When I first had a checking account, back in the days when dinosaurs roamed the earth, I would balance it every month and check everything down to the penny. Way back then I had to do it by hand, with a pencil, not even an adding machine, and it took hours. Much later I learned that much detail didn’t matter, and that as long as there were no unauthorized withdrawals, I could just take the bank’s word for it. Now, when I’m off by some amount, I don’t bother to look for it, just enter in an ESP (Error Some Place) adjustment.
Not exactly. I write down the check numbers and amounts when I write each check, and I keep track of “about” how much money I should have in my checking account (e.g. I should have about $700 after the checks I wrote today clear) and when I get my statement, I flip through the returned checks and check the balance, but I don’t sit down and add/subtract any fees or outstanding checks and compare for an exact match.
Are you sure that’s not a money market account you’re speaking of? My checking account sees six or more auto debits or credits a week, plus POS/debit card transactions, with no problem.
MMAs are severely limited with regards to activity, and the federal penalties can be …ummm… surprising. Recall customers got dinged $50 for that one check too many.
Positive. New fed law. Mine are automated withdrawals from checking, etc. My credit card will automatically take from my checking the amount owed every month, same with utility bill, phone, health club, etc…
You can make them in person as much as you want, but not from a computer. For instance moving money from my savings to checking 7/month from the CreditUnion website would violate it.
That’s what my credit union states. Maybe your bank/cu isn’t enforcing it yet, or you pay yours some other way. maybe i don’t know the specifics either, but I have to watch my 6 transactions.
I balance it every month. Quicken makes it easy and it’s saved me a lot in bank fees from being overdrawn.
I don’t balance it but I do go over the monthly statement to make sure all the transactions look like mine. I also use the TLAR system. (“Hmmm…Target, Safeway, TGI Fridays, Albertsons, Target, Chevy’s, Target, Chili’s, Safeway, Albertson’s, Chevy’s, Target. Yep, That Looks About Right.”) Same with my credit card. I actually wish some of the credit card records weren’t so cryptic. I mean a lot of stuff gets charged under the parent company name so you have to guess by date or amount what store or company you actually bought something from.
I record every check I write (# and amount), but I don’t keep a precide running tally.
My (about weekly) ATM withdrawls are from my checking account and I look at my balance then. (I don’t write a lot of checks)
I am by no means rich, but I make enough that I feel no need to budget my grocery bills and other things I pay for with cash. Plus it gives me the illusion of privacy (you may know how much i withdraw weekly, but not what I spend it on)
Brian
Boy, am I behind the times.
Looks like I’m going to have to check out this Quicken thing.
I balance every month. In fact, I spent a very stressful 45 minutes this morning trying to figure out how I misentered my paycheck. I’m on salary, so I get paid the same every two weeks. Yet somehow, at the beginning of this month, I gave myself an extra $200 when I recorded my paycheck.
I was okay, since I still have most of my tax refund and some other money salted away as a cushion, but I was very mad at myself this morning for being such an idiot.
Quicken, huh? Looks like I better step into the 1990s with my finances. 