When you look at your 401(k) balance, make sure you’re receiving the accurate amount of matching dollars from your employer. The more you know about your money, the easier it is to eliminate financial stress. This article was subjected to a comprehensive fact-checking process. Our professional fact-checkers verify article information against primary sources, reputable publishers, and experts in the field. You are about to navigate away from Atlantic Financial FCU’s website. We don’t endorse or control the content of the site you’re about to visit.
What to Evaluate When Checking Your Bank Account
Now that you know how often you should monitor your checking account, it’s important to understand why you’re doing it along with what to look out for so you can make the most of doing so. These apps can typically be found in the app store on your mobile device and provide a plethora of uses. You can check on your accounts, download statements, make payments, and send and deposit checks all without the need to visit a local branch. For instance, checking on the status of your bank account gives you a snapshot of how much money is truly deposited each month — rather than pre-tax estimates or ballpark figures. This will often vary from your forecasted budget, such as if you had an unexpected emergency trip to the hospital.
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- This is made much more efficient and effective when you sign up for online and mobile banking where you can get instant access.
- If you’re banking with a financial institution that doesn’t seem to realize we’re living in the 21st century, it may be time to switch banks.
- You use it frequently to pay bills and buy everyday things like groceries.
- Say, for instance, you discover that your credit card was compromised months ago and a variety of unauthorized charges have been made.
Make sure to check in regularly and go through your account activity to spot anything that shouldn’t be there. One of the easiest and most accessible ways to monitor your checking account and savings account is by installing your credit union or bank’s app on your phone. You likely aren’t spending from it every day (in fact, you can be penalized for exceeding monthly withdrawal limits). Because you’re not moving money in and out of your savings account as frequently, you don’t need to be as vigilant about checking this bank statement.
banking basicsWhat is second chance banking and second chance checking?
It’s important to review your account activity at least once every few days. Checking your bank account a couple of times per week may help you identify fraudulent transactions, so you are able to contact your financial institution as soon as possible. Depending on your financial institution, you may be able to set up account alerts to notify you about your financial activity.
Daily Monitoring: Pros and Cons
If you want to earn a better interest rate than a savings account but you’re not ready to put your cash in cold storage via a CD, a money market account is a good alternative. If you have a joint checking account with your spouse, check the transactions for the account as often as needed to ensure the bills are paid. Many married couples combine their finances via joint checking accounts. While research shows that this may be a good idea for your relationship, having two people dipping into the same pot of money can complicate things.
Benefits of monitoring your checking account
This won’t provide a detailed overview of your transactions, but it can be an easy way to make sure you have enough money in the bank. Some banks charge a fee for this, especially if you use an out-of-network ATM. Thanks to online and mobile banking, it’s easy to check current transactions posted to your account as well as past statements. You can access an archive of your financial history and review this to inform future financial decisions.
Here, we’ll look at how you can discover the sweet spot — the amount of money that will prevent overdrafts while also freeing up your excess cash to earn interest. The total account balance is the total amount in your account before any pending transaction. In contrast, the available balance is the amount you can withdraw or spend how often should you typically monitor your checking account right away and includes pending transactions. The transactions that are delayed will include withdrawals and deposits into the account. Give your bank a call if you need an update on your account balance or clarification on some account activities. Banks will have an automated system to answer your account balance queries.
It empowers you to make informed decisions, avoid unnecessary fees, and keep your finances on track. There may be times when you’d want to open up more than one checking account to keep, say, your income from your full-time job and your side hustle separate or to cover different kinds of expenses. However, you will likely need to keep an eye on all of your accounts and could potentially have to pay account fees and meet balance requirements for each. By regularly checking your bank account, you can keep an eye on fees you may be paying. Some financial institutions are notorious for charging hidden and/or excessive fees.
Say, for instance, you discover that your credit card was compromised months ago and a variety of unauthorized charges have been made. You may be able to get some of the more recently stolen funds back, but your negligence in failing to report the fraud in a timely manner may limit the amount of reimbursement you receive. The answer will vary for everyone, but the more frequently you use your accounts, the more often you’ll probably want to review them.