I’m a Bank Teller: Here Are 10 Mistakes You Are Making With Your Banking
I’m a Bank Teller: Here Are 10 Mistakes You Are Making With Your Banking
January 18, 2024 By Jordan Rosenfeld GoBankingRates
With most people living busy lives, juggling work, family and social obligations, things like banking are probably not top of mind.
You probably think about your banking only when you pay bills online or go to the ATM, but this may not be nearly enough consideration to avoid making some costly mistakes. What you don’t know or haven’t paid attention to can eat into your savings or cause financial problems that are better to avoid.
GOBankingRates spoke with Kimberlie McGee, currently a head teller at Addition Financial Credit Union in Florida, and Sherry Dvorak, a teller and manager of Amalgamated Bank of Chicago’s Warrenville branch.
Failing To Review Account Statements
One of the simplest mistakes in banking is an important habit to break: not checking your bank statements, McGee said.
“Not checking statements regularly can lead to missing errors, fraudulent activity or unnecessary fees,” she explained. “Not to mention that paper statements you’re not keeping track of could potentially result in fraud if someone else finds them first.”
Overlooking Fees
Not all bank accounts are free — and some may have fees if your account drops below a certain amount.
“Many consumers forget to consider maintenance fees when choosing a bank account, which can add up over time,” McGee said.
Ignoring Interest Rates
When it comes to savings accounts, McGee said, “Some consumers keep funds in accounts with low interest rates, missing out on potential earnings.”
High-yield savings accounts can net you significant extra income when your balance is high enough and help your money outpace inflation.
Using ATMs From Other Banks
One of the ways banks reward loyalty is by penalizing you for using other banks’ ATMs.
“Using ATMs from other banks can lead to costly fees, especially if done frequently,” McGee said. Additionally, fees can accrue from “using ATMs at gas stations or other establishments, where fees come from utilizing the ATM and additional fees [come] from that financial institution,” McGee explained.
Additionally, Dvorak urged, “Don’t use ATMs in locations that are less secure than banks,” such as in bars, casinos or convenience stores, “because they often have skimming devices installed that can steal your account information and be used to commit fraud.”
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