| Copyright (c) 2009 Sherry Tingley | | | | you cannot go personally to the bank and you use the |
| There are five things you can do to manage your | | | | telephone instead, be ready to discuss the situation in |
| checking account. Some of these steps are very | | | | detail to the service representative. |
| easy to do and others some people never do | | | | Money management is much easier when you know |
| because they are careless record keepers. | | | | where your money is going. It is the proof of all your |
| The first step is to choose a bank that you like. Go to | | | | financial transactions so it is essential that you keep a |
| the various banks and credit unions and ask them | | | | copy of them for your future reference. Not just any |
| about the different kinds of checking accounts that | | | | copy but you need a written records so print them out. |
| they offer to their clients. The most important question | | | | Even your online banking transactions should be printed |
| you might ask is about all the fees that go with the | | | | out. When it is time to throw your records out, shred |
| account such as the ATM fees, cost of check, | | | | the documents first for they contain vital information |
| monthly fees, overdraft protection and overdraft | | | | you would not want other people to have. |
| charge. You should also ask if the account in question | | | | Step number four is to keep a close eye on all |
| would be available for online banking transactions. Free | | | | automatic payments and deposits so you can be |
| checking is always a good bonus but do not base | | | | assured of its accuracy. Even if the system is in |
| your decision solely upon it. | | | | automatic already, you should not assume anything. |
| The second step has to do with recording your | | | | You should have a general idea of what your normal |
| transactions. Keeping records can be boring and | | | | transactions look like so you can spot things that are |
| tedious, but it needs to be done. Put down in writing | | | | out of the ordinary. |
| every monetary transaction, all deposits and even | | | | Step number five is to avoid a zero balance like the |
| ATM withdrawals. This process will help you keep | | | | plague. Do not totally deplete your checking account. |
| accurate bank records. | | | | You should always keep a cushion of a few hundred |
| The third step is to balance your checking account | | | | dollars in your account so you can use this money as |
| transactions every month. When you get your monthly | | | | a hedge against emergencies and overdrafts. If you |
| statement from the bank, reconcile it with the data you | | | | are smart, you'll have set up an overdraft protection |
| input in your check register. When you do this, you can | | | | account so you don't get charged excessive fees if |
| often find mistakes and most often it is your mistake. | | | | you do make a mistake in your records that causes |
| Sometimes it is a true banking error or it could even be | | | | you to go below zero. |
| fraudelent activity. Finding mistakes can help prevent | | | | Following these five suggestions will help you on your |
| overdraft fees and general problems. In case there | | | | way to good money management skills and help you |
| are errors and discrepancies, contact the bank | | | | live life more comfortably. |
| immediately in order to correct it as soon as possible. If | | | | |