Balancing Your Checkbook

The average person writes hundreds of checks each year. Unfortunately, the average person also unintentionally bounces one or two of those checks per year. Almost always, such overdrafts are the result of losing track of how much money is in your checking account.

It’s much easier to keep track of your financial affairs if you balance your checkbook frequently. Reconciling your checkbook register with your account statement as soon as you receive it is a good habit to begin. Not only will it help you to avoid overdrafts, it will give you a better feel for your finances.

Follow These Easy Steps To Keep Your Checkbook Balanced:

1. Record all transactions as they occur. This includes checks, deposits, ATM withdrawals, telephone transfers or payments, debit card purchases, pre-authorized automatic payments, direct deposits, and any other transactions that affect your account balance. Keep your receipts from transactions you perform at your branch office or at an ATM machine.

2. When your statement arrives, compare the transactions that appear on it to those recorded in your register. Place a small check mark by each entry in your checkbook register and on the bank statement as you match the entries up. You may want to use a pencil for this step so that mistakes are easy to correct.

3. To match the ending balance on your bank statement to the balance in your checkbook register, subtract from your bank statement balance any checks or other debit transactions and service charges that you have recorded in your checkbook register, but haven’t cleared the bank yet. Once you have that figure, add any deposits that are recorded in your checkbook register, but not reflected on the bank statement. The adjusted bank statement balance should match your checkbook register balance.

4. If the two figures do not match, check for these common mistakes:

• Look to see if you have any outstanding checks from two months ago.
• Be sure that you carried forward the correct balance when you began a new page in your checkbook register.
• If you can divide the difference between the bank statement and your check book register evenly by two, you may have added when you should have subtracted.
• If you can divide the difference between the bank statement and your checkbook register evenly by nine, you probably transposed numerals when you made an entry (i.e., $53 instead of $35). Check the figures in your checkbook register against those on your statement.  

If the numbers still don’t add up, go back over your work one more time. Did you forget to list an outstanding check? Did you miss an interest payment or service charge on the statement? Try to balance again - and if despite your best efforts, you still can’t, we’re here to help. Call or stop by your local Dollar Bank branch. (For location information, click here .)

Looking for an easy way to check your account activity?
Would you like to be able to access an up-to-the-minute snapshot of cancelled checks and/ or debit card activity? Perhaps you are seeking a convenient, quick way to transfer funds from your savings account to your checking account in order to prevent overdrafts?

Dollar Bank has two great options:

Online Banking
Our free service allows you to view real time account activity, check your balance, pay bills, view images of cleared checks or partial images with CheckStrip^SM Windows and transfer funds with ease. Manage your accounts 24/7 with our simple, convenient and secure Online Banking service from any computer with Internet access. To sign up, click here. 

Push Button Banking 
You can also access your accounts by phone, 24 hours a day with our Push Button Banking Service. Once you open your account you can immediately begin using this service. No sign up required. All you need is your account number and PIN to hear your last five transactions, get your account balance, set up a list of Dollar Bank accounts to transfer funds to and from and pay bills from a list of merchants set up on your account.

Ready to start banking by phone?

• In Pennsylvania, call 412-261-2404 

• In Ohio, call 216-736-8899  

• Or toll-free, call 1-800-242-1630

Visit your Dollar Bank Representative or call 1-800-242-BANK for more details on these valuable services. 

The information presented in this publication is general in nature; it is not our intention to provide specific advice to individuals or a comprehensive discussion of the subject matter.  We suggest that you consult with your financial or tax advisor, accountant or attorney to obtain specific advice or comprehensive information.