Just as important as it is to check your receipts after every purchase, so it is important to check your bank statements as frequently as you get them and while your bank statements may not arrive in the mail monthly like they used to, certainly access to online banking makes it easier to keep abreast with your money.
You may be wondering why this important… well, there are a plethora of reasons. Firstly, it’s your money and therefore your right to know how much is deposited and withdrawn as well as the fees that the bank will charge you for utilising their services over a specific period.
It is also important in this time when there has been a marked increase in the number of cybercrimes being committed. Cyber crimes range from fraud and identity theft tophishing and scams. Identity thieves and fraudsters usually make a small debit from your account to test if it is a legitimate account. Checking your statement puts you in a position to call the bank and question even the smallest deduction from your ccount. Finding this activity early is critical to keeping you from losing a lot of money in the future.
Another important reason for checking your bank statement is that you can know exactly what your interest rates are. Banks sometimes entice customers, especially on loans with good interest rates. These are also offered on some savings accounts as well but sometimes these are introductory rates that are revised after a set period. Following up on your bank statement will allow you to see exactly what you are getting and when that great interest rate has returned to existing levels.
This story originally appeared in Volume 9 #8 May-June 2018
Related: Practical ways to save money in 2020
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