Getting a letter or email that you can now view or print your statement of account is one of the most important things when it comes to your finances. Having said that, there are numerous reasons why you have to pause and review account transactions.
Importance of Checking Your SOA
For one, it helps with early identification of any fraud activities happening to your account.
Your credit union or bank puts in place several antitheft as well as security measures. This is intended to protect the client’s money and accounts. Normally, this is related to the online access of your accounts or card facility.
Besides, you can even save money simply by reviewing the fees that you are paying. By taking time to read and analyze your statement of account, it can actually help in saving fees. This can’t be given more emphasis if you’re paying transaction fees on excess savings.
Managing Your Finances and Setting Your Priorities
On top of that, your statement of account gives a snapshot of patterns between your spending and income. As you see your account’s closing balance, it may be sobering especially if your spending habits aren’t in line with your income. More often than not, if your account balance is lower than 20 dollars at the end of every month, it can serve as a wakeup call of working on your budget and setting your priorities.