Just this week I’ve had two instances where monitoring my bank statements carefully is paying off. Well to be truthful, one of these instances is a case where monitoring my statements carefully is paying off and the other is an example of why I should have been monitoring more closely. 🙂 Here are my top six reasons why you need to monitor your bank, credit card, and mortgage statements carefully.
1) To catch double charges. In the first instance this week, I noticed that a concert venue where I bought tickets for a show this Friday night charged me $170 for the tickets on 11/6 when I purchased them… and then for some unexplained reason they posted an additional (and erroneous) charge of $158 to my account this past weekend… no idea why. So of course I called them to make them refund me that money!!
2) To catch fees that start popping up. In the second instance this week, I opened the online statement for a checking account that I have had since 1997. It’s in my hometown, I’ve had it since high school, and basically I have just never gotten around to closing it. I haven’t used it in over a year. It now has $6 less than it used to have. They apparently started charging a $3 per month inactivity fee and because I haven’t opened the statements in a couple months I missed the memo. Bye bye $6 (and maybe more- not sure when I’ll get there to close the account).
3) To make sure no one is making fraudulent charges with your account
4) To make sure that any extra payments (such as extra mortgage payments) are being applied correctly and as expected.
5) To find good old-fashioned bank errors. These days the hubs and I deposit checks using the Capital One app on our mobile phones. But back in the day when we were mailing in any checks to be deposited in our online bank, we would regularly see the bank inadvertently depositing money in the wrong account (we have three accounts with them).
6) To make sure that free things are indeed free. Has anyone else had the experience of being promised free checks from the bank representative and then seen a charge show up later?
Has anyone else out there saved money (or prevented money from being lost!) by monitoring their bank statements carefully?
Photo credit: 401(K) 2012 @ http://www.flickr.com/photos/68751915@N05/