People sometimes get a sort of bank-correspondence fatigue. From promotion-packed letters to statements and notifications, people may just begin to toss bank letters aside. The problem is that some of bank written correspondence can be binding – that’s you’re considered notified and even approving unless you let the bank know otherwise with a set period.
That is just one of the reasons why you need to keep a close eye on any written communication you receive from the bank. The same concept applies if you’ve subscribed to online statements and correspondence. Bank e-mails should not be the ones deleted without reading even if the subject line doesn’t seem to be urgent. Although many times these e-mails or letters won’t have any critical information, sometimes they will, and that is when you don’t want to miss out on them.
Get in the habit of at least glancing at their content to make sure there is nothing there that requires your attention. In addition, here are several benefits to keeping track of your bank correspondence.
Statements
Bank statements may be the least exciting letters you receive. But keeping an eye on your accounts can help you detect any unusual activity as early as possible, and monitor your spending. A simple glance even at your opening balance and closing balance can help you make a quick idea about your ability to make it financially from one month to the other.
If you receive paper statements, these can be long and add up quickly. Have a binder to file them as they come in. This will help you keep the clutter off your desk, and find they easily when needed. Remember many services or situations require these statements as an evidence of financial standing, so get yourself organized to show them when needed.
Change of policy and fees
Banks are entitled to change their fees and charges, and they are only required to notify their clients in writing. So these several pages that may come along with your statement may be crucial to whether you want to keep your business with one bank or not.
A hike in your credit rate, higher late-payment charges or even new ATM charges can add up quickly. Even if these don’t strain you financially, you still should keep yourself abreast of how much you’re paying for your banking services. That is why these few minutes that you take to sort through the envelope contents are a must.
Your bank also may be communicating a change of policy or services. Similar to fees and charges, policies are something that you need to remain informed of. And although services may not be critical, they actually can be nice if you help you bank more conveniently. For example, a new branch that opens closer to you can be a good option. Similarly, availability of online banking or phone banking may be something that you’d like to subscribe, too.
Upgrades
Banks keep track of their clients’ use of credit and discipline in paying on time in full – or not. Clients who have a good record may receive some upgrades whether they ask for them or not. For example, you may notice an increase on your credit limit, which may not be always welcome. In fact, some people may control their spending by having less credit available. When you review closely your statements and any other bank correspondence, you likely will be able to spot this upgrade as soon as it happens, and that is probably the time to act if you wish.
But not all upgrades are borderline unneeded or avoidable. In fact, some banks may offer you a credit card or account that provides either better associated service or lower annual fees (if any). Such upgrades may require an action at your end, like filling in an application. It may not hit you that you qualify for this upgrade until you’re notified, so keep an eye out for these perks.
Rania Oteify, a Gulf News former Business Features Editor, is a Seattle-based editor.
