When it comes to managing your checking account, there are several aspects to having a well-functioning hub in which your finances are flowing in and out.
While a checking account is the first step to building a strong financial base, there are many elements to oversee to ensure your checking account is in good standing.
One of the most important aspects of keeping your checking account balanced is to make sure you check your account on a regular basis. Start by recording the dates and amounts of your withdrawals, deposits, and your debit card purchases.
This will be helpful whenever you need to know how much money is available in your account. It may also help prevent you from overdrawing and getting hit with overdraft fees.
When it comes to what transactions to keep an eye on, you’ll want to know when your funds are entering and leaving the account, as well as how much money is moving. This includes bills and direct deposit from your employer as well as ACH transfers (automated transfers many employers use).
Balance it out
If you record these activities and double check your online banking statements regularly, you’ll be able to match up your bank account statement against your records and make sure everything is as it should be, with no errors. The completion of this leaves your account balanced — an old-fashioned term, but still relevant in its uses.
Get familiar with your checking account features, and embrace your bank’s online capabilities. Using online banking, you can do many things, such as check your balances to see how much money is available, move money between different accounts, pay bills, and sometimes even transfer funds to other people, such as with Chase’s Quick Pay option. With online banking, you can log into your checking account at any time, from anywhere that has an online connection.