The Importance of Balancing Your Mutual Savings Credit Union Accounts
Balancing your accounts helps you stay on top of your money. It also helps you keep an eye out for fraudulent charges and errors, and helps prevent making too many transactions without enough money in the account.
Before Internet or text banking, everyone monitored their savings and checking accounts simply by using a register. They would write down every transaction – whether it was a deposit, cash withdrawal or check.
Now we have various methods of tracking our account activity including cell phone applications, text notifications and computer programs. On top of that, many financial institutions like Mutual Savings Credit Union offer a wide range of services including home banking, mobile banking and telephone banking. However, none of this means that you no longer have to keep track of all your transactions. It has made it easier, though.
So here are a few quick steps to balancing an account in the modern era:
- Record the daily opening balance. Use a check register, a notebook, or whatever else is easily carried with your Mutual Savings debit card.
- Record and date every deposit and withdrawal down to the last cent.
- After every transaction listed, record your new account balance.
By recording all account activity, you’ll know how much money is in your account and be able to spot when transactions are pending (i.e., haven’t been attributed to your account balance). That will help avoid spending what you don’t have, missing an important bill, or getting kicked with overdraft fees. A detailed register also gives the opportunity to fix any mistakes by merchants or online vendors.
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