The Importance of Checking Your Bank Statements Regularly
Let’s talk about financial matters this time. I believed most of you know about the importance of checking your bank statements regularly. This is to check the inflow and outflow or I would say, the debit and credit transactions of the movements of your accounts.
In my case, since I don’t do online banking, I always go to the bank and print the bank statements at least twice or thrice in a month.
These are some of the reasons why you must check it from time to time;
Check for Erroneous Postings
Since the advent of computers and internet, most or maybe all of the banks are computerized now. Transactions like paying for electric bills, water bills, credit cards, all forms of insurances and the like can be automatically debited or credited to your account depending on your way of payments. Still, you must double check if the right amount is being debited or credited to your account. If there are errors on computer system, the correct amount might not be debited or subtracted to your account. Sometimes, it also happens that a double amount might be charged to your end.
Bank Employees Make Errors Too
We are only human beings and we commit mistakes and errors and so with the bank employees. Some of the common mistakes made by bank employees are double posting, wrong amount posted and amount debited or credited to other account instead of your own account. This is very true if the transaction is done manually.
Be Careful with Online Banking
To be honest, I actually don’t do online banking. I don’t trust it that much. I heard from a friend in Germany that his account was hacked last time. A 4-digit amount of money was being deducted to their account and was transferred to an account in Poland, to a person whom they never know. They informed immediately the bank employees and the police about it. Since it was acted immediately and the amount of transaction is still on process, the transfer was stopped and the account was immediately closed. They ended up opening a new account and my friend said that they will never do an online banking again.
This is only one thing I can say, be very careful with the computer you are using. If possible, use your own computer or device where you can do online banking. Password must be keep safely for others not to know it. An anti-virus program must be installed to your computers.
I guess, that is all what I can share for now. Lastly, don’t forget to check your bank statement from time to time to avoid financial loss in the future. Cheers and take care guys!
