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Check Your Bank Statements Every Month, Warns DebtSafe – My Newsroom

Check Your Bank Statements Every Month, Warns DebtSafe – My Newsroom

My Newsroom featured this article about the common trend that most people never or rarely look at their bank account or credit card statements. And when they do, there are often strange amounts deducted for things they haven’t authorised.

Wikus Olivier, Debt Management Expert at DebtSafe says the easiest way to notice any strange amounts going off your accounts, is to plan debit orders for more or less the same time each month.

DebtSafe, South Africa’s most trusted debt review company warns that scammers get hold of people’s money by taking less than R99 off someone’s bank account; a person will not get a notification on their smart phone for this amount and the only way to check this, is to check your bank statements every month.

“Consumers must take control over their finances and take responsibility for any strange amounts going off their accounts,” Wikus says. “If you update your budget monthly, and you check it against your bank statements, you will know exactly what goes on in your finances. Keep track of your spending through the month.”

Wikus gives tips to keep your bank statements in check:

Set up your monthly budget with your bank statements next to you.
Make sure the debit orders going off your accounts are accounted for.
Check that the debit order amounts are correct.
Check that the bank fees are the most competitive – do your research!