Do you carry your checkbook with you? Probably not.
Online financial transactions are everyday occurrences. It’s easy to forget the things we once did, like balancing our checkbooks. But you should still balance your checking accounts.
Here’s why:
- Affirm bill payments have cleared – Getting a late-payment charge is no fun, especially when you know you paid your bill on time.
- Confirm the amount charged to your account is the amount you spent – It might be an accident, or it might not. If you paid $24.95 but the charge is for $54.95, what happened? Balancing your checking account will help you catch mistakes like these.
- Follow-up automatic deposits and other income sources – Automatic deposits are dependable, except when they don’t happen. Check to ensure your auto deposits occur when they should.
- Quickly identify fraudulent activity – It can happen, and it often begins with a small amount; a $1.99 expense is easily overlooked. Once that slips through the cracks, the thief will hit your account for a larger sum. Make sure to report fraud right away to preserve certain rights and liability protections.
- Verify recurring charges are still valid – Remember that hard-drive backup service you used to have? You’ve moved on to another cloud-based company, but your old service provider still charges you $89/year. You’ll ensure accuracy in your recurring charges just by balancing your account every month.
Relationship Banking: Providence Bank of Alpharetta
Balancing your checking account is important because it gives you a financial connection with your own money. You examine and review your expenses; you think about where your money is going and if you’re making good choices.
Working with a local financial institution like Providence Bank is another way to stay connected with your finances and your community. We care about you – our friends and neighbors – because we live here, too. Call 678-624-2265 or contact us if you have questions about money management.