Be a smart bank customer, avoid these banking mistakes.

Banking is one of the oldest human endeavour, It is almost as old as man history. But its processes has grown and may be complicated especially for the non techies. Your daily and continuous interaction with your bank requires that you avoid some costly mistakes that may lead to regrets.

These are the banking mistakes every bank customer should avoid:

Not keeping up-to-date with transactions on your account

Bank customer’s needs to monitor their account regularly and have a clear understanding of the debits and credit transactions. This may help to detect fraud, unwarranted bills or discrepancies in bank charged earlier before it becomes huge. Regular monitoring of account can also assist in ensuring that bank customers’ do not wrong the law by issuing dud cheques.

Continues use of manual processes

Bill payments, cash withdrawals, cheque and cash lodgements, confirmation of account balances, printing of mini statements and almost all banking needs of a customer can be done via ATMs, online, Mobile, USSD and lately whatsapp banking. There is virtually no need for bank customers to enter the banking hall except for services that are not available on alternative banking channels.

Not conscious of the vulnerability of your account online

Bank customer must understand the need to be careful when using their accounts for payments online.

  • Avoid using passwords that can be guessed by anyone;
  • All online passwords relating to your bank account must be strong and changed at regular intervals;
  • Close browser after logging out of your account following online transactions;
  • Use your debit or credit cards only on secure websites;
  • Provide limited information about yourself on social media to avoid hackers cracking your security questions with your social media info;

Operating your savings account like a current account

If you maintain both savings and current accounts with your bank, you might want to consider not having an ATM card or other alternative banking instruments on your savings account. The essence of savings account is primarily to keep some funds away for the rainy days for which the bank will pay you some interest if you operate it within limit. You may also need to consider having your savings account in a different bank from where you have your current account in other not to tamper with your emergency funds.

Chasing higher Interest rate

Bank customers that are primarily motivated by higher interest rate soon loose cordial relationship with their bankers. Interest rates are general and it fluctuates, it may soon go up in your bank if you are a bit patience. Moving your funds from one bank to another because of 1 or 2% interest is not an interesting banking habit and may land you in trouble soon. Higher rates banks may indicates desperation for funds and lower rates banks may indicate a more comfortable bank.

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