Banks provide interest on your deposited money. They provide you an income for your hard earned money. But banks can also steal your money in the form of bank mistakes. Bank mistakes can cost you money, and they usually aren’t cheap. If you are not aware of it, your cash could be gone for good.

Banks may not mess up often, but when they do, it’s up to you to hold them accountable. Stop banks from stealing your money by following these useful tips:

 

Debit card fumbles. Bank cards make it easy to buy groceries, clothes, and other necessities – but stay alert. Sometimes the same charge goes through twice. Always check the receipt.

ATM errors. ATMs provide fast cash, but be watchful. A withdrawal may post to your account more than once. Always check the withdrawal slip when you are withdrawing money in ATM machines.

In some instances, the ATM machine captures your ATM card when you are trying to withdraw. In this case, report it immediately to the bank where the ATM was captured and check your balance if there were any deductions.

Deposit slip-ups. You know you deposited money, but your bank statement shows no sign of it. Banks may wrongly record deposits, or fail to post them at all.

You can’t always prevent these errors, but you can catch them before they do too much damage. Make note of all transactions immediately, especially if you frequently use a debit or ATM card.

Save receipts. Save receipts for all your transactions, whether a debit charge, ATM withdrawal, or a check copy. These will help you balance your register, plus prove your case if the bank goofs up.

Take advantage of technology. Most banks let you track transactions by phone or internet. You can get your balance, find out when checks clear, and stay on top of other details. You could catch errors weeks earlier than if you had waited for the monthly statement.

Read your statements. It helps you keep up with changing fees and balance requirements. This way, you’ll avoid penalties for dropping below the minimum balance or having too little cash for fees.

Consider direct deposit. It not only saves you the hassle of going to the bank, it also reduces the risk of error. Ask about getting paychecks and other payments directly deposited into your account.

Ultimately, the bank must return your money, not a merchant or other third party. Get them to correct the botches they’ve committed.

Make the call. Start with a phone call to the bank. Go through customer service first. If that doesn’t work, move up the chain of command. Keep asking to speak with managers until you reach someone willing to help you. Be sure to write down the name and the title of the person you finally deal with.

Get it in writing. Follow that call up with a letter. If that mistake takes more than 24 hours to fix, document it and your complaint in writing. Address your letter to the person who helped you on the phone. You need to send it to someone specific, somebody higher up, and it helps if you actually discussed the problem with them. Include this information in your correspondence:

- your name and account number
- the date, time, and place where the transaction took place.
- your contact information, including daytime and evening phone numbers
- copies of any documentation that proves your claim, like receipts from deposits, withdrawals, or debit charges or copies of checks

Remember: Don’t let the banks steal your money because of these bank mistakes. They should be providing more income for your hard earned money and not steal it from you.

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