4.4 Monitoring transactions

Why is it important that people check their current accounts?

To ensure they have sufficient money to pay transactions that are due, that they are keeping to their budget and that mistakes have not been made.

What can people use to monitor their transactions?

People can use statements that are provided online, on paper and via ATMS

How often are statements usually provided?

Once a month for current accounts, unless very few transactions are made in which case they may be provided less frequently

What do statements often use to describe transactions?

Abbreviations and each provider can devise its own

What may direct debits appear as?

DDR,DD or BD

Where do providers usually explain the codes?

On the statement and / or on their website or current account literature

What will cheques usually appear as?

The number of the cheque

• It is therefore very important that people write the details of the payee on their cheque book so they know where the money has been paid