Today with online banking and mobile apps, many people no longer bother to balance or reconcile their checking accounts. But even though bank errors are rare, there are still some good reasons to at least review your account monthly:
- See how much you’ve spent during the month on various categories. Sometimes it’s helpful to add up various transactions during the month to see how much they really add up to–it may be more than you realize.
- Look for fraudulent transactions, forgotten expenditures, or recurring deductions for something you thought you canceled or didn’t realize that you ordered. Identity theft and fraud are common, and your bank or credit card company offers some protections, but only if you catch and report the problem promptly.
- Look for bank fees. Many people don’t realize that their banks are charging fees. See what you are paying for ATM transactions, overdrafts, or monthly account fees. Learn how to avoid bank fees.
Learn more at “Why balance your checking account?” by Marcie Geffner
