Why you should regularly check your bank statements

Many people only check their balances or review transactions when there’s a problem, but regularly reviewing your statements can help you spot issues sooner, avoid unnecessary costs and make more informed financial decisions.

Locally, many people rely on bank accounts for salary payments, debit orders, school fees, rentals, business transactions and online purchases. It helps to know what these documents are for and how to use them securely.

What does a bank statement show?

They are also known as your bank account documents, which are records or letters that give information about your account and your banking activity. A bank statement is a summary of activity on your account over a specific period.

These may include the following:

• Deposits and withdrawals
• Debit orders
• Card purchases
• EFT payments
• Bank charges and fees
• Account balances
• Interest earned or charged

Statements help you keep track of where your money is going and can highlight activity you may not immediately notice through day-to-day banking.

It helps you understand your spending habits

Your bank statement can provide valuable insight into your everyday spending habits. Looking at your transactions regularly can help you identify the following:

• Areas where you may be overspending
• Spending patterns you hadn’t noticed
• Opportunities to reduce unnecessary expenses
• Progress towards financial goals

Even small daily expenses can add up over time. Budgeting can feel overwhelming; however, it can get easier with our Budget Manager add-on.

This helps you better understand your banking fees and account activity..

Look out for the following:

• Overdraft fees
• Returned debit order fees
• Interest charges
• Transaction fees you weren’t expecting

Unexpected fees may sometimes indicate account issues, unusual activity or spending patterns that need attention. Having a look at your fees can also help you make informed decisions about how you manage your money and use your account.

You can use the Future Payments add-on on the app to view your upcoming payments.

Spot suspicious transactions early

One of the key reasons to review your statements is to identify suspicious or unauthorised transactions.

Fraudsters sometimes test accounts with small transactions before attempting larger fraudulent purchases or transfers. Evaluating your statements can help you spot unusual activity sooner and report it quickly.

Watch out for the following:

• Transactions you don’t recognise
• Unexpected debit orders
• Purchases from unfamiliar retailers
• Multiple small charges
• Payment notifications for services you didn’t sign up for

The earlier suspicious activity is identified, the faster action can be taken.

Why e-statements can help

Digital banking has made it easier to access and manage statements from almost anywhere.

You can download or receive bank statements via email at no additional monthly cost from your Banking App or Online Banking. This makes it easier to access your statements regularly without waiting for printed documents.

Learn how to get bank account documents on the app.

e-statements can help you do the following:

• Access statements quickly and securely
• Reduce paper clutter
• Keep digital financial records organised
• Review account activity more regularly

For added convenience, you can also use your Banking App and Online Banking to monitor transactions and account activity between statement periods.

Make statement reviews part of your routine

Checking your statements doesn’t have to take long. Setting aside a few minutes each week or month can help you stay more informed about your finances and identify potential problems early.

You could review your statements when:

• You get paid
• Debit orders are processed
• Monthly subscriptions are deducted
• our monthly statement becomes available

Small financial check-ins can assist you to stay on top of your money and avoid surprises later.

What to do if you notice suspicious activity

If you notice transactions or account activity you don’t recognise, do the following:

• Contact your bank immediately
• Review recent transactions carefully
• Change passwords if necessary
• Monitor your accounts closely
• Report suspected fraud as soon as possible