Protect Your Money From Your Bank

If you walked into the high street with a clipboard and held a survey about people’s perceptions of money protection, and who they should be protecting their money from, the majority would say criminals. They would talk about hackers, cyber trolls, and identity thieves. But these aren’t the only people who are morally corrupt enough to steal your financial information for personal gain.

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The reality is, immoral people are everywhere, including our own banks. You just have to look at the huge scandal involving Wells Fargo employees to know this. As such, keeping an eye on all of your financial life as a whole is imperative to protecting your money.

Of course, this is a big ask for anyone, which is why we have compiled a list of ways you can protect your money, no matter where the threat lies.

Check your Accounts Everyday

This isn’t so important if you have credit card accounts because it isn’t technically your money. However, if you have a debit card, checking account or savings account then it is imperative you get into the habit of staying on top of your personal cash and savings in every and any way possible, and this includes knowing what is in them from day to day. There are two main reasons for doing this. The first is so that you always have a good idea of what is going on with your money, and the second is so that you can spot any fraudulent activity immediately, which will allow you to act fast.

Know Exactly What Protections You Have

Different cards – and accounts – come with very different forms of protections, which are required by law. That is why it is always worth going through any paperwork you have signed, any statements you have and any updated policies you have been sent. If you aren’t sure about anything, it is always worth heading into your local branch and speaking to a representative to ensure you obtain clarity. It could be that you are entitled to some form of PPI compensation claims, or that you have been the victim of debit card fraud, or your card has been cloned but it has taken 60 days for you to realize. All of these very different scenarios come with very different methods of dealing with them, so it is worth knowing what protection you have.

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Don’t Rely On Electronic Statements

We know this goes against ease of use, and against your environmental concerns, but by having a hard copy of all of your transactions and everything you are able to better protect yourself and your money. The thing with electronic operations is that it is very easy to edit, delete or hack them, and this has been the case with certain cases brought to light in the past. As such, paper statements – and copies – make it far easier to keep track of your financial existence – past and present – and will always be able to be used as proof should it ever be required. Hard copies that you have stored will give you a lot more peace of mind than electronic copies that are subject to tampering.