Checkbook registers.

[MichelleVW]

Check out the following: Balancing Your Checkbook.

and by looking at your account online daily you pretty much do that without all that crazy math and time. I don't see the point.

 

[disneychrista]

After reading it though, I still don't get it. Basically it seems like just verifying the transactions are legit and in the correct amounts. If I'm looking online and they are - then why does someone still need to balance it?

and by looking at your account online daily you pretty much do that without all that crazy math and time. I don't see the point.

I agree it is not as important with online banking as it used to be. But it is still important to make sure that what you "think" the balance of your account is, really is. If you are not tracking your transactions, you could get a nasty surprise when something clears that you forgot about (be it a check or a debit transaction). This is the reason to "balance" your account.

 

[ilovemk76]

Okay, I write about 7 checks a month now, and about 30 debit card transactions. I'm running out of checkbook registers because I am writing fewer checks. Guess I'll have to call the bank and order registers only. Am I missing something? I have to write in debit purchases just like it was a check.
Those who never balance their check book need not reply.

I never carry my checkbook with me and I only write a couple of checks a month. I pay all my bills, when possible, electronically. As a result I found that it was easier to switch to a notebook. All the long confirmatioin numbers were touch to get in the registery.

 

[LuvCuteBoys]

As a banker, it hurts my head that people don't balance their checkbooks. What are you going to do when the balance on the online banking doesn't match the balance you think it should be? The first thing they're going to ask you is, "When was the last time you balanced with the bank?"

I balance my checkbook at least once a week. Usually more. Not every debit transaction posts right away. Depending on when the merchant settles their batches, it could be several days and the dates aren't always going to match up to when you made the purchase. Checks can take up to six months to cash before they're stale-dated. Online bill pay transactions can be scheduled months in advance.

Your bank will give you check registers... they get them from the check printer your bank contracts with. They'll give 'em to you because they WANT you to use them!

 

[golfgal]

As a banker, it hurts my head that people don't balance their checkbooks. What are you going to do when the balance on the online banking doesn't match the balance you think it should be? The first thing they're going to ask you is, "When was the last time you balanced with the bank?"

I balance my checkbook at least once a week. Usually more. Not every debit transaction posts right away. Depending on when the merchant settles their batches, it could be several days and the dates aren't always going to match up to when you made the purchase. Checks can take up to six months to cash before they're stale-dated. Online bill pay transactions can be scheduled months in advance.

Your bank will give you check registers... they get them from the check printer your bank contracts with. They'll give 'em to you because they WANT you to use them!

If I spend $25.48 at Target using my debit card and it shows up at $24.58 I call the bank. If it shows up as $25.48 my checkbook is balanced . Since I write so few checks I look online and see my balance is whatever and subtract out how much I wrote the check for and I know how much is in my account.

It's a heck of a lot easier to transpose numbers in a checkbook register then it is on a store receipt.

 

[LuvCuteBoys]

If I spend $25.48 at Target using my debit card and it shows up at $24.58 I call the bank. If it shows up as $25.48 my checkbook is balanced . Since I write so few checks I look online and see my balance is whatever and subtract out how much I wrote the check for and I know how much is in my account.

It's a heck of a lot easier to transpose numbers in a checkbook register then it is on a store receipt.

I'm not talking about a specific transaction. I'm talking about the actual bank balance.

 

[tvguy]

Banking experts, at what age, if ever, do checks become worthless? I have 3 checks that were never cashed.......the most recent 11 years ago!

 

[golfgal]

I'm not talking about a specific transaction. I'm talking about the actual bank balance.

Right but if each transaction is accurate, your balance is accurate. Basically by checking online you are "balancing" your statement each time you check.

 

[disneychrista]

Right but if each transaction is accurate, your balance is accurate. Basically by checking online you are "balancing" your statement each time you check.

But what about the random transaction or check that is delayed in being posted. A check you write for those Girl Scout cookies or whatever. That book you pre-ordered on Amazon, that isn't posted until it ships. These things maybe take awhie to post to your account and therefore if you are counting on your balance online being your actual running balance, you might run into trouble.

 

[marlynnp]

But what about the random transaction or check that is delayed in being posted. A check you write for those Girl Scout cookies or whatever. That book you pre-ordered on Amazon, that isn't posted until it ships. These things maybe take awhie to post to your account and therefore if you are counting on your balance online being your actual running balance, you might run into trouble.

They probably start calling people, "I mailed you a check three days ago and you still haven't cashed it! I don't know how much money I have."

I get at least two calls like that every month. I deposit checks on MY schedule not yours.

 

[MichelleVW]

Right but if each transaction is accurate, your balance is accurate. Basically by checking online you are "balancing" your statement each time you check.

Agreed.

But what about the random transaction or check that is delayed in being posted. A check you write for those Girl Scout cookies or whatever. That book you pre-ordered on Amazon, that isn't posted until it ships. These things maybe take awhie to post to your account and therefore if you are counting on your balance online being your actual running balance, you might run into trouble.

it's not that hard when you only write 6 checks or less a year to remember that to look for them online and mentally subtract that from the balance that shows. I've been doing it that way for at least 5 years since DH and I joined bank accounts and have never once "run into trouble".

