Protect Your Money by Checking Your Statements, my experience

To follow up on yesterday’s post, I thought I would add two recent experiences I had that confirm the importance of checking your credit card statements:

Restaurant Bills:  There is a restaurant I’ve been to twice – the latest one quite recently – and that after both times I went, I noticed that my credit card bill was $1 more than what I had signed for once I added tip (I usually write the total amounts on both the restaurant and my copy of the receipt, and make sure to take mine home).  Admittedly, $2 doesn’t amount to that much, but what if it were a restaurant I visited more frequently?  And what if they add $1 to every customer’s receipt?  I doubt I will ever visit that restaurant again, but this experience has taught me to keep my receipts and track the amounts charged to my credit card – just skimming through the bill and verifying that I did in fact eat at that restaurant is not enough to make sure I’m not being overcharged. 

Automatic Payments:  A few months ago I moved and had to transfer my internet and cable service, for which I had automatic payment set up.  I called the company, and was told that they would have to cancel the account linked to my old address and set up a new one with my new address.  As I checked my credit card statement this week, I noticed that there had been no charges from my internet/cable provider in the past three months.  After calling them, I found out that since they had to set up a new account, the automatic payment did not carry over, and my payments were actually overdue!  Of course, I pointed out that I had not been notified that I would be un-enrolled from automatic payment, and the charges were waived.  Nonetheless, even though it was their fault in principle, I bet that if I had gone for many months without paying my bill, they would have been less understanding.

The moral of these anecdotes?  Checking your credit card statements once a month will help you guard your money, enabling you to notice and fight back overcharges and unfair fees.

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