Do you still balance your checkbook?

[RedNeckGeek]

I used to balance savings, checking, and credit card statements every month, but since I retired I've been falling farther and farther behind. Right now there are more than a year's worth of credit card receipts stacked up on my desk that would be entered into Quicken, but I think from now on will just get sorted into folders by the year of purchase and called good enough. By now I pretty much know what my expenses are month-to-month, I'm happy looking over the on line statements a couple times a month for unusual activity, and even when I did balance every month, all I ever found were errors on my part. One thing that does concern me with this approach, though, is that the bank only keeps transactions on line for a certain period of time, and after that there's a charge for reproducing a paper copy of the monthly statement. That's why, in spite of the prompts to go paperless every time I login, I still get monthly paper statements. Yeah, that's an extra inch of filing to do every year, but it's peace of mind for when the Chinese decide to air burst an EMP nuke and wipe out all the electronic records. But I suppose at that point I'll have much more to worry about than whether or not my Visa statement balances this month...:laughing:

Oh, and like several of you, I pay government debits via check. A couple years ago I tried to use the e-payment system for California's rural fire fee (tax), and was charged late penalties when the system refused my payment, twice. Just like the IRS, there's no use trying to tell them the problem was their fault, as the aggravation wasn't worth the twenty bux for the penalty.:banghead:

 

[sw99]

I haven't balanced a check book in 18 years. I just jeep a running tab in my head. Works just fine.

 

[newbury]

Lots of chaff around the question in the title.

Got a little behind logging purchases into my checkbook register... started to wonder if it is even worth it anymore? Mostly just double checking that a computer can do math? The only errors I ever find are 1)mine, either writing a number down wrong or adding when I should subtract etc. or 2) a restaurant or other place does not include the tip when processing the receipt. Anymore I have even stopped getting receipts as it is easier to balance the checkbook when i log them in the same order they clear my account. I only use about 5 or 6 checks a year now... mostly just to pay things like property tax or at the DMV where they charge more to use a card.

Obviously a periodic review of your statements/accounts is a good thing just in case there is fraud etc. but that doesn't require 'full blown' checkbook balancing.


How many have given up logging checks, receipts etc. and just go by the balance the bank says you have (mentally accounting for outstanding checks etc.)?

When I was about 16 in 1967 at my first job I worked with a guy that spent about half his time balancing his checkbook. He never found one mistake the bank made. And this went on for about a year.

So the question to me is just the same as asking me "Do you still burn your house down?"
I never "balanced" my check book. But then I always made sure I had plenty of money in there. The bank has computers, let them balance it, I just look for mistakes. I've never found them on my checking account, perhaps because I try to write very legibly. I did once find several bogus CC charges which I contested and were removed. It helped maybe that the charges were for stuff I don't normally buy in a state far away.

However, I do routinely review (now online) all statements and SWMBO keeps all paper records. Our banks can (and have) promptly produced copies of checks for the couple of disputes we have had and occasionally we've had small checks that were written for things like birthday presents which were never cashed.

But ultimately I've treated the balancing of the checkbook as the banks job, my job is to write clear checks and verify.

The last banking glitch I had was when one of my banks changed their software.

I transferred money from 1 bank to another to pay off my CC balance. That had been taking effect almost immediately in the past. Checked back 2 mornings later to ensure all cleared. Didn't. Transferred $$ within the bank. Checked back a few hours later, no change. I hate paying interest so I called them up. Their excuse was a software change ahd delayed the first transfer and the second. A few hours later both transfers cleared and I had a big balance in my Visa account.

 

[ultrarunner]

I've found a few mistakes in 40 years...

Mostly payment or deposit not applied correctly.

Once my account went up 71k and the first I knew was when my paper statement arrived... we had a good laugh about that.

My very first checking account back in the day when a kid with a paycheck could simply open one and I was 14 was my one and only bounced check... apparently the bank reused checking account numbers and the person that had my account number previously had a IRS lien... so my $126 was wiped out...

Dad was livid... most upset I had ever seen him... said I had no business with a checking account if I couldn't balance my money... I showed him the check I wrote and my statement...

We went down together and were the first ones in the door... the branch manager said good morning and my Dad threw down my checkbook and statement on his desk... had a letter of apology, all fees charges reversed and the bank wrote to the two people that had bounced checks and covered their fees...

Learned an important lesson to always check and have records...

 

[ultrarunner]

Eric... quite a post and one I will need to refer to in the future..

My Credit Score dropped 50 points when I put my new roof on the house... it was a shock to me... have not touched that card since... of course it was paid in full... promised my Grandmother to never carry a balance...

 

[Mace Canute]

Your new avatar looks way better than your old one Mace. Which one is you? :laughing:

Neither, but I wish I were that good looking! :laughing:

 

[Mace Canute]

I think my Credit Score must be a tad on the low side...no credit cards and I haven't has a loan since 1988.

 

[Clay45]

Reconcile to the penny every month. I also use Quicken since it was an independent DOS program on floppy. Each conversion has had its challenges. Without the familiarity with my accounts it would have been difficult to get straight some years.