You can save a lot of money by using a bank, but there are also ways to lose a lot of money. You could get into trouble if you don't keep an eye out for possible mistakes and dangers. Here are some of the most common mistakes people make with their personal banking and what to do instead.
Not reviewing your statements
Every month, a lot of people get their statement, open it, and then throw it away. If you don't read your bank statements carefully, you might not notice mistakes that could be costing you a lot of money. If you didn't make a payment, you could be charged a fee, and it's also possible that someone copied your card. Every month, you must compare your statement to everything you bought.
Paying too much
People are often too lazy to shop around or ask questions about the fees they pay each month. If you look at the fees you pay, you might find that you are paying way too much. If this is the case, it's time to look for a better deal, because you could save a lot of money each year by not paying expensive bank fees.
Putting paper down
Make sure you don't leave your bank statement or other open bank information lying around when you look at it. If you throw away information about your account without thinking, it will be easy for identity thieves and fraudsters to take advantage of you. Make sure you keep all of your bank information in a safe place and shred any papers you are going to throw away.
Careless use of ATMs
Make sure to be careful when you use an ATM. Do not write down your PIN number anywhere near your card, and when you type it in, make sure to cover it. Most crimes can be stopped at an ATM by being aware of the people around you.
Going online to bank in public
Even though you might need to check your account right away, it's not safe to check your online account and do transactions on a wireless network. Someone might be able to see your information or the transaction might not go through. If you can, do your online banking from home.
not making an effort to connect
If you want your bank to give you the best deals, you need to build a relationship with them. If you have a branch close to home, set up a meeting with the bank manager so you can get to know them. Even though you might never need their help, knowing your bank manager can be very helpful if something goes wrong or you need more money.
You should only borrow from your bank.
If you have been loyal to the same bank for a long time, it might be time to switch. Even if you think your bank has the best deal, you should shop around whenever you want to buy a new financial product. There are lots of other places, especially online, where you can get great deals on credit cards or loans. Most of these common personal banking mistakes can be avoided if you are careful with your banking information and look around for the best deals.
