The Importance of Reconciling Your Checking Account Regularly

So you have made the big step and taken up one of the many checking account promotions and opened up a checking account. Using a checking account is easy, so is balancing and reconciling your check wellness check up as long as you update your records every time you transact and do not leave it all till the end of the month.

Every time your write a check, you must fill in the counter foil - which is the little stub, to which the check is attached. On the stub, there is a space to fill in the amount, where you spend the money and on what the funds were used. At the end of the month, when you receive your bank statement through the post, via email or over the counter - you must go through each of the counter foils and tick it off against your statement. Use a hi-lighter pen to separate the transactions where you used your ATM card, from the transactions which you used paper checks.

After you have ticked each and every transaction from your statement, add them all up and then compare the total - against the total which is reflected from your counter foils.

This is your money, this is what you work hard for every day. When you get out of bed early in the morning and get home late at night, it is for money. Do not be lazy and throw money away, by not spending time to ensure that your finances are in order and no mistakes, or even worst fraudulent transactions, have been made on your account. Being unaware that funds are missing out of your account can be the beginning, of the fall of the house of cards. Some banks may not even entertain your claims after a certain time period has lapsed.

The latest trick, used to steal money from other people's bank account - is to copy the information from the magnetic strip of the card; using a hand held cloning device. The fraudsters then make a cloned copy of your card and use to perform transactions and withdraw cash. This is why it is also important to retain the slips from your cash withdraws and point of sale purchased. Don't take it for granted that you only have to reconcile your paper checks, it is equally important to precisely record your electronic transactions as well. Checking account promotions, which offer multiple means of receiving your statements - offer more convenience and greater account security.