With our checking accounts, it can become an easy habit to only glance at them when making a withdrawal and deposit. But keeping a regular track of your checking account can help you spot any irregularities or signs of fraud, make you a better budgeter, and reduce the stress of the unknown when it comes to your money.
Learn more about how often you should monitor your checking account and why with the help of the financial professional at Public Service Credit Union today!
How Often Should You Typically Monitor Your Checking Account?
So, how often should you monitor your checking account? A good rule of thumb is to check your checking account statements at least once a month, although you can even extend this to a weekly or daily check if you want to get a more accurate picture of your checking account activity. This is made much more efficient and effective when you sign up for online and mobile banking where you can get instant access.
Getting in the habit of checking your checking account will also help you recall when and where you used your debit card and made purchases, making it easier for you to notice any suspicious activity.
What’s the Purpose of Balancing or Monitoring Your Checking Account?
One of the main reasons why keeping track of your checking account is to ensure that your personal and financial details are intact and you are not the victim of fraud. That’s why you’ll first want to check your account every so often to make sure information like your name, address, email, and phone number are all updated and correct, and that you have a complex login username and password that only you can recall. Simple information like this left vulnerable can lead to identity theft and fraud which can cause extensive damage to your finances.
Closely look at your purchases and transactions and make note of any that you know you did not make or that were unauthorized and report them to your banking institution right away should you notice any. Here, you should also keep note of any fees that can affect your checking total from ATMs, monthly maintenance, minimum balances, paper statements, and balance inquiries.
An effective strategy to help you avoid any overdraft fees or overspending is to link your checking account to a budgeting app that provides recommendations or guidance on how to improve your money management skills and save more.
Keep Track of Your Finances with Public Service Credit Union
Now that you know more about the purpose of balancing and monitoring your checking account and how often to do so, you’ll have a better handle on your finances and spending so you can always stay on budget and make adjustments when needed.
At Public Service Credit Union, we’re proud to help Redford residents learn more about credit monitoring and ATM safety so you can ensure our investments stay safe and intact. Plus, you can explore a wide range of banking solutions to help you stay on track towards your financial goals. Contact us today for more information on our Detroit credit union and to speak with a financial professional who can answer any of your questions!