Bank Statements: A bank statement is a detailed report of transactions made through a bank account over a period of time. Many people do not remember where and how they spent money except when they transfer it in a hurry. But many people worry about where they spent it when the account is empty. With the increase in the use of digital payments and net banking, it is necessary to carefully examine the bank statement.

We know the need to check the bank statements every month.

Avoid confusion: Checking the bank statement at least once a month will be helpful in knowing the details of the transactions. You can understand where and why the money in the account was spent, find out if there are any discrepancies in the documents, and avoid confusion in the future.

Prevent fraud: With the increase in digital transactions, online fraud has also increased. Therefore, it is necessary to check your bank statement frequently. This will be helpful in finding out if any transactions have taken place without your knowledge and in detecting fraudulent transactions.

Know bank charges: Banks charge various charges for various transactions and services. The account holder is often unaware of various charges. For example, some banks charge fees for issuing duplicate passbooks, etc. To know about such charges, it is a good idea to check the bank statement every month. Sometimes, banks may charge fees incorrectly even for transactions that do not require a penalty. This can be brought to the attention of the bank.

Control expenses: If your expenses are excessive, checking your bank statements at regular intervals will help you understand where your money is being spent. This will help you identify and avoid unnecessary expenses and improve your savings.

Also Read: Credit Card Reward Points: How To Get The Best Benefit From Them

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