Bank Statement: Important news! When should you check bank

Bank Statement is a record of transactions done in your bank account during a certain period. This is the authentic document, which gives you the account of your bank account for a particular period. It contains a brief description of the transaction.

The statement contains details of deposits, charges, withdrawals and the beginning and end balance of a period. Now the question arises that how many times in a year the bank account holder should check his account statement? What are the benefits of checking statements at regular intervals? What are the disadvantages for the customer if he neglects to check the bank statement?

Surprisingly, most of the bank customers do not know at what intervals they should check their account statements. Usually customers check bank statement only when they have to give it somewhere. Now-a-days many banks e-mail the bank account summary at regular intervals. But, most people do not see it. Banking sector experts say that customers should check their account statement every month. By checking the bank statement every month, where any kind of fraud with the customer will be detected quickly, on the other hand, if the bank has deducted more charges, then it will also be known.

 

Benefits of checking statement every month-

Hacking into bank accounts has become a common thing now. Bank statement is an important document, which can be used as proof of fraud. You can easily detect fraudulent transactions by checking the bank statement. By checking the bank statement regularly, you can find out where your money is coming from and where it is going.

It helps in keeping track of each and every transaction. If you are spending more money without any reason, then it will be known from the bank statement. For example, you can easily point-out the expenses like restaurant bill, online shopping etc. on your bank statement and thus you can cut down on your expenses.

Bank charge information-

Banks deduct a certain amount on various transactions. Banks deduct money in the form of physical account details, issue of duplicate passbooks, debit card fees etc. If you check your bank statement every month, you will come to know about these charges. If the bank has deducted more charges, then you can complain about it.