How To Avoid Common Personal Banking Mistakes
Author: Peter Kenny

Using a bank can really save you money, but there are also ways
in which you lose a lot of money. If you are not proactive in
recognising potential dangers and mistakes, then you could be
caught out. Here are some of the most common personal banking
mistakes and how to avoid them.

Not reviewing your statements

Many people get their statement each month, open it and then
throw it away. If you don't look at your statements properly
then you will not see mistakes on your account that could be
costing you a lot of money. If there is a payment that you did
not make then you could be charged a fee, and there is also a
chance that you card has been copied. Checking your statements
against all your purchases each month is imperative.

Paying too much

Many people are too lazy to shop around or to question the fees
that they pay each month on their accounts. If you look at the
fees you pay you might find that you are paying far too much.
If this is the case then it is time to shop around for a better
deal, because you could save yourself a lot of money each year
just by not paying expensive banking fees.

Leaving paper around

When you look at your bank statement or open bank related
information, make sure that you don't leave it lying around. If
you carelessly discard information relating to your account then
you are an easy target for identity thieves and fraudsters. Make
sure that you keep all bank related information in a safe place,
and shred any documents that you are going to throw away.

Using ATMs without care

When using an ATM, make sure that you take precautions. Do not
write down your PIN number anywhere near your card, and make
sure that you shield your number when you type it in. Being
aware of people around you when using an ATM can stop most
potential crime.

Banking online in public

Although you might need to check your account urgently,
checking your online account and carrying out transactions on a
wireless network is not totally secure. There is a chance that
someone could access your details, or that the transaction will
be lost. Use your online banking at home if at all possible.

Not establishing a relationship

If you want to get the best deals from your bank, then you need
to establish a relationship with them. If you have a local
branch, then arrange a meeting with the bank manager so that
you know who they are. Although you might never need their
help, if there are any problems or you need extra funds then
knowing your bank manager can really help.

Only borrowing from your bank

If you have been loyal to one bank for a while, then perhaps it
is time to rethink that loyalty. Although you might think your
bank offers the best deal, whenever you want to purchase a new
financial product you should shop around. There are many other
places, particularly online, that can offer you great deals on
borrowing money from credit cards or loans. If you are careful
with your banking information and shop around for the best
deals, then you can avoid most of these common personal banking
mistakes.


About The Author: Peter Kenny is a writer for The Thrifty Scot.
For additional articles and the latest financial news, please
visit us at http://www.thriftyscot.co.uk/Banking-Savings/ and
http://www.thriftyscot.co.uk/Banking-Savings/Earning_Interest_in_a_savings_account.html