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Heres what she said.
Ideally, youll be checking yours daily or weekly.
Monitoring your personal accounts is vital for many reasons.
According to theFTCs Consumer Sentinel web connection, there were over 5.4 million reports of fraud in 2023.
About 19% were due to identity theft.
The most common types of identity theft included bank account and credit card fraud.
Monitoring your accounts has the added benefit of making it easier to manage bank fees.
Banks will generally waive these fees if you keep your balance above the threshold.
There are quite a few types of accounts, even among savings accounts.
This includes traditional savings accounts,high-yield savings accounts, certificates of deposit (CDs and money market accounts.
You also could face fees you could have otherwise avoided.
Over drafting their account … leads to courtesy pay fees and NSF fees, Torres said.
According to theConsumer Financial Protection Bureau(CFPB), the average NSF non-sufficient fund fee is $34.
While many banks have gotten rid of these fees from their checking accounts, others still have them.
There are a few ways to avoid these fees.
This can be problematic in several ways.
Some bank accounts are also restricted.
You might be limited to a maximum number of withdrawals or transfers, for example.
Or you might be able to take out only a set amount of cash from the ATM per day.
Knowing these rules can save you headache and potentially money.
[This] causes them to waste time going into a branch.
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