Banking difficulties for businesses and households
Find out recommendations to keep your banking on track.
15:35 29 May 2013
The Co-Operative bank has a new Chief Executive who believes that with some time and effort the results could be favourable. When even the banking industry has issues managing finances, it’s natural to wonder how a regular household is expected to properly manage them.
Here are a few recommendations to help your household banking remain on track. Even if some of these are obvious, it never hurts to be reminded.
- Statements - whether you receive your banking statements online, or via mail you’ll want to check these every month. Neglecting those could deprive you of the opportunity to catch an error, or a small issue before it escalates into something unmanageable.
- Automatic notifications - some banking institutions offer a service that will either email or text message you whenever a transaction occurs, or when your balance reaches a certain level. Definitely sign up for this service. It might be a little annoying, but if you pay attention to the notices it could help you stay on track with finances, and stick to a budget.
- Withdrawals - if you make abnormal withdrawals, or have payments coming out of your banking account automatically be sure to either keep a list, or reconcile your account each month.
- Reporting - if you do notice something unusual, even if it a very small amount, report it immediately so that the charge can be clarified, or in the event of a larger issue with the banking account or institution.
- Overdraw protection - find out if you’re banking institution offers overdraw protection, which might act like a loan with an interest rate, rather than charging a large fee and reflecting negatively on the account.
- Coordinate - if there is more than one person with access to the same banking account, make sure to communicate purchases, and to avoid spontaneous spending that could quickly put your account at risk.