Bank Statement Review

 

Let me start by wishing everyone a happy new year, 2016 was a great year for some for the larger population it was challenging and that is why I feel we should talk about little things that cost of money.

And that is our banking relationship, yes Banks make money from us one way or the other, the truth is we cannot totally eradicate hidden charges from dealing with banks, some are not even hidden.

And that is why I would like us to do a Bank Statement Review on a monthly basis. We need an analysis of our bank transactions last year, and most especially the Bank charges you find on your statements, you may not be able to do anything as such with what as happened historically but you can avoid the same pitfall going forward. Things you might want to consider include.

SMS Charge: Banks charge #4.00 per SMS alert, and the charge #0.00 for email alert and you use a smart phone that is email enabled, so why not opt out of the SMS platform and stick to the email. I know you will say it is too small an amount but if you consider what you have paid throughout the year, it should buy sausage at the least. And that is why Banks always pose difficulty in removing people from the platform as it is free revenue for them.

ATM Usage: On the 3^rd usage of your ATM Card on another bank machine you will be charged #65.00 for using other Banks ATM machine for withdrawers, I believe strongly that this can be avoided tactically, by avoiding paying people cash as much as possible, opt for online payment or transfers or use trusted POS, emphasize on trusted and other safe free payment methods other than cash.

Charges on Transfers: Avoid transferring to other banks as it attracts charges, let’s be practical on my review for December, I incurred transfer charges of close to N2,000.00 only just in one month. So if I do same on a monthly basis, I would have indirectly pay N12, 000.00, that’s on the minimum. Also the new convenient banking on mobile phones attracts its own set of charges.

Transaction dates: you need to consider transaction dates, you might want to say it is not cash but a quick reminder is that all banking transaction is tied to a date, what if it is a repeated transaction. Human beings can make mistakes.

Correctness of your transactions: Double payment could occur, a reversal of the transactions could have occurred, you might have also receive monies that are not yours, or a transfer you did not initiate.

I will request we add more things to review on our bank statement. Let me quickly add, you have the right to raise any quarries pertain to your account from the Bank, and you have an account officer, which I want you to know.

I remain your friend and Personal Finance Coach Babatunde Ayorinde, follow me on twitter @pistis03,

And if you like to engage us to speak in your program or for adverts send us mail at babat09@gmail.com.

Thanks for reading, invite you Family, Friends and Foes to read the blog, as we move ahead to our financial freedom.