Why it pays to check figures

Jun 27 2006 By Evening Gazette

Nearly one in five current account holders admit they fail to check their bank statement each month.

A further 23pc of people sometimes look at their statement to make sure it is accurate, but fail to do so every month.

I can tell you from experience you should give them more than a cursory glance.

For I once found an erroneous debit on one of my statements.

It comprised a double entry for different amounts from a small supermarket on the same day.

My bank dealt with the problem promptly and efficiently when I rang to point out the error.

They rang me back in a short time to explain inquiries had discovered it had been due to a fault with a debit card machine. I had bought some goods paying with my bank card.

It transpired that, due to the glitch, my card details had attached themselves to the purchase by the next person to pay by card at the same till.

Paperwork had been inspected and it showed the second receipt was clearly signed by a different person at a later time but had my card details printed on.

It was all sorted out very quickly and the money refunded.

On this occasion it was not a large amount - around £20 - but it demonstrates mistakes can happen.

So while checking this sort of thing may be a bit of a chore, it is definitely worthwhile.

Another interesting fact that came out of the Royal Bank of Scotland report was that more than half of those questioned only went into their bank branch once a month or less, with just 17pc making a weekly visit.

But despite this, having access to a branch was still considered to be important, with 73pc of people saying being able to phone their branch directly was the most important feature of their account.

I can't remember the last time I visited my branch, as like many people I am often short of time and I don't want to waste time queuing.

I use the Internet, telephone banking and get cash from a hole in the wall or the cash back at the supermarket.