financial literacy question

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During the month, you have been using your check register to keep track of financial activity related to your checking and savings accounts: ATM withdrawals, check deposits, written checks, receipts that detail your debit card spending, bill payments, and interest earned on your savings account. Today, you received your bank statement in the mail, and you opened the statement to reconcile with your check register.

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Explanation & Answer

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Hi, britNEEY! Reconciling your check register should be done every month. It's done to make sure everything is accurate/verify charges. To reconcile, you check off checks, deposits, and other transactions that both you and the bank agree with. Two things can happen: 1. Your statement may show fees that you were not aware of or did not spend. if this is the case, contact your bank and post the fees or inquire about them to the bank. You also need to subtract checks or charges that may not have gone through. For example, you wrote a check to a friend and they haven't deposited it it hasn't gone through. Once you subtract this amount from the bank account balance that the bank gives you, make sure they match. If not, double check to make sure everything has been accounted for and if there are any discrepancies, contact your bank right away. Hope this helps! 

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