Anthony Bardi photo

Anthony J. Bardi

Registered Representative

Enrolled Agent, LTC# 454

 

Tax and Financial Solutions, Inc.

151 SE 223rd Avenue

Gresham, OR 97030

 

Phone:  503-666-7909

July/August 2021

Balancing Act

Online banking and mobile banking apps may have made it easier to keep track of your checking account balance, but it’s still important to make sure your records match your bank statement. Balancing your checking account regularly allows you to catch any merchant errors and spot problems, such as fraudulent charges, missed automatic payments, missing deposits, or subscriptions you thought you’d cancelled.


Balance Your Checking Account

  1. Start with the opening balance (the amount of money showing in your account).

  2. Subtract pending transactions, including checks you’ve written, ATM withdrawals, automatic bill payments and debit card charges.

  3. Add expected deposits, credits and any interest earned.

  4. Deduct fees and charges.

  5. Record the ending balance (your available funds).


If the balance doesn’t match your account statement, go through your records again to find the discrepancy. Common errors include forgetting to record a transaction, transposing numbers and adding or subtracting incorrectly.


Expensive Mistakes
Your financial institution will charge you an insufficient-funds fee for each transaction that overdraws your account. Consider setting up overdraft protection or automatic transfers from a savings account.

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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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