Do you read your banking statement thoroughly each month?
By kingparker
@kingparker (9673)
United States
December 29, 2010 11:36am CST
I just wondering if you check your bank statement thoroughly each month? From page 1 to the last page of the statement to see if those bank charge your unfairly by hit you with some unknown fees? There is rumor I heard from friends, those bankers would come up some rip - off methods to take advantage of people during certain time of a year. Within the July, or summertime, and the Winter, Christmas time. Usually, people either busy on planning on a trip to somewhere else, or they might busy on buying gifts and wrapping up gifts. That is the best time for those banks rip people to change conditions or terms of the agreement, or hit people with some unknown fees. I was once charged for this monthly fee of $2.00 for several months, until I check my bank statement one day, and scratching my head why this fee has applied on me for already 3 months. Then I called the customer service to have it off.
3 people like this
12 responses
@ilikesake (21)
• Canada
29 Dec 10
I used to work in a bank so I know how the fees work. The thing is it's people who don't care to make sure their bank fees are what they agreed to, not the bank. The problem is too many people don't take the time to check their accounts until one day they realize "hey, why do I only have $22 instead of $25?" Banks rip u off, no doubt. But people should take the time to review their accounts. FYI theres no time of the year that banks use to get ur money. However, Jan is the mount they collect for deposit boxes. The last business day of the month, they take out monthly fees.
Hope that helps
@kingparker (9673)
• United States
29 Dec 10
What about those promised of free checking account, all of sudden they turn around and require people to have certain direct deposits within a month? If they don't meet the minimum requirement, they will be charge for $6.00 per month. Many banks would do that. Although the New Federal Laws kicks in for the transaction fee for those retailing businesses, the banks has to charge higher fee from other areas to make it up those lost revenue from those debit card transaction fees. Have you heard anything about it?
@lovinangelsinstead21 (36850)
• Pamplona, Spain
11 Jan 11
Hiya kp,
We do but there is always something they manage to come up with that leaves you wondering where it came from.
Others we know do not even bother to read theirs lucky them they might not need to. They probably have enough in the Bank all the time (grin).
I don´t bother very much unless it´s a huge amount of money they have charged us because I have tried to find out before and the explanations they give you is never ending. I suppose it´s to put you off asking them?
@ganeshprabhuk (1722)
• India
30 Dec 10
I generally do not go through the statements every month. I am not very uncomfortable going through the whole statement instead I see atleast last 4 to 5 transactions every time I get the statement. I check through Internet.
@jpso138 (7851)
• Philippines
30 Dec 10
I really do not scrutinize those things very much. The good thing is my wife always check our statements very well. So often, she is the one who will point out some things or charges that are perhaps questionable. Though as of the moment, we have not noticed any. But it really pays to be alert...
@mahto1000 (51)
• India
30 Dec 10
You should always carefully read your bank statements. There are many unknown charges added to our account. If we are carefully we can catch that early...
@greenline (14838)
• Canada
29 Dec 10
I certainly do. This is for my own interest as well as for the bank. I have my account at a reputable bank, but still the staff can be very busy at times and can make errors. Yet, I am certainly very happy with my bank managing my account. I also check the account online from time to time. That is a very easy way to stay updated.
@jahernandezrivas (11288)
• United States
29 Dec 10
I sometimes read them, but here lately I have not read them because I know I am most of the time broke!! And my mother says hey you have mail from the bank and I say I don't even want to open it I know what it says it's gonna say 'Your Broke!
Then she laughs, but it is true that's why I really don't take the time to even open them! Have a good day!
Then she laughs, but it is true that's why I really don't take the time to even open them! Have a good day!
@aylim14 (501)
• Philippines
29 Dec 10
Yes i have heard of stories like that as well. I am not a banker myself, but i don't think they are purposely doing it, i think. Because that would mean tampering with your account and messing with their system. I think that only happens when there is a bug in their system.
At least that is what i believe. Because i have experience in the corporate world and they are basically using one system all throughout their branches, offices and their employees. The only difference is the level of access each employee has. So there are different access levels like for rank-and-file, supervisors, managers, and the VPs and president.
Sometimes, because they are still testing out or upgrading their software/system, bugs can happen and there the charges can occur.
Or of course, i could still be totally wrong and those bankers really add those unknown charges.
@sender621 (14893)
• United States
29 Dec 10
I make a point of going over my bank statment thoroughly. it's the best way to find a mistake and catch it before it can hurt you. It's never too much caution when it comes to your finances.
@Suggar (3606)
• Bulgaria
29 Dec 10
Hello i got online checking of my bank account and it works pretty good for me - i mean i can check everything after i used my card. It's not like i love it, because my bank acts like crazy with the fees. On every ATM, every using of my card in some store they take nearly 1$ for transaction. That would be o.k. if they refreshed the information every day, but sometimes i see fees taken from my card in days when i didn't use the card at all. That's how i called them and they said that transactions was calculated later than the one day i did something with my card. It's annoying that way, because they can put fees and tell me that the fees are because of late calculated transactions, but i don't count how many times i use my card to know if the fees are for each transaction or just they put fees when they want to.
@love4kolkata (279)
• India
29 Dec 10
May be it will sound weird but i used to check my back account statement each and everyday. As I use to do lot of online transactions, it is the only way I can keep track of my online banking transaction. Lot of time it happened like...I am booking my flight tickets through online but i didnot get the ticket whereas my money got deducted. in that case as soon as possible i use to send the statement screenshot to the online flight booking site and use to get the money back.
