Where money is held and moved.
WHY FORMAL ACCOUNTS MATTER
Money is safer, it can be traced, and it builds a record.
WHY THE RECORD MATTERS
Lenders, landlords and institutions ask for it.
WHAT TO ESTABLISH ABOUT ANY ACCOUNT
Charges: maintenance, transactions, withdrawals
Minimum balance requirements What it provides
WHY CHARGES
Small repeated charges consume meaningful amounts.
WHAT TO COMPARE
Total cost of holding and using the account.
WHAT TO ESTABLISH ABOUT DIGITAL PAYMENT SERVICES
Who operates them Whether funds are protected What charges apply What happens if a transfer fails
WHAT TO KEEP
Records of every significant transaction.
WHY
Failed and disputed transfers require evidence.
WHAT TO DO ABOUT A FAILED TRANSFER
Report it promptly, with the reference.
WHY PROMPTLY
Time limits apply.
WHAT TO ESTABLISH
How to contact the provider, in advance.
WHAT TO VERIFY BEFORE ANY TRANSFER
The recipient's details, carefully.
WHY
Transfers to the wrong account are extremely difficult to recover.
WHAT TO CHECK
The name returned by the system against the name you expect.
WHAT TO DO IF THEY DIFFER
Stop.
WHAT TO PROTECT
Your credentials and your device.
WHAT TO NEVER SHARE
Passwords and personal identification numbers One-time codes Card details in response to contact
WHY CODES SPECIFICALLY
No legitimate institution asks for them.
WHAT TO ENABLE
Notification of every transaction.
WHY
It is how unauthorised activity is noticed quickly.
WHAT TO REVIEW
Statements, regularly.
WHAT TO QUERY
Anything you do not recognise, immediately.
