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Bank Statements. All about Bank Statements
Checking accounts can seem like a foreign language if you are just starting out for the first time. Perhaps your spouse always took care of the finances, or perhaps you are just out of school and ready to open your own bank account Ė well here I am going to tell you a bit about checking accounts, how to use and how to understand bank accounts so you can function fully with your finances without having to rely on others.
When you are opening an account, you are going to have to sign an account card. Your signature on the account card should be your personal signature, and this should be how you sign your name all the time. If you are always signing your name in various ways, learn to sign it in just one way and get in the habit of it. This is for your own protection in case someone might steal your checks and forge your signature.
If you are going to have another person on the account, they too are going to have to go to the bank and sign a signature card. This second person should only be someone you trust that will not write out checks without your knowledge so they donít spend all of your money all at one time.
How a checking account works is that you put money in the bank, and when you have bills to pay or you want to go shopping, you can take your checks instead of having to carry cash.
Checks give you the opportunity to have a receipt even when one is not printed for you. If you find that you often are searching for receipts for bills or proof that bill have been paid, a canceled check from you bank is a source you can rely on, no matter what.
It is going to be important that when you write out a check, you write the amount of the check, the date, and the check number in the register that you are given when opening a checking account.
Once a month, you can review your account, online or offline, and you can balance your checking account so you know how much you have spent and how much you have left. When you write a check you deduct it from you account. When you deposit to your account, you add to your checking account.
One thing is important to remember is to always keep your check book private and in your own possession. Some people could try to take your account number, order checks and steal your identity. This is possible no matter what type of account you have or even if you never use your account.
When back statements arrive in the mail and you are finished with balancing your checkbook, you need to shred your files, or keep it in your own filing system until you destroy it. I recommend that you never put your bank statements, unused checks, or any other type of financial information into the garbage without shredding it.
Hidden costs of checking accounts are something that you will have to be aware of. You are placing your money in the bank so you security and you have access to your money easily. You should never pay a fee on your checking account just for having a checking account. Various financial institutions offer free checking and this is what you should look for. Other can charge, four, five, six, and sometimes even ten dollars a month. Be specific and look for a free checking account so you never pay to have your own money
If you happen to notice that you are being charged to have a checking account, go to the bank and tell them you want to be moved to a free checking account. They will explain any possible benefits you may be losing (which you most likely are not using anyway) and you can switch for nothing.
Ordering checks through the bank is one way that you can obtain new checks after you have set up a new checking account, but these fees can range from ten dollars to fifty dollars depending on the type of checks you are ordering. Reputable companies online, or through print advertisements in magazines and in newspapers are going to off you a better deal. Often these companies are going to offer you the exact same product for about one half the price. Check out ordering checks from other sources when you need supplies.
With a checking account, you do not have to worry about losing your cash. Even if someone steals your checkbook, the bank will not cash checks that do not look like your signature so you do not have to worry. A checking account is going to free you so you can shop anywhere, anytime and have access to as much cash as you have when you need it most.
One of the most beneficial aspects to a checking account is often you can then obtain a debit card free or for very little charges. A debit card is even more accessible to use in other places that do not accept cash or checks. A debit card is used anywhere that a credit card can be used, so you can easily use it around the world or even online.
When using a debit card online, you will still need to write the amount that you are spending on a purchase or transaction in your checkbook so your account balance is correct.