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Why it’s important to check your account statements regularly

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There are several reasons why taking a few minutes to review your account transactions or your statement is worth your time.

Receiving an email notification that your statement is now available or getting a printed statement is unlikely to get many Orange residents jumping to check their account transactions for the statement period. That said, there are several reasons why taking a few minutes to review your account transactions or your statement is worth your time.

Early identification of fraudulent activity on your account

Your bank or credit union will have a number of anti-theft and security measures in place to protect your accounts and money. Usually related to online access to your accounts or your card facility, these measures check your accounts for suspicious or unusual purchase behaviour. Orange Credit Union members are protected by Verified by Visa. It is important however, to be proactive protecting your personal information and accounts, particularly if you transact online regularly.

 

If you notice any transaction on your accounts that are unfamiliar or suspicious, contact your bank or credit union immediately. Your financial institution will run an investigation on your accounts and support you to retrieve any stolen funds if possible.

 

You could save valuable money by reviewing the fees you pay

Reviewing your account statements can help you identify ways to save in fees, particularly if you are paying excess savings transaction fees. Simply behavioural changes like pressing Credit instead of Savings (on Visa Debit) when purchasing items where you don’t take cash out, can save you significantly over the course of a year. If you bank with a credit union or customer owned bank, your financial institution will provide you with a list of handy ways to reduce the fees you pay each month.

 

Provides a snapshot of your income vs spending

Seeing the closing balance on your accounts at the end of your statement cycle can be a sobering experience if your spending habits are not aligned with your earning potential. Oftentimes, if your account balance is less than $20 at the end of the month, it can be the wakeup call necessary to set a working budget. Reviewing your account statements regularly can also give you the insight necessary to take your mortgage to a more affordable lender. Seeing how much you spend on your home loan can be the catalyst to look for a lower mortgage interest rate.

Our team is here to help

For more useful information on your everyday banking in Orange, NSW, home loan interest rates, refinance rates or ways to increase the value of your home, contact Orange Credit Union’s friendly team on (02) 6362 4466 Monday to Friday 9:15am to 5pm.

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