Bank Errors May Affect You More Than You Realize
Dealing with Bank Mistakes
The people at banks are human beings. They make mistakes, just like everyone else. And if you think computers at banks are unquestionably reliable, you have another thing coming.
So yes, there are mistakes at banks and sometimes they can be very serious ones. This is why you, as the user, need to keep your eyes open and pay attention to the figures. These errors could involve money being put where it isn’t supposed to be. Sometimes your money could be in someone else’s account. At times, it could be the other way around.
It’s important to act quickly when these types of things happen. Don’t let the whole well-oiled machine image of the clean-cut, efficient bank trick you! This doesn’t mean that you need to get stressed out and put your money under the bed mattress either! All you need to do is follow the tips and tricks we’re about to tell you so that you resolve bank mistakes in the most effective manner.
Monitoring Transactions and Balances
You know how you always want your kids to be happy, especially if it’s a small baby. That’s the same attitude that you’ve got to have with your bank account. Begin developing a habit of monitoring your bank account balance on a weekly basis. Luckily in the world of apps that we live in nowadays, you can pretty much know what’s going on with your account every minute (if you want to). The benefits to online banks are simply immeasurable!
It’s also essential to make note of authorizations you may have given for automatic withdrawals. Some people do this when it’s something that they have to pay for on a monthly or a weekly basis.
Being organized is important! You should also make sure your bank account links to a system that can send a text or email alert. This is important so that you can respond as soon as something happens.
There are a host of other healthy banking habits that should be part of your plan to include as part of your lifestyle. With regards to your checkbook, it’s important to have it balanced regularly. Ensure that the bank statements that you receive are in harmony with your transaction records. When you do this, you’ll develop that sensitive, super-powerful eye that spots errors within an instant. This is also good to keep you in line with your budget so that your monthly spending habits are more closely regulated.
Monthly bank statements could be a lifesaver so pay close attention to them! Every bank has the expectation that if there is an error, then you must report it to them within 60 days. This gives banks enough time to get the the issue to be properly resolved. This is especially vital when it comes to fraudulent transactions.
Dude, Where’s My Money?
Imagine checking your balance and finding out that it is lower than expected. Just take a deep breath and calm down! This doesn’t mean that your money is gone forever! But act fast so that you find where that missing money is.
When you come to dig deeper, the first thing you need to do is notify the bank to investigate the matter immediately. If you do this on the phone, take note that the bank may also ask you to put your request in writing.
Typically the bank has 10 business days to find out what’s going on. If the account has been active for less than a month, they’ll have 20 business days. Having found the error, they have to resolve it in one business day and update you within three business days with the developments.
Should the bank fail to complete its investigation, it has to credit the account with the missing amount with a $50 deduction. After that, the bank will have 45 days to complete its investigation. If the transaction that caused some money to go missing happens outside of the US or during the first month of opening the account, then the bank has up to 90 days to get that matter sorted.
Got Extra Money In My Account! Should I Spend it?
Hold yourself from going on any shopping sprees! It’s not always a good thing that there’s extra money in your account. Contact your bank to see where the money came from. If the bank finds out that the money belongs to someone else, they’ll ask you to return it. Failing to do so could result in a criminal theft charge. Be careful!