Check Registers
Checks registers (organizers or ledgers) are used to keep track of all bank account activity. Even if you trust your bank, it is wise to keep a check register. Your check register will help you identify mistakes (yours or banks), catch identity theft, catch fraudulent activity, and avoid bounced checks.
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Today, checks and debit card transactions are debited from a checking account very quickly. If you write a check and do not have the money in your account you "bounce" a check. The bank returns the check to you unpaid, and the bank will charge you a hefty fee. Usually if this happens you will have written several checks and you get a fee for each one. It adds up! If you have a debit card on the account, it will be deactivated.
Write down in your register whenever you deposit money in your checking account, write a check, use your debit card, deduct a fee that the bank charges, or withdraw money from your account.
Number/Code: If you've written a check, put the check number here. Or use a transaction code: DC for Debit Card, ATM for a cash withdrawal, D for Deposit, and T for a transfer to your savings account, etc.
Date: Always record the date of anything you do.
Description of transaction: Make a quick note such as Shoe Shoppe (Check), Paycheck (Deposit), Beer Money (ATM).
Payment/Debit: Here you record the amounts of money going out of your account.
Deposit/Credit: Here you record the amounts of money coming into your account.
As you enter each item, date it. Then in the far right column, either add or subtract to reach a new total. Make yourself record information at the time you write the check, use the ATM, or make the deposit. Two days later, you won't remember what you did. Did you deposit the whole check or did you take some money out? You may lose the receipt for purchase and not remember the amount to record. Did I go the ATM both Friday and Saturday?
Ideally, you should enter every transaction in your check register at the time of the transaction. However, many people save ATM and debit card receipts to enter them either weekly or monthly. Really depends on how close you get to being overdrawn. You should also compare your check register to your bank statements to make sure everything checks out. You will also need to add bank fees and interest payments from the statement to your register at this time.
If you don't stay on top of this, you may end up with a nightmare situation where you cannot seem to balance your account. This is not a good situation to be in as you could end up losing a bunch of money paying bank fees. That is never the best use of your hard-earned money, is it?
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