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View Poll Results: Do You Reconcile Your Checking Account?
Yes, every month, using software 49 34.51%
Yes, every month, manually 32 22.54%
Yes, every few month, using software 4 2.82%
Yes, every few months, manually 6 4.23%
No 51 35.92%
Voters: 142. You may not vote on this poll

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Re: Do You Reconcile Your Checking Account?
Old 08-29-2006, 11:30 AM   #41
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Re: Do You Reconcile Your Checking Account?

I reconcile each account each month via Quicken. Occassionally picks up the odd entry error on my part. All bills paid either online (e.g. annual ones), or debited automatically from bank account.

Only write a cheque for one offs, such as a specific charitable cause, and home repairs, e.g. plumber, arborist.
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Re: Do You Reconcile Your Checking Account?
Old 08-29-2006, 05:47 PM   #42
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Re: Do You Reconcile Your Checking Account?

For my account : actually I don't, but I review daily online.
For my and wife's joint account: she does it.
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Re: Do You Reconcile Your Checking Account?
Old 08-29-2006, 06:18 PM   #43
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Re: Do You Reconcile Your Checking Account?

I've been overdrawn on my checking account a couple of times, but I have never had to pay any fees. The most recent was when a 6-figure bank deposit was actually subtracted from the account by the bank. The subtraction blew away all the funds in the account, all the outstanding checks that kept coming in, all the online bill pays that were ongoing while the bank tried for 3 weeks to correct the error.

If the bank can't keep track of my money, why should I?
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Re: Do You Reconcile Your Checking Account?
Old 08-29-2006, 06:24 PM   #44
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Re: Do You Reconcile Your Checking Account?

A long time ago I worked in the main computer operations area of a moderately sized regional bank. I saw some fun things, including (1) when they ran the "pay the monthly mortgage autopayment" program twice and overdrew thousands of customers' checking accounts, and (2) when someone made a data entry error and a deposit of $3.75 turned into a deposit of $3,750,000,000 and they had to submit a special request to get it fixed because that particular field wasn't user-editable by the person who made the initial entry.

In those two cases, the bank managed to fix it without telling the affected customers or having them catch on. I'm sure this kind of thing still happens from time to time.

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Re: Do You Reconcile Your Checking Account?
Old 08-29-2006, 09:11 PM   #45
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Re: Do You Reconcile Your Checking Account?

I have a multi sheet spreadsheet that I maintain daily to keep track of all my expenses and any debits or credits to my various banking accounts. It takes 5 to 10 minutes a day to make the entries. I don't mind it at all.
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Re: Do You Reconcile Your Checking Account?
Old 08-30-2006, 06:22 PM   #46
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Re: Do You Reconcile Your Checking Account?

Like Vagabond and others here I track income and expenses almost daily through Quicken - Works for me!

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Re: Do You Reconcile Your Checking Account?
Old 08-30-2006, 07:47 PM   #47
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Re: Do You Reconcile Your Checking Account?

We don't do the reconcillation either. Use on-line banking to monitor account, then enter info into financial software for reports, etc.

We have had only one bank error many years ago (before AMT, etc.) , but it was a duzzie -
We sent in our mortgage payment, the receiving bank processed the check for nearly $6,000 more -- they slipped in another digit in the amount!! When I started getting bounced check notices, I called the bank, and they assured me they were right and I was wrong. I spent that night balancing my account back for a couple of years and came within about 20 dollars of the bank balance before the error. I went down to the bank the next day and they showed me their printout. I immediately spotted the error and told the manager I had never written a check for that large amount. She said, and I quote, "Oh yes you did, we have it right here." She went to the back to retrieve the check and came back red faced. Took a few weeks to get it all straightened out and everyone paid. Only one merchant was really ugly to me, and I put him on the phone with the manager and walked out.

Bank errors are rare, thank goodness!!
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Re: Do You Reconcile Your Checking Account?
Old 08-31-2006, 06:41 AM   #48
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by LOL!



If the bank can't keep track of my money, why should I?

Now THAT is LOL... should be on Funny Joke Thursday....or maybe Cute Quip Wednesday?




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Re: Do You Reconcile Your Checking Account?
Old 09-01-2006, 10:53 PM   #49
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by TromboneAl
DD (away at college) now has two more overdrafts.* Total overdraft fees since last May: $231.

I can't get her to reconcile her account, and apparently she doesn't even keep note of the balance.*

I was curious as to how many of you regularly reconcile.
WOW!! I never knew if you reconcile your account the bank would not charge you overdraft fees! Where was I when they explained that? I always thought they would stick you with fees whether you reconciled or not if you did not have enough cash in the account to cover the debits comming in.

So what I do is sign up for overdraft protection linked to a credit card or savings account with about $300 in it. The most it costs me is a $10 cash advance fee (plus interest charges).

I also gave up reconciling a LONG LONG time ago and thanks to you, I no longer feel guilty about it!! I do look through the account online and glance at the paper statements to make sure I recognize each transaction.
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Re: Do You Reconcile Your Checking Account?
Old 09-02-2006, 12:48 PM   #50
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Re: Do You Reconcile Your Checking Account?

