![]() If the bank statement and your register refuse to reconcile, you know something has gone wrong. It isn’t that hard to put a 6 in place of an 8 or think that a 5 is a 2. The person making the mistake in your finances could be you. Should things lead to legal discussions, you will sound more convincing if you can say, “On Monday, July 17, I mailed $86.15 by Check #12 Keeping up with this one simple task on a regular basis reveals checks that have not been deposited, and it serves as a method of demonstrating you paid. As you dutifully believe that you have paid your bills, you might be surprised to find an overdue notice in your mailbox. Sometimes a creditor may not even receive your payment. That is money that is about to be taken from your account that you might not remember when you check to see how much money you have left. In some cases, your creditor might decide to wait until the end of the month to deposit the check or even later. While online payments through paypal and the like generally go through immediately, actual checks depend on the recipient to cash them. Not all creditors promptly cash their checks. Read the fine print on your account agreement to verify how much time you have and what they require to report a bank error. In some cases, this will be true even if it was a preventable fraud. In situations where the bank has accidentally withdrawn money you never authorized, that means you will lose that money if you do not report it as soon as possible. Common Errors that Balancing Your Checkbook Will Catchĭepending on your bank, you have 30 – 60 days to correct any mistakes they make. Simple mathematical mistakes by either you or the bank can lead to bounced checks, the resulting fees quickly growing beyond the initial $25. When you balance your checkbook, you verify that everything has been put in correctly. Remember, banks and credit card companies all make mistakes, and so do you. Some even balanced them after every single transaction.īy balancing your checkbook, you confirm that your financial records match the bank’s records, and you increase the possibility that you will catch mistakes. Mary Hunt, author of Debt Proof Living, wrote an article on the “Seven Habits of Financially Responsible People.” The number one habit of these people was that they balanced their checkbooks regularly. Balancing the Checkbook: An Old Fashioned Task Worth Preserving ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |