In today’s economy, everyone is out to make a profit. Your bank is in the business of making money just like you, and the banks are looking for ways to make more money from you. The banks are considered minimal to the identity thieves, but anything pertaining to your finances is very important. I will be covering a few mistakes to avoid when banking.
First thing to do is look for those new and increasingly oppressive bank charges. These can be ATM fees, overdrafts, and certain transfers. Most of these fees has risen to record highs for the seven years in a row. Look at these stats according to Pew Charitable Trusts, $30 billion in 2012 was the revenue for overdraft fees. Those stats have tripled since 2004 and continue to rise in the future. According to a report from the Consumer Financial Protection Bureau, overdraft penalties now represent over half of banks’ fees from consumer checking accounts. You have to be mindful that if you bounce a check, you will be hit with an oppressive overdraft fee. Sometimes banks may credit overdraft fees in the beginning but after one or two they will love to charge them. This is one of the most profitable ploys for the banks. Many banks now automatically enroll their checking account holders in an overdraft protection program that allows them to charge you as much as $35 when you fall short.
Never leave a paper trail of your private information, online thieves thrive on this. I recommend a paper shredder to destroy personal financial information. Leaving out bank statements, voided checks, and other banking information can be an easy target for cyber criminals.
When using an online password, include uppercase, lowercase, numbers, symbols, and words so it would be difficult to figure out. There are more people relying on online banking because it’s more convenient and this has become a target for cyber-crime.
When depositing money don’t deposit it into a checking account, put it in a money market account to get a better interest rate. You can transfer funds from your money market account into your checking account.
Also monitor your bank statements frequently, this will ensure accuracy. Another mistake is to overlook dangers of ATMs. Crimes involving ATMs are growing rapidly nationwide. Be aware who is around you and shield your pin when typing it in. Put your money away before walking back to your car and make sure you have your card.
Check around for better interest rates if you need a loan. Don’t just stop at your regular banker, look around.
You shouldn’t opt-out of receiving paper statements each month, this is good for the company but bad for you and your business. It’s a lot easier to spot errors when you look over the paper statement than on a website. You want to be in control of your transactions online and offline.
Avoid phishing e-mails, these are e-mails from scammers that look very authentic asking for personal or business information. Most of these e-mails will ask for your name, date of birth, social security number, phone numbers, and bank or credit card accounts numbers. Never provide this information in response to an e-mail, no matter how real they look. Legitimate companies and banks will never ask you to provide that kind of information in a response e-mail.
In conclusion, follow these suggestions and create more as you go to avoid banking issues.
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