There are several reasons you should balance your checkbook. Corey Blake from New Horizons Credit Union stopped by Studio10 with some great information.
Below is a look at some of the questions and answers discussed on Studio10.
So why should we balance our checkbook each month?
#1 - Banks and Credit Union's do make mistakes - both in your favor and not, so having a separate way to verify your account balance will help keep them on their toes.
#2 - ATM receipts only give you a snapshot and can be misleading. It doesn't show pending balances.
#3 - Keeping your Register up to date will help reduce or eliminate any overdraft charges.
You mentioned the check register; in the electronic age, do we really need to use this?
Yes and here is how using it will help keep things balanced. First, always log each transaction you make into the Register. Then when your monthly statement comes, check all your deposits, checks and bill payments. Next, check your ATM withdrawals and debit card transactions. Once you've done that, then move on to checking any fees or interest earned on your account. And finally, make sure your total matches what your financial institution is reporting.
So what do you do if your numbers don't match up?
Don't stress, you may have pending transactions that have not cleared, sometimes it takes a couple of days to clear. You can always call your financial institution and they will be glad to look into the issue with you.
If you have any questions or would like more information visit New Horizons Credit Union at: www.newhcu.org
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