(Closed) How often do you reconcile your checking account?

posted 7 years ago in Money
  • poll: How often do you reconcile your bank accounts?
    Monthly to the penny. : (10 votes)
    11 %
    Monthly with a margin of error. : (7 votes)
    8 %
    Every 2-3 months. : (3 votes)
    3 %
    Every 4-6 months : (0 votes)
    Twice a year : (0 votes)
    Once a year : (0 votes)
    When the bank says there's a problem : (9 votes)
    10 %
    Not sure : (1 votes)
    1 %
    Never : (47 votes)
    51 %
  • Post # 3
    4464 posts
    Honey bee
    • Wedding: February 2012

    We keep track with online banking and we also have overdraft protection with our savings. At one point I was considering closing our account and switching banks and in that case you have to make 100% sure you have no outstanding checks, etc. That’s why you have to record all checks so you know what you’ve written out. When a check cashes I don’t check it off in the register (I’m bad at that) but I also have all online documentation and I write very few checks. The bottom line for me is that if I wrote a check and it cashed a few weeks later, I’d think nothing of it. But if I was considering closing an account, how could you not in a detailed way balance and organize your finances? 

    Post # 4
    2232 posts
    Buzzing bee
    • Wedding: September 2012

    I have never reconciled my bank accounts. I don’t even think I would know where to start (even though I did this at a job for hundreds of transactions).

    I also rarely write cheques, even with the wedding coming up I have been doing email transfers for some vendors.

    Post # 5
    10285 posts
    Sugar Beekeeper
    • Wedding: October 2011

    I don’t think I’ve ever reconciled my checking account and this is coming from a previous banker and someone who currently works in accounting. We’re very diligent with our online banking and we always have a general idea of how much money we have. We have alerts set up to email us if/when the account drops below a few hundred so that we can easily transfer between the other accounts. It also helps that we hardly ever write any checks. Pretty much just rent and the occasional pampered chef order are paid by check so it’s easy enough to keep track of those. 

    Post # 6
    1575 posts
    Bumble bee
    • Wedding: October 2012

    I just check in with online banking, I have never balanced a checkbook in my life. For me, it;s better that way. I have never had an overdraft either…

    Post # 7
    18628 posts
    Honey Beekeeper
    • Wedding: June 2009

    I use online banking and record transactions in a finance software daily.  I don’t like waiting until the end of the month to reconcile.

    Edited: I rarely write checks but we have a lot of auto bill payments and I have to keep track of my credit card transactions too.

    Post # 8
    1501 posts
    Bumble bee
    • Wedding: September 2011

    I don’t reconcile the accounts, but I keep track of them with online banking. When we write cheques, which is rarely, we record it in the chequebook and make sure there is that extra money there until it clears.

    I would never close an account without making sure all the cheques I had written cleared.

    Post # 9
    949 posts
    Busy bee
    • Wedding: August 2012

    I used to do it monthly, but since I hardly ever pay for anything with a check, I really don’t ever reconcile anything. My equivalent is checking on my transactions to make sure everything looks right and is within budget, which is really not the same.

    Post # 10
    66 posts
    Worker bee

    I believe there is an unspoken courtesy involving checks that they be cashed promptly, just like wedding checks received as gifts ( unless of course the check is post-dated-or you have received specific instructions ).

    She probably did not assume the check would be held and went on about her business.

    We use online banking to very closely monitor accounts and do make copies of checks and things too as back up. I think its a generational thing 🙂

    Post # 11
    7900 posts
    Bumble Beekeeper
    • Wedding: March 2012 - Pelican Grand Beach Resort

    Since I rarely write checks except for rent, I have not balanced my checkbook in probably 10 years. I write so few that I can keep track of them and I always order checks with carbon copy paper between the checks so that I can look up an amount if I know a check is still out. I find it infuriating when people do not promptly cash a check.

    Post # 12
    11232 posts
    Sugar Beekeeper
    • Wedding: August 2013

    I, too, rarely write checks. I used to be really good about balancing my checkbook, but I check my account online for big stuff. Otherwise, I know approximately how much is in my account and spend wisely.

    Post # 13
    1423 posts
    Bumble bee
    • Wedding: March 2013

    I know people who wait until they see that checks are deposited before marking it into their ledger. People have different methods.

    As a rule of thumb, I’ve always known it that if you get a check, it should be deposited/cashed within a week. If you know you’ll be waiting, then the customer should be told ahead of time.

    Anyway, I don’t do online bill pay for anything (only car insurance and electric, since I get discounts for doing so), so I pay credit card bills and car payments by check via mail (I’ve had so many problems with online bill pay, it’s not even funny). So, I balance my checkbook whenever I pay my bills, use my debit card (rarely), get a bank statement in the mail, deposit or withdrawal money, etc. I do it whenever I need to. There’s no set time or how often, so I voted “other.” I hate online banking; I’m just old-fashioned with pencil and paper.

    Post # 14
    9482 posts
    Buzzing Beekeeper
    • Wedding: October 2012

    I love online banking.  It’s my little safe haven when I start stressing about money.  I am constantly up to date with what’s in my account, pending, withdrawn.  I’ve never overdrafted.  I only have checks for rent purposes so I don’t see a need to balance a checkbook.

    Post # 16
    998 posts
    Busy bee

    I reconcile about weekly only because I work at the bank/credit union. So just about every Monday I spend some time working on my checkbook.

    The topic ‘How often do you reconcile your checking account?’ is closed to new replies.

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