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It is important to keep track of your monthly checking statement every time you receive it in the mail. But in order to keep track of it effectively you must have a sense of what is actually on the statement. The following are some of the basics of what you can watch out for. It is important to know what is going on with your money at all times, and knowing your checking statement will help that.
Look Over the Whole Statement
First of all, you need to look over the statement. Know where everything is located. Know where your balance is. Know where you can find deposits, checks, withdrawals, and bank fees. You need to know the statement overall, because you will want to know where something is located if there is a problem with something regarding your statement.
How are Your Payments and Deposits Listed?
When you write checks how do they clear? Do they list checks by check number, or by date paid? When you write checks you need to go back over your statement and make sure every one is accounted for. If you see a check that you have no record of, report it immediately.
How do they list transactions? Sometimes, companies will not send in their batch report until a day or so later. So it is possible that a transaction made on July 10th may not show up on the statement until July 12th. The payment may not actually be missing; it might just be located under a different date.
Another thing you need to know is how your checks are drawn off your account. It is a lot different if the bank draws the largest check out first. You could then find that you are overdrawing your account. You might write checks with the thought in mind that the first check you write will be the first taken out of your account. That is not always what happens. You do not want to run out of money, and you do not want to bounce a check. So take minute and figure out how they work it.
Know how long it takes a deposit to clear into your account. It will probably not clear right away. You do not want to be walking around spending money that has not actually been put into your account. It can take 7 to 10 days depending on the situation. Although, 1 to 2 days is more standard. Make sure you figure out when money clears, so you can start to use it.
Also know where the fees are listed. You do not want them to try and sneak any fees by you. They might not be listed in a different section, but just mixed in with the other transactions. You do not want them to sneak anything by you! So be prepared and know where to find those fees.
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