How Often Should You Monitor Your Bank Account?
Some account holders check their accounts throughout the day, and others have never looked at a bank statement. Account holders should aim to review their purchases once or twice a week, but they should never wait more than a month to check their accounts. With mobile banking, you can check your account to prevent overdrafts and unauthorized purchases in under a minute. Below, we’ll discuss a few reasons why this is worth your while.
Avoiding the Overdrawn Account
The worst news a cashier can give you is that your card is declined. How did you not realize your account balance was running low? It is important to make sure your banking habits align with your spending habits. Monitoring your accounts can show you where you are spending the most and help you find areas to save. Monitoring transactions will also help you know exactly how much money you have in your account, which will prevent overspending or overdrawing your account.
Preventing Errors and Fraud
Monitoring your account allows you to verify that businesses charge the correct amount for purchases. Checking your account is the only way to discover whether a barista mistakenly charged $50 for your $5 coffee. We recommend putting a regular reminder on your calendar to review your recent purchases to verify that there haven’t been any mistakes.
Checking your account is also the best way to prevent fraud. Criminals often make one small purchase from your account before making large purchases to test whether the purchases will go unnoticed. If you are diligent, you can verify incoming purchases to catch fraud, report it, and get reimbursed — often before fraud detection services can detect the scam.
Choosing the Right Bank
Community banks form personal relationships with their customers, so they are always on your side. The best community banks will partner with you to provide fraud prevention services and instant On/Off Control of your debit or credit card.
Citizens National Bank has been serving local communities in East Tennessee since 1973. CNB prides itself on providing a variety of community-focused banking services for individuals and businesses throughout Sevier, Jefferson, and Knox counties. Our convenient GoMobile app allows you to access your CNB account anytime, anywhere — all while enjoying the same outstanding service you will find at any of our branches. To learn more about opening an account, visit us at your local branch or online at www.cnbtn.com.