The object of having a bank account (checking or savings) is to help you better manage and save money. However, there are several ways in which your use or misuse of personal banking accounts could result in the loss of money or put you in jeopardy of becoming an identity theft victim. Below are suggestions for avoiding the six most common mistakes made in personal banking.
- DON'T ignore your bank statements. When your bank statement arrives in the mail, do you simply throw it away without reading it? Many people do. If you are one that does, remember that your bank statement is one of your first lines of protection to detect fraud or other forms of identity theft. By reading your statements, you can quickly identify fraudulent or incorrect transactions. Your bank statement is even more valuable when you actually balance your checkbook register. This helps to ensure that your math is correct and your checkbook register is accurate.
- DON'T be careless at ATMs. Be conscious of other people around you when using an ATM. Do not write your PIN number anywhere near your ATM card and be sure to shield it from prying eyes as you type it in. If you make a mistake writing out a slip, don't just throw it away or leave it lying there. Instead, put it in your pocket and dispose of it properly at a later time. If you request a receipt, make sure you take it. Many machines automatically spit out a receipt after a transaction is completed, whether you request it or not. Be alert to this and make sure you grab that receipt before walking away.
- DON'T leave paper lying around. After you've finished reviewing your bank statements, don't carelessly leave them lying around where anyone can see--or steal--them. Even simply throwing your statements away can lead to identity theft. Digging through trash cans is one of the primary sources for identity thieves seeking a victim. Don't make yourself an easy target. Lock away any bank statements or related documents that you wish to keep. Invest in a good shredder; the confetti type is best. Then, remember to diligently use the lock on your file cabinet and shredder whenever you are finished with bank statements and other financial papers. It's for your protection.
- DON'T bank online in a public place. Forget about people looking over your shoulder for a moment. An even bigger threat with online banking in a public atmosphere is another computer user on the same internet connection viewing what you're doing. Wireless networks are not totally secure. People can use that opportunity to capture your personal information and sabotage whatever transaction you're making. No online banking emergency is so urgent that you need to submit yourself to such a vulnerability.
- DON'T be a stranger. Establish a relationship with your bank and the people who work there. The most effective way to obtain the best possible deals is to allow your bank to get to know you. Set up a meeting with the manager of your local branch just to introduce yourself and inform them of your financial goals. You may never actually need their assistance beyond normal transactions, but if, for example, a problem arises, an error occurs or you have a financial emergency, you'll greatly benefit from already establishing a rapport with the folks from whom you're requesting help.
- DON'T be afraid to ask. Banks are in the business of keeping their clients. This sometimes means going above and beyond their normal service offerings to keep your business. Whether you are looking for a more favorable rate on one of your accounts, free financial software, or even a toaster, don't be afraid to ask about specials. To enjoy the greatest level of success in your endeavors, don't forget to remind them about your loyalty as a customer. You may be surprised how many promotional items are available to you, but not distributed. They simply take up space in your bank's storage room because no one asks for them.
In summary, taking care of your banking habits, being protective of your banking information, and remaining aware of promotions and other specials will help prevent many of the most common and detrimental mistakes in personal banking. Start today and remain diligent!
