Is there any reason I should still balance my checkbook?

[VaKim]

For those of you who say you do still balance it, and that you have caught errors, what kind of errors? I mean, as long as I look at the account online regularly, what could I be missing? Did you catch errors in the math? That is the only thing I could see missing by not actually doing it out on paper with a calculator. What other kinds of errors could you catch on paper that you couldn't catch by looking at the account on a computer screen? 

 

 

[Ravin]

When I write a check, I manually enter it into the transactions on my checking account online. That way, the computer balances it. I also have regular recurring payments that are taken out set up manually to show up, and so I have a pretty good idea of how much is available, looking ahead at the projected balance right before the next paycheck is due to hit the account (Those are also set up as a projected recurring payment into the account). My current balance (as opposed to my projected balance) frequently doesn't reflect how much I can actually spend, especially on the weekend when automatic transactions don't always show up right away.

[abacus2]

I have caught at least one fraudulent transaction before it became a bigger problem. I can't remember the details of the first error I caught, but the bank had done something wrong that made my account not have as much money as it should have. They entered something wrong and then charged me an overdraft fee when their mistake made one of my transactions bounce. They corrected their error and refunded that fee when I called them on it. I know I have caught other errors over the last 20 years, but I don't remember details about whether they were my errors, store errors, or bank errors.

[solascriptura]

even computer software makes mistakes. dh (finance major, used to work in a bank) doesn't trust the banks numbers. he is tracks everything himself. he knows which checks have gone through, and which are still out there. he also knows when some utility says they haven't received our check - but they've cashed it.

Has he ever caught a mistake? I haven't balanced mine in years, but sometimes I wonder if it's a good idea to trust the bank.

[mamaofgirls]

I always balance mine!! I can not imagine otherwise. We live in a small town and use a local bank - they manually post/approve transactions each day as they come in. For some reason when I went to their ATM and took out xxx in money they ADDED that money to my account. I called right away and they fixed the problem - and were very thankful I told them they should have taken money from me ;-)  This was a 4 or so years ago...

 

I am also VERY careful about restaurants. More then once I have had a restaurant waitress 'change' our tip amount. It is frustrating... a college sub place did it so many times they got in trouble! Hand written checks can also be entered wrong, if done manually. We write lots of checks for the children activities... There is no other option other than cash and I dont like caring cash because I spend it too fast.

[gardenmom5]

Has he ever caught a mistake? I haven't balanced mine in years, but sometimes I wonder if it's a good idea to trust the bank.

Yes he has. I'd have to ask him for details.

 

New scanners that read the check are more reliable than humans, but with hand written checks things can still be iffy.

Edited February 29, 2016 by gardenmom5

[VaKim]

Hmm. I think maybe my definition of balancing your checkbook is not the same as everybody else's. 

What I was referring to is physically writing it all down in the register and doing all the adding and subtracting in there to make sure it matches up with what the bank has online (I no longer get paper statements). It seems like other people are just meaning that they check to see if what the bank has online matches what they have done (written checks, deposits, etc.). I absolutely do that. But I can't imagine what more I'd be accomplishing by copying it all down in the checkbook every week, month, whatever. 

[Annie G]

For those of you who say you do still balance it, and that you have caught errors, what kind of errors? I mean, as long as I look at the account online regularly, what could I be missing? Did you catch errors in the math? That is the only thing I could see missing by not actually doing it out on paper with a calculator. What other kinds of errors could you catch on paper that you couldn't catch by looking at the account on a computer screen? 

 

The only real error I caught was a cell phone bill taken out twice, about ten days between them. They never did explain why they did that, but it had something to do with them changing their billing date and I caught it. I probably wouldn't have caught it without doing my paper accounting because I work a month ahead on bills so by the time it's actually taken from my account it's been at least four weeks since I wrote it.  If I was relying on just what the online account said I might have assumed the two were for different months.  

 

Sometimes I catch my own errors.  I run two checking accounts...one for utilities and  routine household expenses and the other for less regular expenses like birthdays, Christmas, travel, education.  I have caught myself meaning to pay from one account but actually paying from the other.    That's totally my fault, though. 

 

So one double charge that I can recall in all these years is no big deal, and not a reason for me to balance my checkbooks. But I do because I'm old school and because it helps me manage my budget. But there are lots of better ways to accomplish that...I just stick with this because it's comfortable. 

[Annie G]

When I write a check, I manually enter it into the transactions on my checking account online. That way, the computer balances it. I also have regular recurring payments that are taken out set up manually to show up, and so I have a pretty good idea of how much is available, looking ahead at the projected balance right before the next paycheck is due to hit the account (Those are also set up as a projected recurring payment into the account). My current balance (as opposed to my projected balance) frequently doesn't reflect how much I can actually spend, especially on the weekend when automatic transactions don't always show up right away.

 

I'll have to see if I can do this with my accounts! If so, that would be awesome.  Thanks!

[mamaofgirls]

Hmm. I think maybe my definition of balancing your checkbook is not the same as everybody else's. 

What I was referring to is physically writing it all down in the register and doing all the adding and subtracting in there to make sure it matches up with what the bank has online (I no longer get paper statements). It seems like other people are just meaning that they check to see if what the bank has online matches what they have done (written checks, deposits, etc.). I absolutely do that. But I can't imagine what more I'd be accomplishing by copying it all down in the checkbook every week, month, whatever. 

 

I write mine down on a register, right in my check book holder :) But I dont have a smart phone so there really is no other way then dragging out my computer. We write checks that take weeks to clear and I always want to make sure we have money in the account - looking at a number online would never give me an accurate reading. Just because it says $2,000 in it does not mean that our mortgage has cleared or other payments. People must be rich to not balance! We are usually just making due but God provides. Some weeks before my husbands payday we are down to $100... praying nothing clears that I did not write down.

Edited March 1, 2016 by mamaofgirls

[VaKim]

I write mine down on a register, right in my check book holder :) But I dont have a smart phone so there really is no other way then dragging out my computer. We write checks that take weeks to clear and I always want to make sure we have money in the account - looking at a number online would never give me an accurate reading. Just because it says $2,000 in it does not mean that our mortgage has cleared or other payments. People must be rich to not balance! We are usually just making due but God provides. Some weeks before my husbands payday we are down to $100... praying nothing clears that I did not write down.

I don't have a smart phone either, but my desktop mac is right here in the living room, ready to go at all times. :-)

And we are far from rich. We usually average between 2 and 4 thousand dollars in the bank at a time (that is our only account). But we write very few checks and are always aware of what we have going in and coming out. Even though we are poverty level, we have never had to live paycheck to paycheck, praise the Lord!  We just don't spend very much.