close attention to activity in your account. Bank errors and the
potential of identity theft have made it imperative that you become
proactive and follow simple safeguards. In addition, changes in bank
policies can create confusion. Here are a few of the most common
personal banking mistakes to avoid.
1. Not reviewing your bank statement promptly. The biggest personal
banking mistake is not opening and looking at your bank statements
when you receive them. This is the only way to know immediately if
there is a mistake in the account or if the balance is below the
minimum level for which you will be charged a fee. Take a few minutes
to look over the bank statement.
2. Paying unnecessary fees and bank charges. Banking is a competitive
business. There are banks that charge fees for various services and
others that do not. Don't pay unnecessary fees because you are too
lazy to shop around. Likewise, don't settle for lower interest rates
if there are higher ones at another convenient bank.
3. Leaving a literal paper trail. Leaving discarded bank documents
behind makes you an easy target for identity thieves and con artists.
If you make a mistake on a deposit slip, for example, don't just toss
it on the counter or even into the bank garbage can without tearing it
up first. All bank documents that you plan to discard should be
treated in the same manner -- shred them or tear them up into small
pieces.
4. Banking online in public places. WiFi access allows you to go
online from your favorite hangout. However, you should think twice
before doing any online banking transactions over a wireless service
from a public place. The level of security is not the same as it is
when using your own router.
5. Using an easy password. First, don't use an obvious password like
your birth date. Second, change your password periodically. Third, do
not write your password down, particularly anyplace outside of your
own home.
6. Failing to take ATM precautions. ATMs can be lifesavers when you
need cash. However, you need to be smart and not write down your pin
number, especially on your ATM card. Also, do not carry money openly
out of the vestibule or use the machine at all if you do not feel
physically safe.
7. Signing and endorsing checks prior to entering the bank. People do
this all the time to save time. However, if you lose a signed or
endorsed check, you can lose the money. Do your signing inside the
bank, even if it takes a little longer.
8. Leaving bank account numbers for others to see. If you are
reviewing your bank statement at the office, put it in your pocket or
purse when you are done. The same holds true for all bank related
documents.
9. Assuming you must borrow from your bank. If you need a loan or are
in the process of seeking a mortgage, it is not necessary that you
give your bank the business. You can certainly include them in your
search, but you should certainly shop around.
10. Not establishing a relationship. Whether you are banking online or
in person, you should get to know the customer service staff. Meet the
branch manager and establish a rapport with the people holding onto
your money.
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