For those of you who do not reconcile your checking periodically, how do you do your taxes? With Quicken & TurboTax it is pretty easy but everything needs to be entered. Right now I just do a "report" from Quicken for the year and also get one from my credit card so I look in those places for all my expenses.
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Re: Do You Reconcile Your Checking Account?
Old 09-02-2006, 01:44 PM   #51
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Re: Do You Reconcile Your Checking Account?

Way back in '77 our bank made a mistake on a check we deposited in an ATM. We typed in the correct amount and got a reciept for it from the ATM at the time of the deposit. They decided a $330.00 check should have been $33.00. This resulted in about 10 bounced checks. The bank called all the merchants and got the fees taken away or actually paid them off. We had to fight with the bank long and hard over this. We changed banks, citing as our reason for leaving the fight, not the mistake. They went out of business a few years later. They were the biggest bank in the DC area at the time.

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Re: Do You Reconcile Your Checking Account?
Old 09-02-2006, 01:45 PM   #52
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by wab
Do people still write checks?* *It's a rare occassion for me.* *Credit cards, online bill pay, and cash take care of 95% of my transactions.
Same here. I also have my cashed cheques returned with my monthly statements, making this quite simple for the small number of cheques I write.

The time consuming reconciliation for me is my (one) credit card statement, which I do faithfully every month. And yes, I was once scammed, 9 years ago in Brazil. The credit card company was very accommodating and I did not lose anything except the hassle of replacing my credit card. Interestingly, not infrequently I find that merchants where I have used my credit card for small items sometimes forget to bill for them.
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Re: Do You Reconcile Your Checking Account?
Old 09-02-2006, 03:19 PM   #53
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by Meadbh
I was once scammed, 9 years ago in Brazil. The credit card company was very accommodating and I did not lose anything except the hassle of replacing my credit card. Interestingly, not infrequently I find that merchants where I have used my credit card for small items sometimes forget to bill for them.
I was once charged twice on my credit card for a meal while in Holland. It was a large bill and when checking my credit card statement at month end saw 2 charges from the restaurant, with one charge over $20 larger than the other. When I called the credit card company they confirmed that there were 2 charges about 2 hours apart, the $20 difference being due the exchange rate, and asked me which one I wished to dispute? The larger charge of course was cancelled. Although I write few checks these days I always reconcile my checking account and my credit card. With on-line banking and services this is a fairly trivial task these days
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Re: Do You Reconcile Your Checking Account?
Old 09-02-2006, 03:40 PM   #54
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Re: Do You Reconcile Your Checking Account?

Al

My kids (19 and 20) both don't reconcile their bank accounts either. But our credit union only charges them $3.00 to move money from their savings to checking. They regularly forget to move their money into checking when they use the ATM or write a rare check. They're pretty sloppy about their credit card accounts too, in my opinion. I guess they don't take money very seriously yet.

It's very frustrating and annoying to watch it.

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Re: Do You Reconcile Your Checking Account?
Old 09-02-2006, 07:09 PM   #55
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by yakers
For those of you who do not reconcile your checking periodically, how do you do your taxes? With Quicken & TurboTax it is pretty easy but everything needs to be entered. Right now I just do a "report" from Quicken for the year and also get one from my credit card so I look in those places for all my expenses.
Everything I need to do taxes gets mailed to me: end of year statements, 1099's, W-2, etc. So I don't see any connection between reconciling a checking account and doing my taxes. The only possible connection I can think of is medical expenses which don't come anywhere near the threshold since I have health care insurance from work. I once used quicken for an entire year and was amazed at being able to track every penny. It made me realize I could not care less where every penny went!

I may be missing something, but I rely on being able to inspect my statements and recognize any discrepancies.......which I consider to be different from reconciling which gives you an exact timely comparison of credits and debits
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Re: Do You Reconcile Your Checking Account?
Old 09-04-2006, 03:40 PM   #56
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Re: Do You Reconcile Your Checking Account?

Have used Microsoft Money for 10 years now. Makes reconciling accounts and tracking investments a breeze - and always have everything at myfingertips. Could not imagine keeping manual records anymore. Also use online bill pay as much as I possibly can - love the convenience and have never had any problems at all.

I think I am getting addicted to this forum - just stumbled it across it last night - is there a support group out there?
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Re: Do You Reconcile Your Checking Account?
Old 09-04-2006, 03:54 PM   #57
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Re: Do You Reconcile Your Checking Account?

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Re: Do You Reconcile Your Checking Account?
Old 09-04-2006, 04:13 PM   #58
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by Arc
I think I am getting addicted to this forum - just stumbled it across it last night - is there a support group out there?
I've been searching for one more than 4 years with no luck...

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Re: Do You Reconcile Your Checking Account?
Old 09-04-2006, 08:28 PM   #59
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Re: Do You Reconcile Your Checking Account?

Quote:
Originally Posted by REWahoo!
I've been searching for one more than 4 years with no luck...
Maybe you could start a discussion board on the subject!
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Re: Do You Reconcile Your Checking Account?
Old 09-05-2006, 12:43 PM   #60
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Re: Do You Reconcile Your Checking Account?

It's interesting that the poll results show an majority of people reconciling, but the comments here show most people not reconciling. Perhaps the reconcilers are too busy reconciling to post comments?
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