How to balance a checkbook and read a bank checking account statement.

Learn how to balance a checkbook and read a bank checking account statement. Get a free checking account with online banking.

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How to balance a checkbook

• Compare your monthly bank statement against entries written in your checkbook. Put a check mark next to each transaction in your checkbook registry as reflected on your statement.

• Find the ending balance on your bank statement.

• Add any deposits not checked off to the ending balance

• From this new ending balance, subtract any recent withdrawals, checks or debits listed in your checkbook that aren't checked off.

• The final amount should match your checkbook ending balance. If not, repeat this procedure until your checkbook balances.

• Get free bill reminders

How to read a bank checking account statement

also see how to read a credit card statement

Statement Summary: This section summarizes the totals of your deposits and withdrawals/debits/checks since the last statement. It starts with the balance at the beginning of the statement period, adds the total deposits, subtracts the total withdrawals, and gives a summary balance as of the statement date.

Transaction Detail: There will be a line item for every check, debit, withdrawal and deposit made throughout the statement period. The transactions are listed in chronological order as to when the money was actually transferred, which may explain why check numbers aren't in numerical order.

Check Transactions: Your bank may use listings of check transactions in numerical order to make it simpler to confirm payments.

Daily Balance Summary: This area shows what happened within your account, total deposits and withdrawals, during the statement period.

Joint Savings and Checking Accounts

Having a joint savings or checking account can be convenient for married couples and family members. With one account, there is only one set of fees to pay and joint holders can put their money together, plan for a budget, and plan to pay bills. Joint account holders can designate one person to manage transactions or both could.

Joint accounts could be a risk factor if a relationship develops problems. In this case, one holder may decide to withdraw all the funds or overdraw the account. Nothing could be done when this happens because it would not be considered fraud. It is best to make sure all persons placed on joint accounts can be trusted to avoid any account problems. 

Many times shared accounts can make bill paying and easier task. For example, elderly parents may choose to put their adult kids on their checking and savings accounts so they can help them with their finances. Banks usually give joint account holders the options of “both to sign” or “either to sign”. If a partner can't be trusted, then choosing the “both to sign” option may be the best choice so any transactions require the consent of both parties. If trust is not a problem, then the “either to sign” option can make it easier to allow either account holder to do any needed transactions.

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