest rates for april 2024, 13 homebuyer mistakes you shouldn’t make. trust us, how to negotiate mortgage rates, is it better to build or buy a house.

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Express files for Chapter 11 bankruptcy protection, announces store closures, possible sale

FILE - A storefront of Express, Inc. a fashion apparel retailer, shown Wednesday, Jan. 22, 2020, in Paradise Valley, Ariz. Express Inc. has filed for Chapter 11 bankruptcy protection, as the fashion retailer looks to sell the majority of its stores. Columbus, Ohio-based Express, which is also the parent of Bonbons and Upwest brands, is shuttering a handful of its operations in the process. In an announcement Monday, April 22, 2024, the company said it planned to close 95 of its Express stores and all UpWest stores. (AP Photo/Ross D. Franklin, File)

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NEW YORK (AP) — Express Inc — once a trendsetter of casual office attire that has struggled to compete with the likes of Zara and H&M — has filed for Chapter 11 bankruptcy protection.

The retailer based in Columbus, Ohio, and founded in 1980 also said Monday it is seeking to sell the majority of its stores.

Express, which is the parent of the Bonbons and UpWest brands, is shuttering a handful of its outlets in the process. In an announcement addressing its bankruptcy filing, the company said it plans to close 95 of its Express retail stores and all 10 of its UpWest stores.

Closing sales at locations being shut down, which span across more than 30 states and Washington, D.C., are set to begin Tuesday. Beyond these closures, Express said that it expects to conduct business as usual.

Also on Monday, Express announced that it received a non-binding letter of intent from a group led by consumer brand acquisition and management firm WHP Global to potentially purchase the majority of its stores and operations. Express said that it had filed for Chapter 11 protection “to facilitate the sale process.”

The consortium exploring the deal also includes mall operators Simon Property Group and Brookfield Properties, Express said. WHP, Simon Property and Brookfield did not immediately respond to requests for comment Monday.

Express CEO Stewart Glendinning said WHP “has been a strong partner” of the company’s since 2023 — adding that the proposed transaction would give Express additional financial resources and put it in a better position to grow profitably while maximizing value for stakeholders.

Beyond its UpWest storefronts, the company operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, in addition to roughly 60 Bonobos Guideshop locations as well as online operations for these brands, according to Express’ website.

Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets as of March 2 in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.

The company first started as a women’s fashion purveyor and then branched out to men’s wear. It offered must-have items, like denim dresses for those looking for trendy outfits in the workplace, at affordable prices.

But increasing competition from fast fashion players like H&M, as well as the rise of Old Navy and athleisure brands like Lululemon, all hurt the brand’s sales, said Neil Saunders, a managing director with research firm GlobalData. Saunders also noted that the brand was beset by quality issues, and the pandemic sped up the trend of people working from home, lessening the need for shoppers to buy work outfits.

“Everyone has been nibbling at Express from all sides, and Express doesn’t have a defensible proposition,” Saunders said.

Express joins a handful of retailers filing for Chapter 11 so far this year, including fabrics and craft retailer Joann. And analysts expect the pace of bankruptcy filings this year to be around the same level — close to 24 — as last year, as shoppers hobbled by high consumer debt remain cautious, according to accounting and advisory firm BDO, which tracks retail bankruptcies.

In 2022, only five retailers filed for bankruptcy protection, according to BDO. The number appeared to indicate a recovery from the pandemic-induced store closures that pushed struggling companies over the edge in 2020, when retail bankruptcies spiked to 35 from 21 the year before, BDO said.

Express said Monday that it has a commitment for $35 million in new financing, which is subject to court approval, from some existing lenders. That would add to the $49 million in cash that it obtained earlier this month from the Internal Revenue Service related to the pandemic-era CARES Act.

Express also announced a leadership update on Monday. Mark Still will become chief financial officer, effective immediately, after serving as interim CFO since November 2023, the company said.

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