It is important to review your checking account statement regularly because it helps you track your spending habits, manage your finances, and detect unauthorized or fraudulent transactions early. By reviewing your statement, you can also identify recurring charges, such as subscriptions you may no longer use, allowing you to save money. Additionally, monitoring your bank statement helps you catch any banking errors or fees charged by your bank, which you might dispute or avoid by switching to a bank with lower fees. Reviewing your statement can help you avoid fees such as:
- Overdraft fees
- Monthly maintenance fees for not maintaining a minimum balance
- ATM fees, especially for out-of-network withdrawals
- Fees for receiving paper statements
Overall, checking your statement frequently increases your financial awareness and security, allowing you to act quickly if you notice any suspicious activity or charges and better control your budget and savings.
