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ANALYSIS OF YOUR BANK ACCOUNT STATEMENT
Your bank will send you a monthly bank account statement, providing you with a complete overview of your account activity for a certain amount of time. It is very important that you review your statement to ensure that the bank's record's correspond with the yours. If there are any errors, you can learn how to correct a bank's mistake.

Checking the statement
Once you receive your statement, determine what the start and end dates are. Obtain your checkbook and get ready to go over every credit and debit on the statement with your records.

It is important that you go over your statement as soon as you get it. You will be limited in the amount of time you have to report any discrepancies to your bank. You have sixty days from the date your statement was issued to report any errors with ATM, debit card transactions and all other types of electronic banking transactions.

You will not have any sort of time constraints when dealing with paper check issues. However, you should still look to get any discrepancies resolved as fast as you can. it is important to note that erroneous debits may be a sign of identity theft.

Analyzing the account summary
Your statement is going to report your beginning and ending balances, total withdrawals, total deposits, service fees, etc., in your statement summary; which is located at the top of the first page.

The summary is a good indicator of whether you are going to have a hard time reconciling your account. For example, if you think you have $2000 in your account, but your summary only reports $500, you have a problem.

It is possible that one of your deposits has not been credited to your account, or that the bank made an error. However, it is most likely that your balance is going to be reported higher as a result of your writing checks exceeding the time frame covered in your statement.

Transaction descriptions
All of your account activity - withdrawals, deposits and fees, are going to be detailed in your transaction descriptions.

Account type
Are you aware of what type of account you have? Is it a free checking account, or maybe an interest-bearing one. Regardless of what account type you have, make sure that your bank statement reports this information properly.

Fees charged
Review all of the checking account fees that you are being charged by your bank. The two most typical fees include monthly maintenance and NSF (non-sufficient funds). If there is a fee listed that does not make sense, or you believe is an error, contact your branch.

Reviewing your fees will help you determine whether or not you bank is nickel and diming you. If they are, you may want to consider a new bank, or a different type of checking account.

Processing checks and payments
Your bank is going to list all of your canceled checks in an order that is going to be convenient for you. Determine if your checks are reported in chronological order or by date paid. This will allow you to reconcile your account easier.

It is possible that your electronically processed checks will be listed in a different area of your statement. Your bank will probably list your electronic checks with all of your debit and ATM transactions.

If you sometimes bounce checks, it is important that you understand how your bank is going to process your checks. They will either process the largest amounts first, or the ones that arrived first. If your bank is going to pay the largest checks first, it is more likely that you are going to bounce a check/s. Banks indicate that they do this because they feel larger checks tend to be payments for more important bills, i.e. car loans, mortgages.

Access to your deposits
Find out from your bank what there policy is for crediting checks to your account. Federal guidelines limit the amount of time banks can hold deposits before granting access to your money.


 

 

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