If you are a ‘9 to 5’-type of person then you would agree that it is not easy earning your wages. Even if you inherited a mass of wealth you wouldn’t want someone to suddenly to make any unauthorized withdrawals from your account. Banks have a hard enough time lending money, opening new accounts, investing, etc. so will they have adequate time to keep an eye on YOUR money? You can take charge and always be in the know if you follow these guidelines:

Get Online Banking – This is one way to check the activity on your account, 24hrs a day. It is good practice to check your bank statements regularly so that you can report anytihing on your account which appears irregular. Online banking offers a range of facilities including interbank transfers, third party payments, setting up standing orders and direct debits, activating debit cards, applying for credit cards, etc. This method of banking is password protected and is operated on a secure website.

Activate SMS Alerts – I use SMS alerts because I want to be informed about every penny that enters or leaves my account. This is a services provided by the bank with which the account is held. Some banks may also provide Email alerts or notifications of debits and credits into a bank account. Email alerts are usually free but some banks may charge for SMS alerts. Sometimes these services are provided automatically at the point of account opening but they can also be requested for otherwise.

Safeguard your bank statements – Do not throw old bank statements into the waste bin unless you burn them or use a shredding machine to destroy them. I personally use online statements instead for two reasons; 1) It means less paper to file or shred, and 2) It is eco-friendly. Bank statements contain a lot of vital information; your full name and address, your account number and sort code, branch where your bank account was opened, your account history, your credit limit or overdraft limit if applicable, etc. Fraudsters can use such information to apply for credit cards and subsequently give a different mailing address.

Shield your chequebook – Try not to walk around with your cheqebook but use an ATM card where possible for relatively small transactions. A stolen chequebook could spell disaster if your signature is easily forged and you are unaware the chequebook was stolen in the first place. Also, do not adopt a signature that could be easily forged. Make an effort to create something unique or fairly difficult to copy accurately.

Read (or listen to) the News – It is very important to know which where the economy is heading and even more importantly where your bank is heading. If it is on the verge of becoming bankrupt then you probably wouldn’t want to leave your money in there. Being informed means you are equiped and ready to take any action you feel is necessary. If you have investments in any financial instruments e.g. stocks, bonds, etc. then it is very important to stay abreast of what is going on by keeping up-to-date with the latest financial news.

Do not store your PIN – As a rule of thumb, it is advisable not to store your Personal Identification Number (PIN) slip anywhere but to keep the 4-digit number in memory. Do not store the number in your mobile phone in case both your card wallet and your phone are stolen. PINs should not be to easy for card thieves to guess e.g. ‘1234’ or ‘7777’ or your date of birth (say if it was written on your Driver’s Licence).

Be discreet with large sums – Ask for privacy if you are withdrawing a large amount from your bank account. Some banks would be willing to take you into a private room where you can count and carefully pack away the money you want to withdraw. This way you wont leave yourself vulnerable to possible robbery incidents.

Use personal computers for online payments – Try to desist from using cyber cafes to transact online business as it houses publicy used computers which may have been sabotaged with spyware. If such computers have to be used then always check for a security symbol on the site to confirm that it is safe. Be sure to log out properly at the end of the transaction.

There are also general guidelines one needs to follow when carrying cash or cash instruments (i.e. chequebooks and ATM cards). For men, don't keep wallets in your back pockets for obvious reasons. Women should not leave their handbags unzipped or carry confidential information in bags that don't have zippers. Be very weary about those around you when you are talking to someone (in person or over the phone) about money you intend to collect or deposit. You never know who could be listening...