tduby1
Pearl Clutcher
Posts: 2,979
Jun 27, 2014 18:32:45 GMT
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Post by tduby1 on Aug 5, 2014 16:19:21 GMT
I balance twice a week, to the penny. I still write checks for a few things monthly, (Dance class, orthodontics, dog grooming) so I wouldn't feel comfortable relying on online glancing.
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maurchclt
Pearl Clutcher
Posts: 3,646
Jul 4, 2014 16:53:27 GMT
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Post by maurchclt on Aug 5, 2014 17:22:53 GMT
no, nope, never
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Deleted
Posts: 0
Oct 7, 2024 20:35:02 GMT
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Post by Deleted on Aug 5, 2014 17:33:56 GMT
May I ask why people balance outside of the online bank details? I would think it is the same information? In theory, but fraud is rampant, merchants make errors, third party processors make errors, banks make errors, and any number of other things that can happen. If you don't keep any of your own records, and rely solely on the bank's online info, you are less likely to catch a mistake. (Fraud is still fairly easy for most people to notice because it's typically outside of their normal spending patterns). And if you don't catch a mistake in a timely fashion (I believe it's 60 days from the date on the statement with the erroneous charge - but can't swear to that), you lose the consumer protections that would require you to be reimbursed (speaking of US banking laws). I know peas are all perfect at glancing at their account information online and would never fail to notice a charge that shouldn't be there, but it does happen. All the time.
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Aug 5, 2014 17:43:33 GMT
Fair enough and something to ponder. I check regularly and know what should or shouldn't be there (I am the sole user of my account), but that's fair enough. I can't see myself doing extra work, but it's definitely something to ponder.
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humblegal
Shy Member
Posts: 20
Jul 8, 2014 20:47:29 GMT
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Post by humblegal on Aug 5, 2014 17:44:10 GMT
I love the emails I get daily showing all pending and cleared charges. So easy to stay on top of. I use Quicken for all transactions, and balance to the penny every month. Easy peasy for me.
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Post by heartland on Aug 5, 2014 17:50:03 GMT
May I ask why people balance outside of the online bank details? I would think it is the same information? I can't speak for everybody - but for me it's just habit. And ingrained - I work in accounting so I'm pretty fanatical about being able to see everything match and balance up. Why would I just blindly trust what the bank says? (granted they are usually right , but somewhere behind the scenes there is a human doing the transactions - so something could get goofed up.)
And the other simple reason is that I'm not totally a digital person - I use a computer and smartphone and tablet lol, but mostly for fun stuff. I've yet to make the transition to "putting my life" on my devices. Occasionally I'll use the notepad feature on my phone when there is no paper around, but I still use a paper planner for all my important stuff. It's just me and what I do, so of course I want a paper record of how much money I have at any given time. Would it surprise you that I don't use quicken or quick books or anything of that nature?
Since I'm not that digitally inclined lol, I still write a couple of checks every month, and have several autopays. So every time I get paid, I write those amounts out of my balance, but they may not actually hit the online banking for a week or better. The money for my mortgage could sit in my account for almost a month before its withdrawn. So at any given time, my bank balance is usually quite a bit heftier than what I show in my check register, but I need that accountability to write it out so I don't think it's available to spend.
Unless I've really gone crazy and lost some receipts lol, it usually takes 10 minutes or less every time I get paid to check my balance against what the bank shows and what my register shows and see whats outstanding. I don't have the time or inclination to check in to my online banking every day to make sure every thing looks good. I'm just not that into digital lol.
Maybe someday that'll change, but for now that's why I do it.
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scrappert
Prolific Pea
RefuPea #2956
Posts: 7,960
Location: Milwaukee, WI area
Jul 11, 2014 21:20:09 GMT
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Post by scrappert on Aug 5, 2014 17:57:06 GMT
I balance all the time. I have an excel sheet with all my bills on there, what I need to budget in. At any time I can see how much I can spend. It works for me. My sheet goes for months in advance. Hey, I like spreadsheets.
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Post by workingclassdog on Aug 5, 2014 17:58:28 GMT
In the long ago days before on-line banking, I was fanatic about balancing my checkbook to the penny. Now? I'm lucky if I even look at the monthly statement. I just do a quick visual online - once in awhile - to make sure nothing looks blatantly suspicious. Then I look at the balance - "yup, there's still some money in there," and then I'm done. For all I know the bank is charging me a $5 monthly "idiot fee" to see if I notice. It's one of the many things that makes me feel irresponsible and not quite grown up. Just wondering if I'm alone in this shameful behavior. ETA: I just realized - I don't even keep a running balance any more. I suck. yep that is me and I will never change.. back in the olden days, I sucked at balancing my checkbook...
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Post by lorieann13 on Aug 5, 2014 17:58:31 GMT
I make a monthly budget (usually 3 months at a time) so we can see how much extra we have. Then we decide what we would like to do, if anyone needs anything (shoes, clothes, etc). And then as bills are paid and we use the check card or chexkbook, we mark off the bill with date paid and confirmation number, and cross it out when deducted from checking or take away the amount we spent.
It is kept on the side of the fridge so we can actively see what we have paid, what needs to be paid, what we have bought, and how much $ we have.
I also check my checking account at least 2x a week to make sure nothing funny is going on.
We had fraud charges last spring. I caught it the next day. Its reality that it can happen so we are watchfull.
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Post by Scrapbrat on Aug 5, 2014 21:37:08 GMT
May I ask why people balance outside of the online bank details? I would think it is the same information? But that's the point. I reconcile my information with the bank's information. Banks do occasionally make mistakes.
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Aug 6, 2014 11:16:27 GMT
May I ask why people balance outside of the online bank details? I would think it is the same information? But that's the point. I reconcile my information with the bank's information. Banks do occasionally make mistakes. Oh they definitely can. I keep such close track of what happens in my bank that I've caught rogue entries immediately. I guess I am not sure how doing twice the work would change that. That's what I am wondering about... the worth of doing the same work that someone else is already doing.
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quiltz
Drama Llama
Posts: 6,840
Location: CANADA
Jun 29, 2014 16:13:28 GMT
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Post by quiltz on Aug 6, 2014 11:47:15 GMT
What is a check (cheque)? I write 3 of them a year, for my semi-annual car insurance and my annual home insurance.
EVERYTHING else is debit or credit or cash.
I live in Canada, if that makes any difference.
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Aug 6, 2014 11:48:43 GMT
What is a check (cheque)? I write 3 of them a year, for my semi-annual car insurance and my annual home insurance.
EVERYTHING else is debit or credit or cash.
I live in Canada, if that makes any difference.
I do the check/cheque double take as well. It always takes me a second to realise that "check" in this context is a cheque. I wonder which version is more common globally.
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quiltz
Drama Llama
Posts: 6,840
Location: CANADA
Jun 29, 2014 16:13:28 GMT
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Post by quiltz on Aug 6, 2014 11:52:39 GMT
In Pea-World, the word "check" is what a Canadian/UK/Aussie/Commonwealth pea would call a "cheque".
I am learning to speak Canadian, American and British
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Deleted
Posts: 0
Oct 7, 2024 20:35:02 GMT
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Post by Deleted on Aug 6, 2014 11:56:54 GMT
Check my online balance only on a regular basis.
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