9/25/2023 0 Comments Balancing your checkbookIf you frequently make transaction using your debit card for purchases, it may be wise to also keep your payment receipts to ensure the bank has deducted the transaction amount properly. They typically discover their own mistake but you need to remain on alert to protect your own interests. Banks have been known to make deposits into another customer’s account. You want to make sure all deposits were accounted for as deposited. While many banks rely on electronic transactions, there is still a margin of human error that can occur. Highlight any entries you have questions on so you can remember them for later. While you can use online resources to double-check transactions, don’t rely on them solely to consider your bank book balanced. This is a great way to identify missed transactions or mistakes you may have made in transposing numbers. Examine what the bank says against the information you have already written in your register. When you receive your statement in the mail, you should sit and cross-check your transactions from the bank statement. Include the date and the reason for the transaction if you are likely to forget. Even if you are paying bills electronically, make sure to write an entry for transactions against your bank account. You should be writing down each and every transaction you make against your checking or savings account as it happens. While online banking information may seem to make things so easy to balance out your checkbook, you should actually be doing the opposite. You are only listening to what the bank is feeding you - and it could be to your own detriment. However, in using backwards reconciliation tactics, you are essentially missing the point of reconciling your checkbook. You may just fill in another blank space on your check register and move on to the next item. While you can’t exactly remember making that specific purchase in that particular store, you likely will not question it. While technically you may be able to find bank errors, most people attribute inconsistencies to their own mistakes.įor instance, the bank statement online states you made a debit card purchase for $50 three weeks ago. Many people may be writing down transactions in their checkbook but they are making a financially fatal mistake by only copying down what their online banking statement provides. Sometimes putting the pencil to the paper and doing some good old-fashioned math is a better way to to make sure your bank account is reconciled and you are not being taken for a ride by your bank. Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG AllstateĮven with the proliferation of personal financial management tools, there are still folks that have no idea the true amount of cash they have in the bank at any one time. Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |