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Eight Reasons Why You Should Regularly Review Your Bank Statement! - Business - Nairaland

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Eight Reasons Why You Should Regularly Review Your Bank Statement! by swiz123(m): 7:13am On Jul 17
What is a bank statement , aside from a piece of paper showing how much money you have ? In short, it is a snapshot of your banking activity during a specific time frame , typically a month , according to
www . gobankingrates . com .
Most banks send a copy of your bank statement by mail or through online paperless statements for review each month — and many people don ’ t pay attention to theirs .
Here are eight reasons why you should start reviewing your bank statement each month and stop ignoring it now.
1 . Applying for a mortgage loan: When you are applying for a mortgage , you will have to submit a copy of your bank statement to verify your income . Mortgage lenders take your income and credit score into consideration when determining whether to approve you for a loan and what interest rate you will get.
Your bank statements show how much income you have , how stable it is and where it comes from . All this information will give lenders a good idea of what kind of borrower you are .
2 . Filing your taxes : If you claim itemised deductions on your taxes , you need a record of how much you spent and on what. If you don ’ t have itemised receipts for every purchase, your bank statements and credit card statements can serve as backup . You don ’ t need to submit receipts or bank statements when you file, but if you get audited, you ’ ll be happy you have them.
3 . Disputing a credit report: It is your responsibility to fix any errors on your credit report . To dispute a credit report error , you will have to contact the credit reporting bureaus and your creditor — and provide details about the error . To support your claim , you might need to provide copies of your bank statement , which would show payments that perhaps were not reported .
4 . Applying for a car loan:
Whether you are applying for dealer financing or a car loan through a third - party lender, you will need to provide proof of income . Although your recent pay stub is an option, your bank statement can also prove you have sufficient , steady income . If you are self - employed and applying for a car loan , a lender might require you to provide three months’ worth of bank statements .
5 . Creating a budget : One of the best things you can do for your financial future is to create a budget and stick to it. Referring to your bank statement to see your spending history can help you plan and track your budget .
6 . Qualifying for medical programme : Government programmes especially in developed countries offer medical coverage for disabled , elderly and low -income individuals . This idea is being introduced in Nigeria as well. Because this is an income - based programme, there are limits on how much you can earn and remain eligible for coverage . To qualify for this coverage , you will need to submit your bank statements .
7 . Filing for divorce : When you file for divorce , you must turn over documentation that lists your shared and individual assets . Couples often have disputes over assets during divorce proceedings ; your bank statement is a good way to show your current financial status .
8 . Refuting a transaction: If you don ’ t review your bank statements you might not notice unauthorised charges or transactions — and you could end up paying for them. For instance , you could see a cheque that was cashed on your account that you don ’ t remember writing . Should that happen, your bank statement would show the cheque image with your signature on it , which could serve as proof of fraud if it is a false signature .
Although your bank statement might seem like an unnecessary piece of paper — or virtual document — it can be useful in many situations . Not only can it help you make sure your account balance and transactions are accurate , it can serve as proof of income , so carefully review yours every month . If you don ’ t know how to get a bank statement , contact your financial institution for help .
punchng.com/eight-reasons-to-regularly-review-your-bank-statement/
CC:mynd44,lalasticlala

2 Likes 1 Share

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by veekid(m): 7:17am On Jul 17
No be who get money for account go dey review what's der?

33 Likes 1 Share

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by choky26(m): 7:17am On Jul 17
Nice info

1 Like

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by yeyeboi(m): 7:18am On Jul 17
Ok

1 Like

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by EntMirror: 7:18am On Jul 17
Reviewing mine is just a waste of time.. The figures fluantuate every hour of the day. I just draft out my budget and cash out as much as I want. That's the joy of being an entrepreneur. grin
Visit www.entmirror.com

6 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by KinzyeWriter(m): 7:19am On Jul 17
grin

1 Like

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by mokaflex(m): 7:19am On Jul 17
Most people have their bank statement in their head. For six months no debit no credit, why would such person need to review his/her bank statement?

10 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by obojememe: 7:19am On Jul 17
thanks
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by otabuko(m): 7:20am On Jul 17
Alright. I think I hate loans and the only reason I need my bank statement is to know when firstbank is stealing from me bit by bit till they cut into a thousand.

