Do You Reconcile Your Checking Account?

[MikeD]

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.

Mike D.

 

[Meadbh]

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.

 

[Alan]

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

 

[KB]

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.

 

[jazz4cash]

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

 

[Arc]

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?

 

[d]

just stumbled it across it last night

you need to cut back on your drinking

 

[REWahoo]

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...

 

[Nords]

I've been searching for one more than 4 years with no luck...

Maybe you could start a discussion board on the subject!

 

[free4now]

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?

 

[REWahoo]

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?

Definitely a case of irreconcilable differences...

 

[Nords]

Definitely a case of irreconcilable differences...

You made us wait eight days for that?!?

Well, you still beat me to it...

 

[d]

groan

 

[jazz4cash]

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?

I think it's non-reconcilers comming out of the woodwork....before the poll, I was ashamed to say "I don't reconcile".....but not anymore........looks to me like our percentage is gaining

 

[TromboneAl]

The non-reconcilers are subconciously nervous about bouncing a check. This makes them agitated and more likely to post.

 

[Texas Proud]

I don't technically reconcile... I use the online banking and know what is going in and coming out...

If anything looks funny, I see it right away...

 

[h2xblive]

I reconcile every time a transaction is made involving my checking account. Sometimes this is twice a day, other times it's once every 2 weeks.