Monitor Your Account
Description
This article is from the What Every Investor Should Know.
Monitor Your Account
Examine carefully and promptly any written confirmations of trades that you receive from your broker, as well as all periodic account statements. Make sure each trade was completed in accordance with your instructions. And check to see how much commission you were charged, to make sure it is in line with what you were led to believe you would pay.
Keep in mind that you have the right to expect your broker to charge you only what you have been told to expect. If commission rates are to be increased, or if charges such as custodial fees are to be imposed, you should be informed in advance. If securities are held for you in street name, you may request that dividends or interest payments be forwarded to you or put into an interest-bearing account, if available, as soon as they are received, rather than at the end of the month or after some other lengthy period of time.
A good idea is to set up a file where you can store information relating to your investment activities, such as confirmation slips and monthly statements sent by your broker. Keep notes of any specific instructions given to your account executive or brokerage firm. Good records regarding your investments are important for tax purposes, and also in the event of a dispute about a specific transaction.
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