Some Personal Banking "Don'ts"

Banking is a very commonplace activity. Almost everyone has a bank account (or two or three) and the banking process is often considered as much a part of life as anything else. Unfortunately, many people are so complacent about their banking that they may be limiting their account's financial potential in addition to compromising their banking safety and security. Below is a list of some common banking don'ts that many people tend to overlook or disregard on a daily basis. Do any sound familiar to you?

Concerning your bank account:

• Don't pay high fees. Many bank accounts charge fees for all sorts of things. Some banks actually levy check-cashing fees just to use your account to pay bills. Why else would you get a checking account but to write checks? Other banks charge account management fees. While you might think that your account would take care of itself if simply left alone, they'll tack on this fee as a way to get a little extra out of you every month or year. Still others charge minimum balance fees so you'll be forced to keep a certain base amount in your account. Shouldn't you be able to decide how much to have on deposit? Find out what kinds of fees your bank is currently charging you. If there are a lot of them, it may be time to start looking for a new bank.
• Don't be afraid to look around. If you've had your bank account for a number of years, chances are you may have no idea what your interest rate is, or if you're even making any decent return at all on the money you're saving. People often ignore what's really happening in their bank accounts because they're so accustomed to working with the same institution. Shake yourself from the apathy and ask your bank about your interest rate and whether they have a higher-yielding account available. You should also consider other banks to see if they have any better offerings. It's your money, and you're well within your rights to place it wherever you'll get the best returns.
• Don't just take what you're given. As you research your bank, you may well find some fees and regulations in place that you're not a big fan of. Although you certainly have a right to, before you jump ship, talk to your bank. While they do make money (tons of it, actually) from those fees and rules, they also want to keep accounts. If you let them know that you're thinking of switching banks because of their account fees, they may have an ability to waive or lessen them in order to keep your business. This is not only true for fees on your accounts, but anything else that you may not happy with. Also, make a habit of asking about any special offers that may be currently running at your bank each time you go in.

Concerning your banking safety and security:

• Don't be too comfortable at ATMs. ATMs are places where you really need to keep your safety in mind on two levels. First, try never to use an ATM where it's dark or difficult to see and no one else is around. These are conditions conducive to your becoming a robbery victim. If you drive up and something - anything - doesn't seem right, drive away immediately. The second security issue at ATM's involves protecting your account information. There very well may be people in line around you at the ATM who are not there just to get their own money, but to try to get yours as well. They might try to get a glimpse of the PIN number you're punching in as you make your withdrawal or deposit. Protect yourself as well as your information.
• Don't make your banking information an easy target. What do you normally do with your bank receipts? Whether it's the one from your counter transaction with a teller or the receipt from the ATM, these pieces of paper have your private account information on them. Don't let it slip into the wrong hands. Always take your receipts home with you, and if you're not planning to keep them, destroy them there. This also holds true if you make a mistake while filling out a withdrawal or deposit slip. And when you no longer need them, destroy your bank statements, too. The best way to destroy this personal information is with the use of a cross-shredding paper shredder. Industrious thieves who are trying to get your information are not deterred by strip shredders. They'll tape the pieces back together to get what they want.
• Don't allow the 'cyberspace' community easy access to your personal information. Online banking has been made very easy these days, and it can be performed from virtually any computer terminal. As such, many tend to take for granted what they're actually doing. If you use computers at work, libraries, or even Wi-Fi hotspots, you should refrain from doing your banking from these locations, as others may be able to hijack your banking information. Even if you're using your own computer at a hotspot, you could still be at risk. Remember, Wi-Fi spots are not secure networks and others may be able to track what you're doing.
• Don't just assume things are okay. Do you take a close look at your banking statements when you receive them every month? If you don't, you should. It's important to keep a close eye on your statements to catch anything that may have gone wrong as soon as possible. At the very least, there could be simple errors made on your account that the bank should correct. At the worst, your account information may have been compromised and someone is using it to make charges. The sooner you notice any type of suspicious activity, the quicker you can stop it and protect your account from further abuse.

Personal banking has become considerably easier and much more convenient. However, its influence on our lives should in no way be taken lightly or for granted. Always be aware of what's happening with your bank accounts to assure that you're getting the best return for your dollar and that no one else is dipping their hands into that return.