How often should you check your bank statement?

Reviewing your bank statements on a regular basis may help you spot fraud or errors, avoid overspending and stick to a budget.

Read on for tips on monitoring your bank account balance.

How often should you check your bank accounts?

It’s important to review your account activity at least once every few days. Checking your bank account a couple of times per week may help you identify fraudulent transactions, so you are able to contact your financial institution as soon as possible. Depending on your financial institution, you may be able to set up account alerts to notify you about your financial activity.

How often should you monitor your checking account?

A checking account is designed for day-to-day transactions. It is where you may deposit your income, withdraw cash, pay bills and receive payments. Monitoring this account once or twice a week may be sufficient, although you may want to check it more frequently if you’re expecting a large transaction to occur.

How often should you monitor your savings account?

A savings account allows you to safely store your money and most of the time earn interest on your deposits. Savings accounts may have withdrawal limits and typically have fewer transactions than checking accounts, but it's important to monitor your savings balance.

Why should you check your bank statements regularly?

Regularly checking your bank statements may keep you informed about your financial transactions. Here are some common benefits:

Identity theft may bring about long-term problems for your finances and credit score, so it’s important to check for fraudulent charges on your accounts.

If you see suspicious activity, it’s critical to act fast and report the charges to your bank. You may also report identity theft to the Federal Trade Commission to work on recovering your identity. The quicker you spot fraud, the faster you may access the tools you need to fix it.

Depending on your financial institution, checking accounts may charge a monthly maintenance fee if you don’t use or maintain a minimum balance. Regularly reviewing your account activity may help you avoid fees charged to your bank account for not maintaining a minimum balance by allowing you to transfer funds before being assessed a fee.

You may also incur ATM fees or fees for receiving paper statements. Tracking your account activity through enrolling in paperless statements may help you avoid these fees from being applied to your account.

Consider reviewing the bank account agreement in addition to any schedule of fees to fully understand the features of your account.

Understand your spending habits

Overspending may be easy when using a credit card or debit card. Checking your bank statement or online banking transactions frequently may help you keep your expenses in line with your income and avoid overdraft fees.

How to check your bank account balance

Account holders may check their bank account balance several ways. Depending on your financial institution, you may have online or mobile banking, where you may access online statements and account activity.

You may also check your available funds at an ATM, over the phone or by visiting a local bank branch. Bear in mind that your bank may charge you for looking at your balance at an out-of-network ATM.

Tips for monitoring your bank accounts

If you want to keep a closer eye on your finances, checking your bank statement regularly may be a good place to start.

As a next step, consider setting up account alerts for transaction activity and direct deposit for your paycheck; this may automate some of the work associated with checking your financial health.

In addition, budgeting mobile apps may allow you to monitor your cash flow, spending trends and credit score, putting you on the path to a stronger financial future.