Essential Info - Personal Banking

Review your statement every month. Know where and how you’re spending your money.

Make sure you understand your statement. See the key on the back and ask your bank if there is anything on the statement you don’t understand- you are their customer and they are there to help you.

Know your Available Balance. This is the money that is actually in your account after bills and other money waiting to clear. The Current Balance may make it appear that you have more to spend than you do.

Pending payment. Any payment you have made that hasn’t cleared your account yet. If you see this on your statement and are unsure what the payment is for, your bank will be able to tell you.

Cheques. Be aware that cheques can take up to 6 days to clear your account and have the funds available. If it hasn’t cleared after 6 days, phone your bank as the cheque may have bounced.

Recurring transactions. This is a payment that usually comes from an online service that withdraws money from your account, Netflix is a good example. It can sometimes be difficult to cancel these payments as online companies can be hard to contact.

o Be careful about what you sign up to, and check the small print to see if you’re locked into a certain time period.

o If you have tried and failed to cancel a payment, write to the company. You can then show this letter or email to the bank and they may be able to cancel the payment and request a refund for any payments taken after you have asked for a cancellation.

Check that you’re not paying charges for account benefits that you don’t need. Some accounts include insurance for your mobile, for example. If you can’t tell from your statement, go in to a branch or phone your bank for help.

Ask your bank for a free account review. There may be accounts that would be cheaper or easier to use. This is a good chance to make sure all your contact and personal details are correct.

Challenging fees and charges. The person you speak to on the phone or see at the bank might be able to refund some charges. Stay calm and polite and they will be more likely to listen and be helpful.

Online banking. Many branches now offer free computer access, a benefit of going into the branch is having someone there to help you if needed. You can also use a smartphone which gives you access any time.

MTG Mortgage

PAY Payment

IB Internet Banking

INT Interest

FPO Faster Payment Outgoing

CPT Cash Point

MTG Mortgage

COR Correction

BGC Bank Giro Credit

BP Bill Payment

CHG Charge

CHQ Cheque

TFR Transfer

COR Correction

FPI Faster Payment Incoming

CSH CashDD Direct Debit

SO Standing Order

DEB Debit CardDEP DepositFPI Faster

Payment Incoming