3 good reasons to check your bank statements

If you’re one of those people who checks their bank account activity like a hawk tracking prey, well done! Move along, you can get on with your day.  

For the rest of us, listen up! 

There are good reasons to check your statements, from being alert to potential fraud to paying for something you don’t need to, it’s one of those small habits that can have a positive impact on your financial fitness. 

1. Be alert to fraud on your account 

Banks invest in fraud monitoring measures to help keep your funds safe but sometimes small transactions may not get picked up. 

Sam Groom, Senior Operations Officer at Bank of us, regularly talks to customers who have been victims of fraud or had a lucky near miss.

Sam recommends checking your accounts frequently to identify suspicious transactions early.

“Customers should be vigilant about checking their bank statements and get in touch with their bank promptly if they see transactions they didn’t make”.  

For example, your card might have been used for a legitimate transaction but then the details have been stolen and used for multiple transactions. 

If something doesn’t look right, take action 

If you see any unknown or suspicious transactions, report them to your bank immediately. The sooner you make a report, the better the chances are of resolving the issue.

If the fraud seems card related, there are some immediate things you can do. At Bank of us, you can block your card immediately using the SmartBanking app. You can also report 24/7 by calling 1800 653 326. 

If you think you’ve been the victim of fraud, it is good practice to change your online banking password and other passwords. You don’t know what personal information a fraudster has been able to collect. 

2. Identify incorrect payments 

Are you still paying insurance on that car you sold 2 years ago? Checking your statements can help you identify and correct these oversights. 

You can also pick up billing errors. Sometimes, merchants might accidentally charge you twice or charge you the wrong amount. Regularly reviewing your statements helps catch these errors early so you can contact the merchant and arrange a refund.

3. Budgeting and spending awareness 

Keeping a close eye on your transactions helps you stay within your budget and can highlight areas where you might be overspending. You might be surprised to see how many times you went to the supermarket or bought takeaway food in a month. You can also keep on top of price increases for things like mobile phone plans and streaming services that might have snuck through. 

Bonus reason: Protect your credit score: 

This is not common but unresolved fraudulent transactions or errors may negatively impact your credit score. By addressing these issues promptly, you can protect your creditworthiness.

What to look out for when you’re checking your statements:

Unknown transactions: Any transaction you don't recognise should be investigated. It could be a sign of fraud.

Transaction amounts: Verify that the amounts charged are correct and as per your expectations. 

Recurring charges: Ensure that all subscriptions and recurring payments are ones you have authorised.

Our top tips for keeping on top of your statements: 

Use a mobile banking app: Mobile banking apps like the Bank of us SmartBanking app make it convenient to keep an eye on what is going on in your account. A quick scan every couple of days can highlight any suspicious transactions. 

Check monthly statements: If you’re not in the habit of checking your account regularly, at least check monthly. At Bank of us, we will send an email to let you know when your estatement is available, take the opportunity to view your statement. 

Update contact information: If you’re not receiving notification of your estatement, your email address may need to be updated. Bank of us customers can do this via Internet Banking or calling our team. 

By staying vigilant and proactive with your bank statements, you can protect yourself from fraud, manage your finances more effectively, and maintain peace of mind. It’s a simple yet powerful habit that can help your financial well-being.

Please note this information does not take into account your personal circumstances and is general advice only.