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Home » Business And Finance Articles » How To Avoid Common Personal Banking Mistakes

How To Avoid Common Personal Banking Mistakes

Using a bank can really save you money, but there are also ways in which you lose a lot of money. If you are not proactive in recognising potential dangers and mistakes, then you could be caught out. Here are some of the most common personal banking mistakes and how to avoid them.

Not reviewing your statements

Many people get their statement each month, open it and then throw it away. If you don't look at your statements properly then you will not see mistakes on your account that could be costing you a lot of money. If there is a payment that you did not make then you could be charged a fee, and there is also a chance that you card has been copied. Checking your statements against all your purchases each month is imperative.

Paying too much

Many people are too lazy to shop around or to question the fees that they pay each month on their accounts. If you look at the fees you pay you might find that you are paying far too much. If this is the case then it is time to shop around for a better deal, because you could save yourself a lot of money each year just by not paying expensive banking fees.

Leaving paper around

When you look at your bank statement or open bank related information, make sure that you don't leave it lying around. If you carelessly discard information relating to your account then you are an easy target for identity thieves and fraudsters. Make sure that you keep all bank related information in a safe place, and shred any documents that you are going to throw away.

Using ATMs without care

When using an ATM, make sure that you take precautions. Do not write down your PIN number anywhere near your card, and make sure that you shield your number when you type it in. Being aware of people around you when using an ATM can stop most potential crime.

Banking online in public

Although you might need to check your account urgently, checking your online account and carrying out transactions on a wireless network is not totally secure. There is a chance that someone could access your details, or that the transaction will be lost. Use your online banking at home if at all possible.

Not establishing a relationship

If you want to get the best deals from your bank, then you need to establish a relationship with them. If you have a local branch, then arrange a meeting with the bank manager so that you know who they are. Although you might never need their help, if there are any problems or you need extra funds then knowing your bank manager can really help.

Only borrowing from your bank

If you have been loyal to one bank for a while, then perhaps it is time to rethink that loyalty. Although you might think your bank offers the best deal, whenever you want to purchase a new financial product you should shop around. There are many other places, particularly online, that can offer you great deals on borrowing money from credit cards or loans. If you are careful with your banking information and shop around for the best deals, then you can avoid most of these common personal banking mistakes.

And here is another random article you might be interested in...

Google's Next Step: Are Print Mail Order Catalogs Dead?

One of the great joys of the holiday season involves receiving the stack of catalogs that invariably clog the mailbox at the end of my driveway.

Not withstanding the hernia I get from carrying them to the house, or the three acres of rainforest timber it took to print them, holiday catalogs provide a never-ending opportunity to look at stuff I don't want to buy.

Unfortunately, when I do finally decide what I want to buy for those on my holiday shopping list, I find the one catalog I need mysteriously absent from the 6-foot stack.

Fortunately, a new service at Google makes hunting through catalogs to find the perfect gift for yourself or others an absolute breeze.

Log on to http://catalogs.google.com/ and test out Google's latest offering in an attempt to organize all information on the planet.

At the time of this writing, Google's database of catalogs boasts over 6,000 catalogs covering everything from golf to music to footwear.

The index allows you to browse catalog content either by entering keywords in a search box, or choosing categories in their directory-style listings.

If you want the latest L.L. Bean or Harry and David catalog (or any other), you can perform a search for a specific catalog by name.

If Google doesn't carry a specific catalog, you can click the "Help Google Add More Catalogs" link on the main page of the catalogs directory to suggest they take a look at it.

I personally think Google is very serious about developing this service because they do something here I've never seen them do before: they provide a physical mailing address and invite you to actually "snail mail" them a catalog you want added.

I decided to put the service to the ultimate test by searching for what, at least for me, represents the ultimate catalog purchase from 2003: the singing trout (a.k.a. the "Boogie Bass")!

If they could find that honey of a holiday gift, the service gets my seal of approval.

Of course, in a nanosecond, Google found it in multiple catalogs along with such holiday gems as the "singing fish" and the "TV Caddy."

On a serious note, a search for "Ford F250 accessories" yielded some very helpful information on catalogs where I can get parts and goodies for my truck.

So, this service goes way beyond searching catalogs with only the "As Seen On TV" gadgets, and gets into some serious niche product information.

Back before the Internet, search engines, and online research, catalogs actually represented an inexpensive way for vendors to publish product information targeting a niche audience.

It makes perfect sense that the Web's largest search engine should start cataloging catalogs and combine print publications with online search.

The only drawback to Google's new catalog browser is that you can't circle the items you really want (writing on your monitor tends to damage it) and then strategically leave the catalog where Santa (or your wife) can conveniently find it and catch a clue as to your greatest wish.

But, you can always send Santa a web link to the items on your list!

Copyright 2005 Jim Edwards