Automatic transfers make sending funds to your emergency and retirement accounts effortless, and online bill-pay saves you time and postage. But don’t think you can keep your bank account activity out-of- sight, out-of- mind! There are still good reasons to regularly balance your checkbook or, at the very least, frequently look over your online checking account activity.
Here are three examples of why you should always stay on top of your banking:
- Check for Fraud: Regularly verify you are, in fact, the person making purchases. Always be sure to use safe Internet practices when checking your account online.
- Avoid Overdraft: Be aware of what is being transferred where and when, so you know what you can actually afford. Checks don’t always get deposited right away and can take up to several days to process. Don’t let yourself forget how much you’ve saved and what you owe! Fees, like those for ATM usage, can also throw off what we think you’ve spent for the day. Most banks offer overdraft protection, but bank fees can be $20, $30, or more.
- Catch Errors: While it’s rare, banks can make mistakes. Make sure your deposits haven’t been misplaced or purchases double-charged.
Your checking account, as the hub of all your financial activity, requires your active attention. If you notice yourself constantly risking overdraft, adjust your budget by cutting out any unnecessary spending!