How to check your bank statement for errors and unknown charges
By The Income Tracker · Updated 16 September 2026 · 6 min read
The short answer
Once a month, run down every transaction and ask three questions: do I recognise it, is the amount right, and do I still want it? Unknown card payments can be disputed through your bank by chargeback, credit card purchases over £100 are also covered by Section 75, direct debits are protected by the Direct Debit Guarantee, and a payment you did not authorise must normally be refunded by the end of the next business day unless the bank can show you acted fraudulently or with gross negligence.
The monthly sweep
Import last month's CSV into The Income Tracker so every transaction is in one list.
Sort by merchant. New merchants you have not categorised before are the ones to look at first.
Check the recurring payments against the amount you expect. A subscription that quietly went up is the most common find.
Look for duplicates on the same day with the same amount, and for small test payments of a pound or two from unfamiliar names.
Flag anything you cannot place. Do not guess; find out.
Decoding names you do not recognise
Statement descriptions are the merchant's legal or processor name, not the shop sign. A restaurant might appear under its holding company, and a lot of online spending shows as PayPal, Amazon, Apple or Google with the real seller hidden. Search the exact descriptor text; it usually resolves in seconds. Check with anyone else who uses the account. Check the date against your calendar. If it still does not fit, it is a dispute.
Your protections, in one table
Situation
Protection
What to do
A direct debit taken in error, or the wrong amount
Direct Debit Guarantee: immediate refund from your bank
Contact your bank; you do not need to go to the company first
A card payment you did not make
Payment Services Regulations: refund by the end of the next business day, unless the bank shows fraud or gross negligence
Report it to the bank immediately and ask for the refund
Goods or services paid by debit or credit card that did not arrive or were not as described
Chargeback through the card scheme, normally within 120 days
Ask the bank or card issuer to raise a chargeback
Credit card purchase between £100 and £30,000 that went wrong
Section 75 of the Consumer Credit Act: the card issuer is jointly liable
Claim from the card issuer in writing
Tricked into sending a bank transfer (authorised push payment fraud)
Mandatory reimbursement rules since October 2024, up to £85,000 in most cases
Report to the bank within 13 months; most claims are settled within five business days
What to do, step by step
Ring the number on the back of your card or use the in-app chat. Say clearly whether the payment was unauthorised, wrong, or a purchase that failed.
Ask the bank to block the card if the details may be compromised, and to stop any continuous payment authority you did not agree to.
Write down the date, the person you spoke to and what was agreed.
If the bank refuses and you disagree, ask for a final response, then take it to the Financial Ombudsman Service, which is free.
The Income TrackerTrack it free. No account, no bank login.
What should I do if I see a payment I do not recognise?
Search the exact descriptor and check with anyone else on the account. If it is still unknown, report it to your bank straight away as unauthorised. The bank must normally refund by the end of the next business day unless it can show you were at fault.
How far back can I dispute a card payment?
Chargeback claims usually need to be raised within 120 days of the payment or the date goods were due. Section 75 claims on credit cards can go back six years.
Can my bank refund a direct debit?
Yes. Under the Direct Debit Guarantee your bank refunds an incorrect direct debit immediately, and you do not need the company's permission.
How often should I check my statement?
Once a month is the minimum. Importing the CSV into a tracker and sorting by merchant makes it a ten-minute job.
Sources and checking
Facts on this page were last checked on 2026-09-16 against: