Bank Statement Error Checker - How Often Should You Check Your Statements

So just how often should you check your bank statements? Well in the good old days, when mortgages were simple and you paid the same amount each month year in and year out and received your statement in the post once or twice a year, then checking your bank statements on an annual basis was generally enough. This may still be the case if you have a fixed interest or simple variable rate mortgage and you make twelve equal payments in the year.

However if you have a variable rate mortgage, a home equity line of credit, you make additional repayments, or you use an interest offset account, then you'd better sharpen those red pencils and get ready to audit much more frequently. The added complexity not only means that you are more likely to find errors in your bank statements, but the job can become too large to leave for a once a year check. Luckily, with Internet banking it has become easier to access your statements in a timely manner, as well as allowing you to download them and play with them in a spreadsheet or load them into a home loan checker software package.

Therefore, depending on the complexity of your loan, you may wish to audit your mortgage somewhere between once a month and once a year. If you choose to audit just once a year, then you may wish to perform additional checks when major events take place, such as a change in interest rates, switching loan products or making additional repayments.

Taken from : www.homemoneymanager.com