Epunchng - Most read newspaper in Nigeria 13th-September-2017 - Page 8

banking 8 WEDNESDAY, SEPTEMBER 13, 2017 personal 09055512063 (sms only) With Nike Popoola Personalbanking@punchng.com Making deposits in another person’s account i f you need to make a deposit in another person’s bank account, here are easy steps to guide you, according toassroom.synonym.com. Step one: Ask the person you are depositing for which bank he has his accounts with. Locate the nearest branch of that bank by visiting the website or calling the service number. Step two: Obtain the number to the account that your deposit will go into. If the person benefiting from your deposit has a chequebook, she may have pre-printed deposit slips that already have her account number. if not, ask for the number and write it down. Step three: Decide on the type of deposit you will make. Depositing cash or a cheque made out to the account holder will be easiest, as these will be accepted by the bank immediately. if you have a cheque made out to yourself that you wish to sign over to the other person, this may be also be possible to deposit. Step four: Visit the branch of the bank, bringing the deposit with you. if you do not have a pre-printed deposit slip, fill out a blank deposit slip with the person’s account number at the bank’s check writing station. Step five: Approach a teller to make the deposit. The deposit will likely be accepted with no question, especially if you are using cash or a cheque made out to the account holder. if the teller asks questions about the account you are depositing into, explain that you are making the deposit on someone else’s behalf and that any account issues should be discussed with that person. What to do with wrong deposit in your bank account M iSTAkES happen at any business, and banks are no exception. There have been times when a deposit has mistakenly been credited to the wrong person’s account. When this happens, the bank will reverse the transaction and credit it to the correct account, but it can affect a number of things. You should never assume the money is yours and spend it. it is important to understand your responsibilities in this situation, according to www.thebalance.com. • akbarnama.com What if my money went into the wrong account? if your deposit went to the wrong account, you should notice that your bank balance is lower than it should be. it is a good idea to balance your chequebook on a regular basis so this is caught almost immediately. This will prevent you from having to deal with the expenses of returned cheques or fees from businesses. As soon as you realise the error, you will need to contact the bank and explain what happened. The bank will likely need a copy of your receipt so that they have a transaction number to begin looking into the issue. Once they have done the research, they can reverse the transaction from the other account and credit you back the money. They may be willing to reverse some fees if you overdrew due to this happening. However, that is at the discretion of the bank. it helps to approach this calmly and to be polite throughout. if you start out yelling at the representative, he will not go out of his way to help you out. What if money unexpectedly shows up in my account? if you had money accidentally deposited into your account, then you need to contact the bank and let them know that you do not know where the deposit came from. it is important that you do not assume that an anonymous donor gave it to you. if your parents have occasionally made deposits for you in the past, you may want to check with them too. When the bank discovers the mistake, they will reverse the transaction, even if it means that your account goes into the negative. You will be responsible for paying that money back. it can damage your CheckSystems report, and if the amount is large enough, you can even face criminal charges. How can I catch mistakes? it is essential that you balance your chequebook on a regular basis. it can help you detect any issues that you may have with your account, whether someone accidentally deposited money or if someone withdrew money when they should not have done so. There is a limit on how long you have to report these types of errors, and so it is essential that you check your accounts on a regular basis. The same rule applies to your credit cards. it can be tempting to just pay the amount due and to ignore the rest of the information on your statement, but it is your responsibility to make sure the charges are correct. it can save you a lot of money if you catch a mistake before it becomes serious. Is checking my balance at the ATM enough? it is not enough to simply check your balance at the ATM. You cannot trust it, because you do not know what items have cleared and what ones have not yet cleared. You need to make a regular practice of balancing your account and checking off items once they have cleared your account. This allows you to monitor your actual balance and can prevent you from overdrawing your account. it can also help you catch transactions that you did not do. This can be beneficial whether you find fraudulent charges or an unexpected credit to your account. Scheduling just five minutes a day to do this should be all that it takes to stay on top of the money you actually have in your account. if you struggle to stay on top of this, you should try using software that will help you monitor your transactions. You should still keep your receipts and make sure they match to make sure you catch any fraudulent charges or other mistakes.