They probably start calling people, "I mailed you a check three days ago and you still haven't cashed it! I don't know how much money I have."

I get at least two calls like that every month. I deposit checks on MY schedule not yours.

Nope...never...I know it's out there and it's already mentally subtracted. Easy Peasy.

 

[disneychrista]

it's not that hard when you only write 6 checks or less a year to remember that to look for them online and mentally subtract that from the balance that shows. I've been doing it that way for at least 5 years since DH and I joined bank accounts and have never once "run into trouble"..

Great I am glad you have a perfect memory and would never forget that last minute check you wrote for school lunches.

But could you tell me what you balance was if your online account was in accessable for a few days?

 

[golfgal]

But what about the random transaction or check that is delayed in being posted. A check you write for those Girl Scout cookies or whatever. That book you pre-ordered on Amazon, that isn't posted until it ships. These things maybe take awhie to post to your account and therefore if you are counting on your balance online being your actual running balance, you might run into trouble.

Like I said, for the maybe 15 checks a year I write it is easy to keep track of what is outstanding. I have carbon checks if I forget I guess. If I write a check today for say $40, I just mentally subtract $40 from the balance online and that is how much I "have" in my account.

 

[MichelleVW]

Great I am glad you have a perfect memory and would never forget that last minute check you wrote for school lunches.

But could you tell me what you balance was if your online account was in accessable for a few days?

I have kids in college so I don't write checks for school lunches. Every 6 weeks I write a check to the guy who trims my horses feet for $60, and that seriously is it for my check writing. How hard is that to keep track of? Oh wait. I wrote one a month ago for $20 to the local high school football team and they took forever to cash it...but I knew it was out there and it didn't really matter to me when they cashed it.

Exact balance...no...ballpark....heck yes. I could tell you right now what days we get paid and what bills come out when. So yes, I would be in the ballpark of a correct balance and if for some reason some phantom check came out of the woodwork and I didn't have the money to cover it, we have overdraft protection and it would just pull from my savings. But I never let the balance get low enough for that to happen.

So, no...you can't convince me that I need to "balance" my checkbook.

 

[C.Ann]

All of the banks I do business with supply them for free.. They're out on the counter and you can grab several at a time, if you so desire..

I keep track of my banking 3 ways: statements that are mailed to me; online; and I write all transactions (checks, deposits, debits, etc.) in the registers.. I can also call the banks automated systems, but neither that nor the online balances can be relied on for accuracy "in the moment" due to pending actions.. That's why I think it's wise to use the checkbook registers as well..

Throughout my entire adult life, I have never, ever been in a situation where I've been overdrawn (or even close to it) thanks to those registers..

 

[laurie31]

I do record all my checks in the registry. Mine has a mini calendar for 3 years on the inner page.

My "current" one has the years 2003, 2004, and 2005.

I write 2-3 checks a month at the most. I don't have a debit card, but if I did, I would record them like I would a check. I just realized I do not record my online transactions. I never thought about it.

I have tons of extra registers. I do run out of deposit slips sometimes, though.

 

[jlewisinsyr]

Great I am glad you have a perfect memory and would never forget that last minute check you wrote for school lunches.

But could you tell me what you balance was if your online account was in accessable for a few days?

For me, I know I can tell you, plus or minus $100 what my balance is, but I also have cash reserves that would offset any error, so I'm not worried about balancing to the penny. My partner is the same way as we have seperate accounts, plus savings accounts and other investments we can pull from if we were in a bind.

I think there are a few parts to the balancing bit, first, OCD, some people need to know for no other reason other than it has to perfect. Next, I think is the whole study on whether or not people had enough cash reserves to cover a $1,000 emergency expense and how the percentage is very low over all. If you're accounts have low amounts of cash, a missed item can really throw off your life. I'm sure there are other reasons, but I see these as the two main ones.

 

[ilovemk76]

I write everything down, even the online payments I initiate from my bank, because I want a record of that transaction confirmation just in case something happens. One time it did.

 

[golfgal]

Great I am glad you have a perfect memory and would never forget that last minute check you wrote for school lunches.

But could you tell me what you balance was if your online account was in accessable for a few days?

I have carbon checks, solves the memory problem.

Could I tell you my balance if I didn't look at it for a couple days, yes, I could and be close enough. I don't check my account every day. I know what is in there and what we've spent and can give you a round number figure of what is in the account at every given time. I probably don't know the figure to the penny but we keep extra money in our account and we have automatic overdraft protection if needed. In this day and age there simply isn't a NEED to sit down with your statements monthly and balance your account if you have online access. I haven't "balanced" our checking account in over 10 years" and haven't ever had an issue. I can't remember the last time a charge showed up wrong on our account either.

 

[SaraJayne]

I write everything down, even the online payments I initiate from my bank, because I want a record of that transaction confirmation just in case something happens. One time it did.

So do we. DH even writes down the confirmation number in the checkbook when we do online banking transactions.