![]() ![]() Make note of the dates, descriptions, and amounts of any deposits showing in your check register but not on your statement. Put a checkmark next to all matching transactions in your check register and bank statement. Step 4: Verify All DepositsĬompare all deposits in your check register to those on your monthly statement. If your bank reimburses ATM fees, find these reimbursements on your statement and enter them as deposits in your check register. If your bank charged you any service fees for writing checks, accessing out-of-network ATMs, or any other service, find these charges on your statement and record them in your check register. Step 3: Deduct Any Bank Fees and Add Reimbursements Enter the amount in your check register as you would any other transaction. This interest payment is usually one of the last transactions on the statement. If your checking account is an interest-bearing one, the bank will pay you interest on your balance each time it closes a monthly statement. If you no longer receive paper statements, log on to your online banking system and print out the current statement. Some banks still mail out monthly bank statements around the end of the month, but many have switched to online statements only. It also helps you track when a check clears your bank account. These steps help you keep your checkbook balance up to date so you always know exactly how much money you have in your checking account and there are no unrecognized transactions. ![]() Second, it allows you to spot inconsistencies that could be fraud. How to Balance a Checkbookīalancing your checkbook in today’s digital world may seem redundant, but it’s critical for two reasons.įirst, balancing your checkbook helps you know exactly how much money you have remaining, including any pending or outstanding checks that haven’t been cashed or deposited yet. You do this by manually recording every transaction, whether it’s a debit card purchase, writing a check, an automated payment, or a deposit. To protect against losing track of your balance and getting hit with an overdraft fee, you need to balance your checkbook - sometimes called a check register. Not all transactions clear immediately, especially if you write a check. With today’s smartphones, we basically carry computers everywhere we go, so checking our checking account balance is as easy as logging onto our bank’s mobile app or online banking website.ĭespite this convenience, the balance you see on your bank’s app may not be accurate. ![]()
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