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.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

How to cash aunt's savings bonds

Dear Senior Living Adviser, I have the power of attorney for my aunt who has dementia and lives in a memory care home. She has about $30,000 in Series EE savings bonds. She is rapidly going through her savings paying for... Read more

advertisement
Partner Center
advertisement

Connect with us