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. Compare interest-bearing and free checking account offers with online bill pay.

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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.

Personal Credit

Knowing everything there is about credit and how it is affected from late payments or bankruptcy can be overwhelming. There are services that can be used that can require a monthly fee, to monitor credit reports. Some of these services will give valuable advice to their clients and help educate them about ways to repair bad credit. Some are able to provide 24/7 credit monitoring, and send email alerts as well. When a person does not have enough time to do all this for themselves, they can enlist a credit monitoring company. Many people have learned to do a great job of screening their reports themselves, to look for mistakes or questionable information.

A credit score is a three digit number rating, and it is used by creditors to predict a consumer's behavior. They use the rating to try to determine if a person will pay their debts or even if they may file bankruptcy. Using such information, they may go so far as to try to determine if a person will file an insurance claim on a home or auto. For people who attempt to read their own reports, it is best to begin at the beginning and review the report from the top down. One goal is to look for any information that is wrong. Review information like your address, old addresses, employment, and your date of birth.

Other areas that are extremely important to review, are any judgments or liens. Make sure any and all information on the report is correct, including any account information. Take your time when reviewing listed credit inquiries to determine if any attempts were made to get credit and you did not make them. When reports are good, it can mean getting good interest rates on credit products, and if scores are low, determine why and work to repair them. Information that is negative or incorrect could be causing low scores. Work hard to have incorrect information taken off the reports.

Businesses and companies, even those who are hiring individuals, and government agencies, may request a credit report. A poor credit report could prevent a person from being hired for a job. That is one good reason to keep scores in top shape. Other reasons a report is requested, is when a person applies for credit cards and loans, to get insurance, or even to rent a place to live. Areas of interest on reports is how well debts are repaid and how likely debts will be paid in the future. Even courts can request a person's reports. Credit bureaus keep certain information on reports as long as a few years or up to ten years. It is a good idea to check reports about every three months, just by taking advantage of one free credit report from each of the three major bureaus.

Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 

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Chexsystems and Telecheck: You may be wondering “how does my bank know that I have bad credit?” Well, if you have had trouble with bad checks, bounced checks, or worse check fraud with that bank in particular then they will have their own file, but most banks use one of two systems to monitor prospective clients… Chexsystems and Telecheck, usually Chexsystems.

Chexsystems and Telecheck work a lot like the major credit reporting agencies in that you have a record of your financial transactions, but they work primarily with banks to let them know whether a checking or savings account applicant has a bad track record with money. If you bounce checks often, overdraw accounts, have a negative outstanding balance somewhere or worse, have committed check fraud, then you will end up in Chexsystems and will have a lot of trouble finding a bank that will let you open a checking account. There are some banks that do not use Chexsystems out there, but they are few and far between, so it will be tricky to open up a checking account with bad credit. 

Second Chance Checking Accounts: Fortunately, there is an answer. Since there are a lot of people who are either stuck in Chexsystems, or just have bad credit and are having trouble finding a bank that will work with them, you can open what is called a second chance checking account, also known as a bad credit checking account at some banks.

Second chance checking accounts are appropriately named because they give people with really bad credit a second chance at rebuilding their credit in a positive way. Obviously you can’t repair your credit if no one will allow you to work with them or lend to you, so second chance accounts were invented. Basically the way that they work is that they allow you to have the benefits of a checking account, like direct deposit, debit cards etc, but there are restrictions on the account that prevent you from doing something that you shouldn’t, and thereby protect the bank from a significant loss.

Can You get a Checking Account after Bankruptcy? With the instability that the US economy has been undergoing since latter 2008, this has caused many Americans to file bankruptcy due to losing their jobs as well as having their homes foreclosed on as a result of the economic downturn. Once the bankruptcy has been filed and a person’s debts have been charged off, many consider immediately starting to rebuild their credit. This can be a difficult process if there is no longer a bank account from which to get started.

The question that is oftentimes asked is “can you get a checking account after bankruptcy?” Despite the difficulties involved, it is not a hopeless situation. With a little bit of due diligence and some research, you can open a checking account once you have filed bankruptcy and want to get started re-building your credit again. Here are some steps to take in order to open a checking account once your debts have been discharged.

Start by searching online as well as at banks in your local community to find out what financial institutions will permit you to open a checking account. Try to contact banks that do not use ChexSystems for verification purposes. In most cases, you will find that credit unions and smaller banks are your best bet.

If you have negative entries on your credit history, due to ChexSystems issues, but you have paid those debts off, contact those banks in order to have those entries removed. If you can’t get them removed, have a note attached to the ChexSystems entry to show that the debt has been paid in full.

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Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 

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