Dear Liz: Any suggestions for the best way to catch up with monthly statements from checking accounts? Friends and I need to know: Should we start from the first one we missed or work backward?
Answer: With the switch to online banking, many people don’t reconcile their checkbooks anymore. In fact, many don’t use checks, so there’s no risk that one will clear belatedly and trigger overdrafts.
That’s not to say overdrafts aren’t possible or that errors and fraud don’t happen. People should review their transactions regularly, even if they don’t reconcile.
To answer your question, typically the best way to start reconciling your checking account is to start from the first month you missed and work forward.
Today’s top story: Average retirement savings by age and why you need more. Also in the news: The best places to stash your cash for short, medium and long-term goals, smart tactics for millennials flocking to buy life insurance, and how get ready for gift card scams this season.
Today’s top story: Are you saving money in the right place? Also in the news: Why it’s time to dump home buyer love letters, can you be denied life insurance for smoking weed, and 5 fresh kitchen backsplash ideas.
Today’s top story: Sustainable investing could get a lot harder. Also in the news: Why you should file the FAFSA ASAP, why savings accounts and CDs are still worth it despite low rates, and how to find your lost 401(k).
Today’s top story: What no student loan payments until 2021 means for you. Also in the news: How to get started if you’ve never had a bank account, how to get a personal loan in a COVID-19 economy, and how the new payroll tax deferral will affect you.
Today’s top story: Ask a points nerd: Why won’t the FAA require masks? Also in the news: How to get started if you’ve never had a bank account, Virgin Atlantic files for bankruptcy in the US, and it’s time for a mid-year tax withholding checkup.