Do you verify your "Credit Card Statements"
By kukkad
@kukkad (511)
India
May 11, 2007 2:18am CST
Till almost a couple of months back, I never used to verify my Credit Card statement....... but then one day I get a charge on my statement for some kinda subscription to a magazine that I never authorized. It was a charge for $20 for a 2 year subscription. I fought back with my Credit Card company and they reversed the charge.
Though the funny part is that though the guys have reversed the charge...... I am still getting that "Magazine"..... I even sent an email to that publication company but, they would just keep on sending the magazine.......now thats not my fault........ :P
I think its very important to verify your "Credit Card Statements"....... these days the banks would make an automatic charge on your card and if you do not fight back....... they win to gain....... Imagine a bank has 4 million credit card accounts and they automatically charge some money without any authorization....... and say 3.5 million people fight back and get the stuff reversed. But, the rest half a million did not bother to do it........ thats profit for the bank.
Is'nt that an unfair practice by the bank.
Do you check your Credit Card Statements?
7 people like this
15 responses
@Aussies2007 (5336)
• Australia
11 May 07
If someone charges your credit card... even without your authorisation... it is not the fault of the bank... as they have no way to know.
In your case... I would say that the bank was not able to stop the payment... or could not bother spending their time chasing $20.00
Which is why you are receiving the magazine.
You have to be very careful with any subscription these days... because when you sign up for almost anything... they have this clause on their form... that when your subscription expire... they can renew it automatically without contacting you.
Don't be surprise if they charge you again at the end of the two years.
Banks can make mistakes... and they do. But in this case... you made the mistake. It is not even fraud... because the company has your name, address, and is sending you the magazine. Where did they get your address from?
2 people like this
@kukkad (511)
• India
11 May 07
No Aussies...... in this case the Bank agreed that they had themselves charged this amount to my Card saying I would be interested in that Magazine.
The Bank in question has some kind of a direct tie-up with this Publication house.
Thanks for your views on this...... :)
1 person likes this
@Aussies2007 (5336)
• Australia
11 May 07
You are confusing me... lol
To start with... credit card companies are not banks. Not in Australia anyway.
But if your credit card company did subscribe you to a magazine without even asking you... it is fraud.
2 people like this
@callarse1 (4783)
• United States
13 May 07
Yes, I always look at them, in fact I can look on them online as well if I choose. Yea, I saw charges before that I did not authorize. I went directly online and searched for the company and I found forum and forum about the company illegally getting credit card numbers and charging people the money. I told the bank I never visited that website, never authorized the charge, and I sent the the links to the forums about the company. They deleted the charge from my account. Yes, with many of those magazine companies they will automatically charge you a renewal fee if you do it online. Totally unfair, but it is "hidden" in the Terms of Service which most people don't read. Have a nice day.
Pablo
2 people like this
@polachicago (18716)
• United States
11 May 07
I don't use credit cards, but I check my debit card statements every month...and I keep control of my spending...big items I pay by debit, small by cash...
@liranlgo (5752)
• Israel
11 May 07
I sure do verify my credit card statements.
In the past i did not do that, i mean who has the pations to start and check those things?
But a few months ago, i was bored and looking for any reading material. LOl. My mother has thrown out all of the newspapers, so all i had was my credit card statement, so i just started reading it.
I was amazed to find out that every month i was charged 49.95$ for somthing i did not buy. Only then i understood that someone is stealing from me.
I did go to my credit card company, and i am in the middle of a law suite against that company.
But the most important thing is that i understood how important it is to check our credit card statements.
@mummymo (23706)
•
11 May 07
This is a very unfair practise by the financial institutions - you are so right! I always check my statements when they come in so that I can conciliate what money I have spent and where I have spent it! This means that I can also check if there are any unauthorised charges being made! Great discussion - to remind people to check their statements!
2 people like this
@ganwn071 (1116)
• Singapore
11 May 07
Generally, I do not go thru the credit card statement in detail line by line. Most of the time, I have a rough ideal how much I had spend month to date and if the grand total amount does not look right than I will go into detail.
Touch wood, so far no incident of mistake in the credit card charges.
2 people like this
@cutepenguin (6431)
• Canada
12 May 07
I check mine, well, actually, my husband does, mostly because we're worried about online shopping and stuff like that. We haven't had any problems, though (knock on wood).
1 person likes this
@whiteheather39 (24403)
• United States
12 May 07
I check every entry on my credit card statement and also on my bank statement and if they are even $1.00 off I contact the bank.
1 person likes this
@kathy77 (7486)
• Australia
12 May 07
Oh yes when the credit card comes every month I double check what is on there as without doing this and making sure of what you are doing of course the credit card company or bank will defintately win I have always double checked all of my bills before paying for anything.
1 person likes this
@charms88 (7538)
• Philippines
12 May 07
I always save all my receipts whenever I used my credit card. Upon arrival of my billing statement, it will be easier for me to check everything. As far as I'm concern, I have never encountered any problem with my credit card yet. Its good to know that you were able to straighten out your concern with the credit card company.
@velvetprinzess (1064)
• Singapore
13 May 07
Yes, I always do.
That's because it is important to make sure that the bank has really charged the right amount to me. I wouldn't want a situation where I end up paying more than I have actually spent. That's not right.
I have personally encountered a situation where the bank charged me twice for the same transaction. I called them up and they said that I definitely must have charged the same amount twice to the card. So I said what's the likelyhood that I'd spend the same amount at the same place at the same time? So then they realized that it was a mistake and reversed the charges. Phew!
1 person likes this
@Madona1 (2096)
• Gibraltar
13 May 07
Every month, as long as I receive my bank statement, I will go through the details myself as I don't trust the bank totally. But I understand bank could make mistake as we are human make mistakes. In order to keep the mistakes or hassle in minimum, I rather to spend some time to check my bank statements instead of counting on the bank.
1 person likes this
@PunkyMcPunk (1477)
• Canada
11 May 07
I work for a telephone company and you will not guess how many people call in and complain because for the last few months they have been paying for a service and just noticed it and have no idea what it is.
Call me crazy but I always sit down with my bills and a note pad and calculator and pencil and I will go through every bill, credit card, phone bill, etc... and make sure that my total adds up to their total and that I know where my money is going.
I mean I work for my money and I don't want it to go to places and people that it shouldn't be.
1 person likes this
@kevsgirlalways (5883)
• Malaysia
11 May 07
yes i do run thru my credit card statement each time to make sure that i'm not billed for transactions that i didn't make. there was once i was charged for a transaction that i didnt do and i was like "what's this?" ..immediately called up the customer service to get it rectified and to ensure that i won't have to pay for it.
2 people like this
@sumofalltears (3988)
• United States
11 May 07
I always check my statements, but a lot of times it is not the bank making the charges it is the companies. You orde an introductory item for a nominal fee and don't read the fine print that says they will charge a monthly maintainence fee or something like that. This is the reason why I never trust these something for nothing offers, they sneak something in there that you have to pay for eventually.
