Completing a self audit of your own bank has never been easier. For some, this is an added duty for any person serving as a trustee. For others, it is more about self awareness. Either way, here are a few general guidelines on how to perform a self-audit of a banking institution.
- FDIC Data. All of us can self-audit our financial institutions here. This cannot be stressed enough.
- Review Account Statements. Check monthly or quarterly bank statements carefully and make sure all transactions are accurate. Look for any unauthorized transactions or errors and report them to your bank immediately.
- Check Account Balances. Make sure that the balance in an account matches the amount that is expected. Look for discrepancies and investigate further to determine the cause.
- Review Fees and Charges. Check to see if there has been any unnecessary fees or charges, such as subscriptions, ATM fees, overdraft fees, or monthly account maintenance fees. If you or a trustee finds any, contact the bank and dispute them accordingly.
- Check Credit Reports. On an annual basis, these are free. Credit report can give you an idea of your financial health and any potential issues that could affect your bank account. You can request a free credit report from each of the three major credit bureaus once a year.
Performing a self-audit of a bank account can help trustees and others catch errors or fraudulent activity early and ensure any duties imposed by law.
Estate Attorney Jasper Berg