Video: Top tips on checking your bank statement

Video about reading a bank statement

Video transcript

Kristen: It's really important that we stay on top of our money and one of the ways we can to do that is by reading and checking our bank statements.

So let's start at the top of the page. A quick glance up here and we can see the dates for the statement. This will generally be for the previous month.

If you look at your statement you'll see a record of the money coming in, this may be called a credit. This will include money from your pay, any income you earn from government benefits and pensions, and any interest.

Also have a look at your bank statement and you'll see a record of the money going out. This might be cash withdrawals, eftpos or direct debits. This may also be called a debit.

Next, take a look at the fees you may be paying. You could be charged many fees including fees for ATM, eftpos or account keeping fees, just to name a few. With so many different fees the cost of running your account can really add up.

If you think your bank fees seem too high, contact your bank and have a chat. They may be able to find a more suitable account for you with lower fees or no account keeping fees at all.

Finally it's a good idea to keep an eye on your account balance. That way you know what's happening with your money on a regular basis.

So there you have it. Our top tips on how to check your bank statement. Also, take a look at ASIC's MoneySmart website for more tips and tools on how you can stay on top of your money. 

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Last updated: 09 Aug 2016