BBC revising banking practice regarding redundancy

At times, certain banking items may go unnoticed, especially when multiple people share accounts.

06:26 06 July 2013

The BBC is revising how its redundancy cap is enforced after it was recently found that several staff members who were let go received more than the capped amount. In our own personal finances, we know how easy it is for certain things to slide under the radar, especially when more than one person has access to the banking accounts.

Here are a few ways to help you revise your own banking process so fewer things go unnoticed.

• Cooperation—when more than one person has access to the banking account it’s helpful and even time-saving to sit down together to review finances. Setting the budget, paying bills, and reconciling accounts can be much faster when all parties are involved.

 

• Notifications—in the day of electronic communications, many companies push you to sign up for email notifications. If you do not have the ability to select multiple email addresses so that all applicable parties receive a copy you may still want to opt for the old-fashioned route and receive statements and notices via post instead of electronic banking notices.

 

• Shared calendar—this can be a great electronic gizmo to help keep everything straight. It is not really meant for keeping track of every purchase, but rather the monthly bills and subscriptions that you need to know for reconciling a banking account. Make sure everyone with financial responsibility has access to the calendar both for viewing purposes and so they can add an expense.

 

• Agreement—all involved parties dealing with banking accounts should decide how best to approach spending and individual allowances. You might decide that anyone involved with the finances is contacted prior to purchases, or perhaps after purchases to give an amount so that you can avoid overspending and unauthorized overdraft fees. This will most likely be the most important part of keeping up to date with your banking status.