It’s that time of the month again – your finance software has crunched the numbers, and you’ve been sent another set of important statements. As you start to review your bank accounts and credit card bills, you might be feeling a little overwhelmed. Do all of these charges look accurate? What should you do about the ones that aren’t?
Did you know that on top of the monthly fees you pay for things like your mortgage or cellphone, there are hundreds of other fees and taxes buried in your monthly statements? These little items can add up, and some are even avoidable. While you may not have the time to scrutinize every line of your statement, you should certainly be on the lookout for hidden fees and taxes, like late fees, wire transfer fees, and processing fees.
There are many reasons why it is important to review your credit card statement. One of these is to ensure that the transactions on your statement match those that you made. For example, if you have made a purchase at a store but do not see it on your statement, this could be a sign that your card has been stolen or that someone has made a duplicate card. It is also important to check your statements to ensure that you are not being charged for a service you do not use or for items you did not purchase.
In addition to double-checking that your transactions are listed on your statement, you should also make sure that you have not been overcharged. For example, have you been charged for items that you returned?
Element of Account summary
The account summary is one of the most common financial statements. It is also one of the most important documents a business produces. A good summary can help you get a quick snapshot of how your business is doing. It can also help you uncover areas of concern so you can focus your time and resources on the areas that need your attention.
- Deposit and Addition
Every month, your finances will change. This is when your bank account will go up or down. That’s called deposits and additions. Deposits happen when you get money. Additions happen when you spend money. Your bank account stays the same if you don’t spend any money.
- Withdrawals from ATM and Debit cards
Withdrawing money from the ATM or using your debit card is one of the most convenient ways to get cash. But, it could also be one of the most expensive. The average ATM fee is $2.57 per transaction, and that doesn’t include what you’ll get charged by your card issuer. On top of these fees are the ones you’ll pay if there are any errors on your account.
- Paid Checks
If you have ever paid bills online, you’ve probably noticed that most bills come with a pre-paid envelope for you to use. The envelope is part of the company’s marketing strategy. People have to pay them, so why not give them an extra way to pay? The company counts on you not to check the envelope to see if the bill is inside. You can pay them by mail, which is very convenient for them. If you don’t check the envelope, you may be sending them a check that you already sent them. You might be paying them twice. It’s hard to believe that you can pay a bill twice, but it can happen.
- Fees and others
When you withdraw money from an ATM, it’s not always free. Even if you don’t have a checking account, you still may be charged for using the ATM. The most common fee is a surcharge, or what the bank charges you for using someone else’s ATM. It’s not just ATMs that can charge you a fee for your withdrawal, many retail stores charge a fee for using another bank’s ATM to withdraw their own money.
The bank will present you with the charges on your monthly statement. Review your statement each month before you pay your bill. It is important to compare your statement with your checks and receipts. You can verify the charges and make corrections by contacting the bank. If you do not catch errors in your statement, they could end up costing you lots of money.
As a consumer, you need to look at your credit card statement every month, whether you are using a credit card or using cash to pay for your bills. This will also help with controlling overspending and making sure you do not forget and miss a payment.