- Many people assume that banks don't make mistakes - they do. Always keep your own record of all your transactions and check this against your bank statements. Keep cash-machine receipts until your withdrawals appear on your statement.
- Even if you plan never to use it, it is worth arranging an overdraft limit on your account in case you overdraw accidentally. Some money may take longer than expected to reach your account, for example. Some banks automatically give you a limit when you open an account, but most expect you to ask for one. If you go over a pre-arranged limit, you will be charged a penalty rate of interest as well as a variety of fees. You will also have cheques bounced and cash withdrawals and debit card payments refused.
- If you lose your cash card and/or debit card, or you suspect that someone knows your personal identification number (PIN), contact your bank as soon as you possibly can. If someone uses your card without your permission, you are liable for the first £50 unless you managed to tell your bank before the fraudulent transaction occurred. Once you have told your bank, your liability is zero ... unless you wrote your PIN on your card. To avoid writing down your PIN anywhere, choose a number you will remember easily and make use of the option of changing your PIN - an option that the Banking Code says all banks must offer.
- If you use Internet banking, all the banks say that you will not lose any money if you are an innocent victim of fraud. However, you do need to make sure that you keep secret the security details you use to access your account. Sensible precautions include not writing them down without disguising them, not saving your password on your hard disk, and always logging off properly from the bank's Web site after you have finished. This is particularly important if you share your computer, use Internet cafes, or if you access your account from a computer at work.
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