Martin Lewis quick bank statement check could save millions of people hundred of pounds this year

dailyrecord.co.uk:

Martin Lewis is urging everyone to take a few minutes to check their bank statement for regular and recurring payments that may be going out of accounts unnoticed, and could be racking up unnecessary outgoings.

In the final episode of the Martin Lewis Money Show Live, the financial guru challenged everyone in the Newcastle audience and watching at home to make sure they know exactly what is coming out of their bank account every month.

Martin warned millions of people are paying for things they no longer want or need and explained that it’s all about checking the regular and recurring payments going out of your account which doesn’t take long and could have a huge impact on your monthly outgoings.He said: “The thing about regular payments - money, Direct Debits and similar - that drips out of your account is they are passive transactions, we spend our money but we don't do it consciously it happens behind our backs.”Martin continued: “Some of these are useful, they give us discounts or they make sure that we don't miss crucial bills, but the fact is if you're not checking them regularly millions of people are paying for stuff they don't want stuff they don't need or stuff that is absolutely pointless.”Martin highlighted how show producer Josh has been paying his Amazon Prime monthly membership twice each month for over two and a half years - an overpayment of around £280.

Josh managed to get a refund for the last 12 months and got £110 back.Martin said: “This is what I’m talking about, pointless transactions.” Martin went on to explain that there are three types of regular payments: Martin said that most people don’t know about the recurring payments and explained how this is when you give a firm your credit or debit