![]() Make monitoring your bank accounts automatic. In addition to monitoring your checking account, you should also check up on other accounts, such as savings and credit card accounts, on a regular basis. Monitor all your accounts, not just your checking account. Tips for monitoring your checking account Try to make checking your bank accounts a daily habit. This is also true for folks who receive irregular paychecks from multiple sources, (such as freelancers or the self-employed), who might need to monitor their income more closely. If you live paycheck to paycheck or are trying to reign in your spending, you'll want to check your accounts even more frequently. It's better to check your bank accounts at least once each week. Some people feel that checking their bank account once per month is enough, but monthly check-ins aren't really enough to keep you conscious of your spending or help you catch fraud in a timely manner. If you're wondering how often you should monitor your checking account, know that it's impossible to check your bank account too often. Asking nicely might get them to reverse the fee, but even if they don't, you'll have a better understanding of what you need to do to avoid being charged with it again. If you notice one, contact your bank to inquire why it was charged to your account. However, by monitoring your checking account and examining each charge that arises, you'll be able to spot hidden fees like this. They're hidden in an account's fine print so that consumers like you pay them without even noticing it. If you don't even know what some of those fees are, you're not alone. But some accounts also charge balance inquiry fees, foreign transaction fees, currency conversion fees, early account closure fees, minimum balance fees, returned check fees, paper statement fees, and over-the-limit withdrawal fees. The most costly banking fees are overdraft fees, ATM fees, and account maintenance fees. See if you're being charged hidden feesīanking fees are as common as credit card sign-up bonuses nowadays, and some of them are less obvious than others. It will also help you make sure not to overdraw your checking account, which results in unnecessary fees, and if left overdrawn long enough to be sent to collections, a negative mark on your credit report. ![]() If you have trouble sticking to a budget, monitoring your checking account is the first step to getting a sense of where you need to cut costs. You should also go through recent deposits and purchases, though, to make sure that you're receiving money that's expected and get a sense of how your purchases add up. Now that online banking is ubiquitous, all you have to do in order to make sure you're not overspending is log into your account and check your balance. Tracking how much money you've got going in and out of your accounts on a regular basis is the only way to avoid this. There's nothing worse than handing a clerk your debit card only to have them hand it back with an awkward grimace and tell you it was declined. That way you can spot suspicious activity and report it as soon as it happens. It's crucial to check your accounts as frequently as possible in order to protect yourself from fraud. If you wait more than 60 calendar days after your statement is sent to you, you could be liable for all of the money that was taken from you.Įven if you haven't lost your debit card, it's possible for someone else to put fraudulent charges on your account remotely. However, if you take longer than two business days to report, you're liable for up to $500 in fraudulent charges. If you report within two days of learning about the loss or theft, you're only liable for a maximum of $50 in fraudulent charges. Thanks to the Fair Credit Billing Act, if fraudulent charges show up on your debit or credit card, you're not liable for much - as long as you report it quickly.Īccording to the Federal Trade Commission, for debit and ATM cards, if you report the loss or theft before any fraudulent charges are exacted, you're not liable for any purchases made. They've estimated that credit and debit card fraud will double between 20. More: Save while you pay off debt with one of these top-rated balance transfer credit cards Avoid fraudĪccording to the Nilson Report, fraud is increasing rapidly. Save: This credit card has one of the longest 0% intro APR periods around
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