When you download the Chambers Bank App on your smartphone or tablet, you can set up Mobile Banking for your personal and business accounts plus gain anytime, anywhere access to all accounts. Make deposits, run transfers, and complete online payments in just a few clicks. Doing this can help you gain more insight into your regular spending habits and better manage your money. Make sure any money you’re expecting to hit your account has been successfully deposited and that all withdrawals line up with your actual expenses. Doing this can help you spot errors and make sure your balance isn’t running too low. It wasn’t too long ago that people used to balance their checkbooks to keep track of how much money they had in the bank.
- Your financial needs and goals may require you to check on your cash more or less often, but these are good rules of thumb for how often your accounts need your attention.
- You can also track your spending and identify areas to cut back expenses and save better.
- Online and mobile banking has allowed users to remotely monitor their accounts while minimizing costs.
- A savings account allows you to safely store your money and most of the time earn interest on your deposits.
- This is especially true if you frequently use your debit card or make a lot of transactions.
How Often Should You Check Your Bank Statements?
Online banks make it easy to do everything from the comfort of your own home, and because they have fewer overhead costs, their accounts tend to come with lower fees and higher returns. Banking fees are as common as credit card sign-up bonuses nowadays, and some of them are less obvious than others. The most costly banking fees are overdraft fees, ATM fees, and account maintenance fees.
Watching for excessive or hidden fees
We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions. Make sure you cross-reference with your checkbook or other records to detect if any unauthorized payments have been made from your account. Bank statements contain all of the transactions within a statement period, which is typically one month long. You can set up automatic notifications on your phone that alert you every time a transaction passes through your account, without having to log into your app to access them.
Monitoring your checking and savings accounts regularly leads to improved financial wellness and lower financial risk.
You use it frequently to pay bills and buy everyday things like groceries. If you make ATM withdrawals, use your debit card or have your account connected to a third-party app like CashApp, you’ll want to check your statement often. You don’t have to check your bank statement every day, but it’s a good habit to check it regularly. This is especially true if you frequently use your debit card or make a lot of transactions.
Why Should You Check Your Bank Statements Regularly?
Savings accounts may have withdrawal limits and typically have fewer transactions than checking accounts, but it’s important to monitor your savings balance. Even if you haven’t lost your debit card, it’s possible for someone else to how often should you typically monitor your checking account put fraudulent charges on your account remotely. It’s crucial to check your accounts as frequently as possible in order to protect yourself from fraud. That way you can spot suspicious activity and report it as soon as it happens.
Choosing a new, unique password regularly could make it that much harder for identity thieves to access your account. That’s problematic, because debit cards don’t have the same fraud protections as credit cards. If you report your debit card lost or stolen before anyone uses it, you’re not responsible for any fraudulent purchases, according to the Federal Trade Commission. 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. Simple information like this left vulnerable can lead to identity theft and fraud which can cause extensive damage to your finances. If a check ends up delaying for about five days before being cleared, all the payments and purchases are posted as an overdraft.
Some accounts you can set and forget while others you should check on several times per week. Tailor your financial bank account check-ups based on the types of accounts you have. Regularly keeping tabs on the status of your finances helps you maintain a personal budget and plan ahead for both the short and long term. Pay attention to the snapshot your financial institution gives with how much money is truly deposited each month versus pre-tax estimates or a ballpark average.
Your checking account serves as a hub for your everyday transactions, such as paying bills, making purchases, and receiving income. Even with protective measures in place, it is possible for your account to be compromised. By checking your account regularly, you can keep an eye on any suspicious activity, such as an automatic withdrawal you don’t recognize or a debit card charge that isn’t yours. If you’re wondering how often you should monitor your checking account, know that it’s impossible to check your bank account too often. According to the Federal Trade Commission, for debit and ATM cards, if you report the loss or theft before any fraudulent charges are exacted, you’re not liable for any purchases made. If you report within two days of learning about the loss or theft, you’re only liable for a maximum of $50 in fraudulent charges.
If you find that your current bank does not have any of the following, you can easily set up a bank account online to receive access to these options. If you earn money and have living expenses, a checking account is likely the main account you use to receive earnings and pay your bills and debts. That said, with frequency of transactions coming and going, choosing to review it at least several times a week is reasonable. Then, you’ll be able to see your account information, including transactions and bank statements.
Many banks charge overdraft fees, and some may even charge multiple fees on the same day. These fees can add up quickly, but if you opt for a no-fee checking account, you have less to worry about. Still, too many overdrafts may make you appear too risky, and your bank may close your account.
