Bank Statements no matter how often you receive them it is even more important in this day and age of electronic communication to check them.
In some cases we don’t even see a statement as more and more people accept and authorise for electronic statements. Some people do not even bother downloading them which you should.
I have been guilty of this if I am to be honest. We have moved as many statements to online as possible a popular choice made by travellers.
Privacy with mail direction as we travel and environment to name a few reasons we made this decision. But it is important to check your bank statements.
Do not rely on anyone other than yourself to keep an eye on your money. Taking an interest with all monies in the “out” folder of our portfolio is very important. Be aware of each mortgage and what it costs on the due date and the date it comes out.
When mortgages come off fixed rates they can take a little re-settling due to changes in the rate since it was locked in. Your negotiation with the bank for a better interest rate can start before it comes off in readiness for when it does. Until it is locked in you don’t have the rate. This is not a problem when they are dropping but if they are going up you can see the issue here. Once it has been changed check the term of the loan and the rate that was agreed is as you requested it. Even being as pedantic as we are various banks have managed to stuff this up over the years.
Communicate in writing in all cases so you have a record, time and date on the request. Emails are a good record when requesting approval for a discounted rate. When an error is found you have evidence to refer back to which sorts the issue out a lot quicker and allows you to go higher up the chain if necessary.
In conclusion, be vigilant especially if you get electronic emails only – Check your bank statements, I download bi-monthly and save a copy of the pdf statement onto an external hard drive which is accessible in the event of a dispute or the need to query an expense. Most banks keep on line statements for a period of approximately 2 years. You can request earlier ones but can you imagine the expense and working out which one you need.
Cake and Eat it 3