Asked 3w ago
Just curious, do most people check their monthly cc bills to ensure that you're charged correctly (e.g. money refunded to you by merchant is reflected, the money spent is indeed correct) before paying your monthly cc bills?
Generally, I don't check as I would assume that the bank wouldn't charge me inaccurately. But I'm not sure if i should actually be diligently checking?
No, i can't be bother to check.
Is there error or extra billing like "annual fees"? of course there is potential of problems.
but my time is valuable. so leave it as it is, because I don't have the luxury to check all my statements and spending.
my wife does check every card, every month. she likes to check.
Personally, I would glance through the statement and look out for things that are out of the norm. Like, the vendor name is very weird or you know, is not among those you regularly shop at.
Unless you are really short on time, i would highly recommend you check. Spend a good 15 minutes or so every month to look through and jog your memory on the various transactions. Of course you don't need to be exact on the amount spent. I always aga aga.
You can assume the bank to do its job. But banks do slip up sometimes and when they do slip up, you cannot fault them as they would say in their statement, please raise disputes within 7 days. I rather be on the safe side sometimes. Might even save more time.
Unless you have 100 over transactions per month, I think it doesnt take long to scroll through your statement to take a look. Now with the mobile apps, its alot easier. You dont even need to see the statement can just see the transaction history anytime.
Dont really need to pin point every transaction to check. Just scroll through and if theres anything, it should be quite obvious. E.g. unknown website charges that you never visit before. Or if you get charged from netflix but you dont use netflix
I think it's up to individuals preference and their confidence level to the bank that you are referring.
if you are afraid of fraud and/or double charge I.e incident charges.
then get the cso to change your sms threshold hence every time u get a transactions you will receive an sms alert.
this is much fast to spot a fraud transaction and double charge compared to checking statement.
if youre just referring to legit transaction.
of cos we know that in real world nothing is 100%. hence I would just say 99.99% accuracy. The only that 0.01% is when they upgrade system they duplicate
the transactions . however and again the sms trigger will alert you if sure happened.
You should check. I set my credit limit at 3000, so generally it's enough to cover for two months +/- a bit. So when I blow my credit limit, i would look at the statement to identify where I am overspending, or... from fraudulent charges. Over the last 2 years I have picked out two such charges, one was a usd 30 charge to some Nigerian charity,... And more recently a Netflix subscription in ringgit.
You could save yourself quite a bit just by disputing these fraudulent charges, sometimes you may even find unnecessary subscriptions to terminate.
Why would you not want to save this money?
Yes, I do check my statement whenever it is in. At times, I will realise some transactions that shouldn't be there. What's more, it helps me to do some self reflection on my actual spending that month.
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