5 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by najaka(f): 7:20am On Jul 17
Hahahaha how much dey the account where I wan review!?

1 Like

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by plainmirror(m): 7:21am On Jul 17
All other reasons are essential save for loan of any form.

Take loan from a Nigerian bank at your peril.


The interest rates will give you sleepless nights.


The T&C's will escalate your blood pressure.


The collateral requirements are bigger than Goliath.


Borrow for production..... you are safe

Borrow for consumption..... you are B*h*ri

10 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by JaneyBlingx(f): 7:24am On Jul 17
What should I review? The #1250 balance that has been there since time immemorial grin. Sombori should pls send 50k to me I want to check if my alert ringtone is still working

15 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Timoleon(m): 7:25am On Jul 17
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Primenet(m): 7:26am On Jul 17
Noted
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by IMASTEX: 7:26am On Jul 17
So informative
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by gseun53(m): 7:26am On Jul 17
okay
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by swiz123(m): 7:26am On Jul 17
This one my post no reach two minutes show fp, e be like say this mods dey happy so
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Solmax(m): 7:27am On Jul 17
Hey, most of these reasons na Oyinbo land.
Here U check to know if all these banks have been skewing Ur small change in the name of SMS charges or Post stamp charges.
Just like the over 1k my bank deducted. I complained them start to speak long English, mtchew.

7 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by RobinRay(m): 7:27am On Jul 17
na person wen get money for account dey review statement!!!!!!

2 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Justuceleague2: 7:29am On Jul 17
Even 20# miss I dey call customer care


So Tay when I call now, dem dey talk say good morning Mr **** what can we do for you today grin
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Buking1: 7:29am On Jul 17
That #7 eh In Nigeria talking about sharing asset
I think that will only have effect in next world to come oo
Cox I don't see an African man share his asset with his divorce wife in this season of part 2 of our world oo


Meanwhile have you heard of new Nigeria community chat app where guy hook up instantly?
If you haven't get this on Google Play Store
Geting someone is so easy

https://play.google.com/store/apps/details?id=com.sabichat.app

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Abudu2000(m): 7:29am On Jul 17
Technology is taking over and soon no one would be needing those fraudsters called banks.

Bitcoins is already gaining grounds
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by ANBAKO: 7:30am On Jul 17
Guess the op is not based in Nigeria...Divorce, credit report, medical program etc.....

Or are we in 2135 already?

1 Like

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by sisqology(m): 7:32am On Jul 17
Santa Maria
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Nltaliban(m): 7:33am On Jul 17
Happy birthday to all July 17th births


including me and seun
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by agarawu23(m): 7:34am On Jul 17
JaneyBlingx:
What should I review? The #1250 balance that has been there since time immemorial grin. Sombori should pls send 50k to me I want to check if my alert ringtone is still working
drop ur account details wink
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by slimderek(m): 7:36am On Jul 17
Copy and Paste
Most of the things mentioned here doesn't work In Nigeria.
For one we don't use credit score over here

5 Likes

Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by JaneyBlingx(f): 7:36am On Jul 17
agarawu23:
drop ur account details wink



4931090173 Ecobank savings grin
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by drealzum(m): 7:41am On Jul 17
This is important. Presently am having an issue. Normally I hate looking at how much i have in my account because most of what I do is debit and the money keeps sinking and sinking. But thank God I don't delete those alert text from my phone. Yesterday I saw the money in my account and I was dumbfounded because I have been getting credit alert this time more often than before. I scrolled up and I was seeing the credit this debit that and then low and behold I saw that my money was reduced without any reason. They didn't give the reason if it was debit or what why the amount was reduced. Nothing. And the reduction in the account is not even with a small amount. Am a damn student, I know how much I can withdraw. I can't withdraw such huge amount at a go.
Am heading to the bank today..........I noticed this reduction in my bank account happened second of July this year. If I was concerned bout my bank statement I would have observed this since but I never did because I hate the sight of debit and seeing that my money is about to finish.
So I join the Op to advise all to go thru all these things.
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by agarawu23(m): 7:41am On Jul 17
JaneyBlingx:




4931090173 Ecobank savings grin
balogun ?
Re: Eight Reasons Why You Should Regularly Review Your Bank Statement! by Rick9(m): 7:43am On Jul 17
Nice

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