banking

5 common banking myths debunked

You don't need to keep records
With bank automation, you don't need to keep records © Creativa/Shutterstock.com

You don't need to keep records

Features like direct deposit, automated billing and online monthly statements can help streamline your banking needs. However, if you're not vigilant, you might not catch bank errors. And that's not all. Fraudulent activity could take place unnoticed on your account.

The number of identity fraud victims increased by 500,000 consumers to 13.1 million people in 2013, according to Javelin Strategy & Research in Pleasanton, California. This amounts to a new identity-fraud victim every two seconds.

Losses resulting from fraud are distributed proportionately between the bank and the customer, says Denis G. Kelly, CEO of IDCuffs.com, a site that offers identity theft services. If you don't report the fraud in a reasonable time, you could face liability for the losses.

To keep your checking account safe, "review your account activity on a weekly basis," Kelly says. Check that all bank fees are accurate. And if you spot a transaction you didn't authorize, notify your bank immediately.

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