![]() ![]() If you put off checkbook reconciliation for too long, get back in the groove of things. You cannot solely rely on electronic banking to maintain your money accurately. Would you know how to survive? Would you be able to confirm exactly what is available in your bank account? While we may not foresee such a situation where this would happen, the reality is things do happen. Imagine for just a second that technology fails for a few days. ![]() ![]() It should continue to be a skill that is taught to teens and continually practiced by adults. Keeping a checkbook balanced is part of Personal Finance 101. If you are constantly updating your checkbook, you have the notes you need to remember the purpose of your transactions which makes finding mistakes or unauthorized usage easier to identify. Of course most workers are reliable and trustworthy but you just can never be sure.īy highlighting the items you question or do not remember, you can identify incidents of fraud quickly and have the resolved within a reasonable time frame. If you have ever handed your debit card over to a cashier or used it to pay for dinner in a restaurant (one of many hotspots of debit card fraud), it is possible the worker receiving the card could copy down your details. They only need to have the information printed on the card and they can do a lot of damage to your account. Thieves today do not need to physically have your bank card to use it for a transaction. These receipts will be the only way to prove your case in the event you have been overcharged. If 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. 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 Allstate 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 Savings Account Rates 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 Credit Cards Best Products Best Credit Cards Best Travel Cards Best Cash Back Cards Best 0% APR Credit Cards Best Rewards Cards Best Travel Cards Best Business Credit Cards Best Low Interest Cards Best Secured Cards Best Student Cards Read & Learn Credit Cards 101 Credit Score 101 Balance Transfer Guide Credit card bonus offers Popular Reviews Chase Ink Business Preferred Card Chase Sapphire Preferred® Citi Double Cash Card Chase Sapphire Reserve American Express Platinum Card 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. ![]()
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