How often do you verify your accounts?
By vanny
@vandana7 (100540)
India
October 15, 2012 1:16am CST
Seriously, I need to do it almost two days after every transaction to put the transaction behind me.
If I dont it just gets me confused ..has that bill been paid, has this cheque been credited and so on and so forth, so unless I verify it promptly, I end up verifying it several times over. Its a different thing that I dont get to do that. So I end up with a need to verify transactions from a month ago.
I have also had quite a few bad experiences in the past. Like the banker noting the amount of 10000 as 1000, which even though a clerical error, can create a havoc if there are electronic clearances that are set off against them. So I am a bit lazy. I dont want to be running around writing letters and doing all that is needed to be done.
Dad feels once in a quarter is fine..I dont. Like this morning I noticed a chque of 10000 was not credited, and they found it in the drop box in one corner. And now with the updated passbook, I notice that another amount is missing. Of course, it could have been because some date or other data is missing. Bankers dont call..they are short of staff members.
That is why I ask ..how often do you verify your bank accounts, and how often is it logically right, and whether I am the victim of my bad memory. :)
3 people like this
8 responses
@celticeagle (168126)
• Boise, Idaho
15 Oct 12
I verify my account all the time. I get so busy with other things that I forget and have to check numerous times. Do you have online service? My bank does and it is very convenient. I also email myself each time I pay a bill and put the date, the amount, and what it is for. And I think if it would help you you could put what your correct balance was at the time too. I would get over being lazy or you are going to get so overdrawn it could get very serious.
@celticeagle (168126)
• Boise, Idaho
20 Oct 12
Sounds like you really have a mess. Isn't there another bank you could use?
@hora_fugit (5862)
• India
17 Oct 12
I handle my account through netbanking and check it only after making a transaction. Though coming to think of it, I don't check so often for ATM transaction. And others are online so obviously I get to see the updation. In short I check the account until a new transaction has been registered. Once it's verified, it goes out of my concern area. Not going to wonder later what this transacton was about...? 
@vandana7 (100540)
• India
19 Oct 12
Where I worked we verified every entry, and therefore, each day every account had to be verified. I suggest you do need to check your ATM transactions as recording can differ. Therefore, you might withdraw 1000 and it might get recorded as 1100 because of ...dont want to say anything there..but all types of frauds can occur. A 100 rupees in one transaction does not seem much but a 100 bucks in 20 transactions spread over a period of one year means 2000 bucks. While even this is still not much it still is advisable to develop good habits like Lash. You would be able to better utilize your monies. And I never use online password for payment. I prefer to give standing instructions, and ECS. That way, no scope for anybody getting hold of my pin number. :) ATM and Debit cards..I have never used and dont know how to. I would like to learn - yes, but use ..may be not. :)
1 person likes this
@vandana7 (100540)
• India
19 Oct 12
LOL You know what you should be doing so I cant add more here.. but trust me..you can get more depressed if you find some major receipt missing or some amount that should not be there in your account popping up suddenly..lol Bank fees whether high or not would seem insignificant in comparison. :)
BTW welcome to myLot. :)
@grandpa_lash (5225)
• Australia
15 Oct 12
I keep a daily cash book for all expenses and drawings, and a weekly trial balance and monthly expense distribution and balance sheet, even annual depreciation schedules plus monthly updates on annual expenditure on the various areas of expense. I started it when I was having to count every penny because of minimal welfare payments, and have kept it going as a mater of habit. I know in an instant what our current financial situation is. To date I have dicovered no banking errors in the past ten years.
Lash
@vandana7 (100540)
• India
19 Oct 12
Banking errors..ugh..
For some strange reasons they happen with my accounts..lol
Like this March, I asked the lady to issue Tax Savings certificate, and she changed the accounting year..effectively no tax savings..
Then I gave two cheques to be deposited in papa's name as regular income fetching deposits and she issued the deposits on my name..
And now this..the deposit was on last friday, this discussion was started on Monday, it takes the bank 1 day to credit the amount, and its a week since that day..I do have insurances and other things moving so I do need to keep track of it all..but dad does not give me the username or password, he asks me to ask him to open it, and when I ask him to show me, he gets annoyed..lol
Its my account lash..lol
And I dont have much control over it, other than through memory..lol
Lash..it may be because a lot of transactions out here are done manually. So errors may be due to that. This is the reason we need to verify them regularly I suppose.
Annual depreciation and balance sheet? :) Well, we cant claim depreciation for my computer or the car..or even house..which I think we should get. :)
@thesids (22180)
• Bhubaneswar, India
16 Oct 12
Hi vandana
The only place from where I get my funds into the bank is Paypal and the only place from where I withdraw is the ATM. As there is only one bank account (thanks to Praaji for recommending me the No Frills Account from AXIS Bank) things are easier to handle and manage. They have no passbook thing and I have an online log in ID and Password to check out the Details. easy for me and also since I opened the account with them (in April this year), there has been no issues.
However the earlier bank, Bank of India, messed up the account, blocked my ATM card and asked me to pay 500 INR as service charges to get the new card, which would have had me waiting for at least 3 months. I dont have an account with them since April.
And lastly there is my favorite one - Bank of Hyderabad. They were the best in services, even the transfer of the account from Hyderabad to Bhubaneswar was instant. Though I dont use this account regularly and is now used only to save some big amounts (some good days when I do good payouts, I transfer them here to save some money to get goodies for my wife)
The only place from where I get my funds into the bank is Paypal and the only place from where I withdraw is the ATM. As there is only one bank account (thanks to Praaji for recommending me the No Frills Account from AXIS Bank) things are easier to handle and manage. They have no passbook thing and I have an online log in ID and Password to check out the Details. easy for me and also since I opened the account with them (in April this year), there has been no issues.
However the earlier bank, Bank of India, messed up the account, blocked my ATM card and asked me to pay 500 INR as service charges to get the new card, which would have had me waiting for at least 3 months. I dont have an account with them since April.
And lastly there is my favorite one - Bank of Hyderabad. They were the best in services, even the transfer of the account from Hyderabad to Bhubaneswar was instant. Though I dont use this account regularly and is now used only to save some big amounts (some good days when I do good payouts, I transfer them here to save some money to get goodies for my wife)@vandana7 (100540)
• India
19 Oct 12
sid..will you believe it, the amount was deposited on last Friday morning, it should have been credited by Monday morning, but it has not been credited even today!
Dad has gone there to fight with them..lol
But even today, when I asked him to check the account, he said no need..lol
It is my account actually...and he does not give me my username and password..:(
So I have little choice but to go through him, and it is always a doubtful moment, should I ask or should I avoid, will he get angry, is he in good mood kind of thing..
Yes, banks mess up quite often. I had bad experience with Andhra Bank and now UBI..
@eagletrek2 (5499)
• Kingston, New York
15 Oct 12
Hi with me I try to check all
My account daily this way
If something wrong I can fix it
Right away OK.have a good day
@sishy7 (27167)
• Australia
15 Oct 12
I check mine daily through my online banking system. I just like to be on top of each and every transactions. Plus I'd like to catch any error as soon as it occurs. I'm happy that my bank is reliable enough that there have never been many errors. But that is not to say that there has never been any at all either.
@riyauro (6421)
• India
15 Oct 12
I have not verified much since I am away from home. I have a salary account here in India and that I am not working that is going to be closed soon i guess..
..I want to keep a minimum balance in the account because It was so hard for me to open a bank account here since I am not a citizen here and the online earnings are coming in this account. so yeah thanks to my work. So now i have to keep it loaded. I have not come across any bad situations as yet. Thanks so sharing and have a wonderful day ahead
..I want to keep a minimum balance in the account because It was so hard for me to open a bank account here since I am not a citizen here and the online earnings are coming in this account. so yeah thanks to my work. So now i have to keep it loaded. I have not come across any bad situations as yet. Thanks so sharing and have a wonderful day ahead 
