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Yep, I still balance/reconcile my checkbook against my credit union statement every month. Even though I use the online banking to see how many transactions have cleared, I still record those in my checkbook register to get an accurate picture of what I actually have in my account. Works for me.
I definitely still balance my checkbook. Keeping up with a checkbook balance gives me a realistic picture of how much money I actually have at any given time.
I definitely still balance my checkbook. Keeping up with a checkbook balance gives me a realistic picture of how much money I actually have at any given time.
Pop into your online bank account a couple of times a day and you will have a much more realistic picture of how much money you actually have at any given time..
Checks and balancing are last century...
Pop into your online bank account a couple of times a day and you will have a much more realistic picture of how much money you actually have at any given time..
Checks and balancing are last century...
Not if there are outstanding checks.
I don't write many checks either - but sometimes there is no getting around it. For example, class fees for school. When my son was involved on a sports team - we wrote checks. When I send my nieces and nephews birthday money in a card - I send a check. I don't want to send cash in the mail. Just a few examples.
My take is that balancing is not necessary if you pay the majority of your bills online, write a limited number of checks, and also carry a sufficient balance so that when a set of checks and payments clear all at once you don't over-draft your account. In this situation, what is really to reconcile? Your online balance is what is in your account minus any outstanding checks (which are minimal).
My take is that balancing is not necessary if you pay the majority of your bills online, write a limited number of checks, and also carry a sufficient balance so that when a set of checks and payments clear all at once you don't over-draft your account. In this situation, what is really to reconcile? Your online balance is what is in your account minus any outstanding checks (which are minimal).
I think there is an aspect to all this that you are missing. And that is checking for fraud and for unauthorized charges. If your online balance is the same as your checkbook balance, then all is well. I check this at least once a week - it is very quick to do and gives me peace of mind. Also, at the beginning of the month, I always look at the automatic deposits online to be sure they have been posted - there are just three of them, but I want to know is something isn't there all of a sudden.
Just because your online balance has been correct for many years doesn't mean you couldn't have a nasty surprise someday. I actually know two people who have been the victims of fraud - one caught it early and received full restitution from the bank, while the other let things go so long (the amounts were relatively small) without realizing anything was wrong that he only got partial restitution.
My take is that balancing is not necessary if you pay the majority of your bills online, write a limited number of checks, and also carry a sufficient balance so that when a set of checks and payments clear all at once you don't over-draft your account. In this situation, what is really to reconcile? Your online balance is what is in your account minus any outstanding checks (which are minimal).
Yeah, but I think it's fun to do.
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Something else to consider
