January 30, 2023
Swathi v prabhu

How to update errors in a bank account?

Maintaining our bank account error-free is one of the most important considerations any person with due diligence can do. The bank account is the one true place where we store all our financials, our money. Without having sufficient money, it is impossible to have a stable living. Therefore, constantly updating our bank account, to make sure all information is up to date is of utmost importance.

These days, banks have become extremely vigilant when it comes to their customers. They do not give access if the slightest information doesn’t match. To avoid this, it is important to notice errors and fix them. This article let us understand how to do just that.

Banking mistakes to avoid

Prevention is always better than cure, here are some banking mistakes which you can avoid if you’re careful enough

1. Paying Bills Manually-

For recurring payments for monthly bills, you should set an automated request for the same through your online banking account. Automated bill payments can prevent you from forgetting to pay bills. This ensures that you don’t end up paying penalties for late payments. Paying your bills online also protects you from identity theft, and lesser documentation and a hassle-free process.

2. Keeping Your Checking and Savings Accounts at the Same Bank-

you should choose one bank for checking, and another for your savings accounts. If you keep your savings at a separate bank, the additional time it takes to transfer cash from one bank to another will make you think twice about tapping your rainy-day funds.

3. Chasing Higher Interest Rates-

Landing the highest interest rate around feels good. But if the bank lowers it, jumping to a new bank for a higher interest rate won’t necessarily pay off. Find banks that fit your needs and lifestyle, and stick with them. Interest rates will eventually climb back up. In the meantime, what your bank is charging you matters more.

4. Ignoring Account Transactions-

Keep up-to-date with what goes in and comes out of your account. Make it a habit to check your accounts regularly. If you’re sharing an account, communicate what each automatic payment is for.

Correcting Bank Account Errors

If you feel your bank account has a mistake in it, you must follow these procedures to be legally protected:

1. Write or call your financial institution within 60 days of discovering the mistake and describe the error.

2. The financial institution is then required to investigate the error and resolve it within 45 days. However, if the bank takes longer than ten days to resolve the matter, it generally must put the amount in question back into your account. For some matters, such as an error in opening a new account or an international transaction, the bank may be afforded 90 days to investigate the error.

3. The financial institution must explain its results to you at the end of its investigation, regardless of whether it found an error. If the bank found an error, it must immediately work to fix it.

Debit or credit card lost or stolen

 A stolen or lost debit or credit is a serious situation and it is important to fix it immediately. it is important to follow these steps to ensure you handle this situation carefully:-

1. Contact your bank-

as soon as you realize your debit or credit card is missing, make sure you contact your bank and inform them of the same. They will immediately deactivate or block your account to prevent any further misuse or fraudulent transactions.

2. Check your transaction history-

check your mobile or email- services to see your history of transaction services. if you find any fraudulent or unauthorized transactions, collect the details and inform your bank immediately

3. File an FIR-

visit your nearest police station and file an FIR and keep a copy of the same for further reference, your bank might ask for the same.

4. Request for a new debit card-

request your bank to issue a new debit card. your bank might charge extra for the same.


1. How do I know if my bank account is safe?                                                                              

There are certain steps you can follow to ensure your bank account is safe. For instance, keep a strong password and change it regularly. Do not use public Wi-Fi while conducting any banking activity. Install ad-blockers and anti-virus on your laptop, etc.  

2. Can hackers get into the bank?

It can be possible that a hacker may hack into your bank account and have access to your sensitive data. It is important to take care and not share any sensitive details about your banking services with anyone. While conducting transactions online, check links, and if found suspicious, refrain from clicking on them. In case you did click on a suspicious link or suspect your account being hacked, inform the bank immediately and file an FIR.

3. Is it safe to do banking on your cell phone?

If you are using the bank’s official app or conducting your transaction using its official website for your day-to-day banking needs, then it is safe to do banking on your cell phone. Your data will be encrypted and kept secure. Ensure you do not click on any suspicious links and refrain from sharing important banking details such as passwords, CVV numbers, etc.

4. Do banks ever make mistakes?

Banks may make mistakes if you are banking offline. Mistakes made online are very rare. However, banks do value their customers, and in case of any error, they rectify them immediately.


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