You should audit your bank statements at least once a year, but more regularly if you have a complex loan with a large number of transactions, such as monthly or biweekly (for example, a line of credit mortgage) Check your bank statements for any odd transactions or improper withdrawals to get started.
How often should you check your bank account?
Even though some individuals believe that checking their bank account once per month is sufficient, doing so on a monthly basis is not sufficient to keep you aware of your spending or to identify fraud in a timely manner. You should check your bank accounts at least once a week, if not more frequently.
How do I get my bank statements?
Here’s how to obtain your bank statements, whether you want to do it online or by mail. Most banks now provide online banking for both deposit and credit card accounts, which is convenient for customers. You can easily check your account to examine the current status and transactions, transfer money, and perform other financial operations because of this.
How long do you need to keep bank statements?
With regard to bank statements, you normally need to retain access to them for a period of three years or more. However, in other instances, you may be required to keep them for up to seven years. Learn more about why it’s important to maintain bank statements, how long you should keep them, and what happens if you don’t keep them.
How often should you reconcile your bank account?
Financial and accounting professionals recommend that you reconcile your bank account at least once a month, particularly when your bank provides you a statement.You can, however, reconcile your bank account on a daily or weekly basis, depending on the nature of your business activities, the frequency of transactions, and the presence of abnormalities in both your general ledger and your bank statement, among other factors.