Once you have decided to open a checking account from one of the checking account promotions offered, it’s important for you to know how to handle your check book. The hard-earned money that you place in your account can easily disappear via scams or illegal activity without your knowledge. Even banks can commit errors that could affect your account if you don’t balance and reconcile your check book. It’s a simple step to ensure that everything is in order.
Each leaf of a check book is attached to a little stub called the counter foil. This should be filled up with the necessary information every time you issue a check. There, you will record the date, the name of the person or place it is addressed to, the amount, and what it’s for. You will use these stubs to verify every transaction you have done at the end of each month when you receive your bank statement.
Bank statements will also reflect your ATM transactions which should be accounted for as well because theft can be committed through it. The magnetic strip of a card contains information that can be copied using a cloning device which can then be transferred to a cloned version of your card. Once that is done, offenders will have full access to your account and withdraw funds and perform transactions. What you should do is to obtain and keep every slip from your withdrawals and point-of-sale purchases.
On your bank statement, separate your electronic and check book transactions using a hi-lighter pen, if you must, to make it easier. Afterwards, confirm all transactions with your counterfoils and slips one by one, then compute for the total of each and verify if the amount on the bank statement is equal to the total of your counterfoils and slips. This is how to reconcile and balance your checking account.
Checking account promotions (a savings account bonus) offer security and convenience, but you must do your part to ensure your finances are in order as well. Jot down all necessary information on the counter foil for every check you issue and hold on to every slip generated from your electronic transactions. Be reminded that some banks do not address issues concerning your account after a certain period of time has passed. Do your due diligence to guarantee that your account is free from any mistake or any fraudulent activity.