I know people that roll through life, never reconciling their checking account. Many younger people fall into this category, and for the most part it works because they don’t write checks, so the current balance is up to date. Others keep close tabs on their account, verifying every transaction. I fall into the second category because you just never know when you might notice something out of the ordinary.
I was looking at my checking account online over the weekend when I noticed a $6.95 charge from an online gaming site. I recognized it something my son had been paying for, but somehow it was now being paid from my account. A quick conversation with my son revealed he forgot he was paying monthly for it, and the method of payment defaulted to my account when he removed his checking account from my PayPal (he opened his own).
Why You Should Review Your Account Regularly
For several reasons it’s a good idea to frequently review charges to your account:
- Check For Fraudulent Charges: One never knows when their identity or their account number may be stolen. The sooner fraudulent charges are noticed, the sooner you can get them corrected.
- Review For Accuracy: Sometimes retailers make mistakes. I once had a charge go through twice, and had to work with the retailer to have one reversed. We all work too hard for our money to just assume all transactions are accurate.
- Evaluate Expenses: Periodic evaluation of all one’s expenses is a great idea. Looking at the raw numbers as they come out of your account can help you determine if an regular expense should be dropped or somehow reduced.
I noticed an odd charge to my account during a regular review my transactions. My son’s actions turned out to be the cause of the charge. It was only $6.95, but it was a recurring charge that would happen every month. It could have just as easily been a large fraudulent charge.
What happened to me should be a good reminder to everyone to review your transactions regularly. If you don’t, it could cost you real money.
How about you, EOD Nation, have you ever found a charge you didn’t expect when reviewing your account? Do you review your account on a regular basis?