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Wednesday 30 July 2014

Do you check your online banking account as often as your Twitter?

Louise Kelly

Published 12/11/2013|12:14

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It’s incredible how many financially fraught people still don’t keep a daily eye on the activity of their bank account. 

Most households – and individuals – are adhering to self-imposed budgets in order to make sure the cents stretch until next payday.

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Yet in an increasing digital world where Facebook, Twitter and LinkedIn accounts are checked on a daily (read hourly) basis, do you do the same with your current account?

The latest Supervalu/AXA insurance scandal, where almost 70,000 customers have reportedly fallen victim to credit card fraud, has no doubt sent many beleaguered Irish into a state of panic.

Yet it’s incredible how many financially fraught people still don’t keep a daily eye on the activity of their bank account. 

Dermott Jewell, Policy and Council Advisor at the Consumers Association of Ireland said today that, in recent years, consumers have been more lax when it comes to checking the details of their banking statements.

“This breach has highlighted the importance of checking your account incomings and outgoings for any anomalies,” he said.  

As a former bank employee (yes, taxi drivers love me), and without a large stash of cash to my name, I am somewhat addicted to checking my online banking account.

I know the chances of some anonymous benefactor lodging a significant amount of money into my account are relatively slim but I also like to know where I stand financially on a regular basis.

So it surprised me (on a recent fact-finding mission) to find out just how many of my friends and family either don’t check theirs as often, have lost their log in details or have simply never set up an online banking account.    

Granted, many credit card holders don’t receive their expenses statement until a month after purchases have been made.

But the latest breach of confidential information surely brings it home just how important it is to be more vigilant with your current and savings accounts, at the very least.

Making the monthly wage stretch for four, or indeed, five weeks is hard enough as it is.

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