Checkbook problems

[PenforPrez]

I work hard to make sure my checkbook is right. When you make as little as I do, you have to make sure the pennies add up.

But somehow, I'm incredibly off. I write down EVERYTHING, I check it with my bank statement, I follow everything. Nonetheless, somehow, I've been $200 off for over a week. I was so far off, I had a LARGE number of checks to bounce. I talked to the bank, and they showed me where and how, and I still don;t understand how I was so far off. I double-checked and triple-checked and QUADRUPLE-CHECKED my math. And it's off somehow.

I have bounce protection, and right now, that's a curse. I made a deposit from my paycheck yesterday, and over half of it has already disappeared to cover the deficit in my account from the bounce charges.

I don't know what to do; I just feel so hopeless right now. If this keeps going, I'll NEVER get ahead. :cry:

Paul

[yankeeyosh]

Yeah, that sucks...fortunately, I've never bounced a check, but there were so many times when I was almost certain I had hundreds and hundreds extra in my account, only to see it gone. Sorry to hear this man :(

[arrow]

Maybe you should check for fraud or hidden bank fees. Since you record everythng, it may not be your fault.

[PenforPrez]

Maybe you should check for fraud or hidden bank fees. Since you record everythng, it may not be your fault.

It wasn't my fault, really. The only possibility I could think of was what happened: I had checks that came in at exactly the wrong time. That doesn't explain everything either, but at least I have some idea what happened.

Paul

[MsClear]

Hmmm I don't understand how you can be that far off. Do you use a calculator? Are you writing down debit charges? Are you trying to "float" checks? What do you mean that the checks "came in at exactly the wrong time?" If you don't have the money in your account, you can't write the check.

Perhaps online banking would help you track your expenses better?

[PenforPrez]

Hmmm I don't understand how you can be that far off. Do you use a calculator? Are you writing down debit charges? Are you trying to "float" checks? What do you mean that the checks "came in at exactly the wrong time?" If you don't have the money in your account, you can't write the check.

Perhaps online banking would help you track your expenses better?

I never float checks. If I write a check for anything, I make sure there's money there. Of course, that doesn't control when said check gets cashed. Which was the problem I had.

If I made more money, I'd consider online banking. But I make VERY little. Because I make so little, and I work so hard for it, I've always preferred to do it the good ol fashioned way. Makes me feel more in control.

Paul

[MsClear]

I never float checks. If I write a check for anything, I make sure there's money there. Of course, that doesn't control when said check gets cashed. Which was the problem I had.

But I don't get it. If you keep track of what you've written checks for, you can see how much you have left to spend. You can't spend that just because the check hasn't been cashed, right? When the check gets cashed should be irrelevant, because your register tells you how much you have spent or "promised" to spend by writing checks that are currently uncashed.

Do you have carbon checks? They are really helpful in giving you a record if you ever forget to write a check in the register.

[old_school_soul]

I never write checks any more. You should do it all online. You still have plenty of control.

[GoogleGirl]

Do you have carbon checks? They are really helpful in giving you a record if you ever forget to write a check in the register.

That's a really good idea. I have carbon checks and I never have to worry about what checks I've written or when. It keeps track for me. And plus...it's proof in case something goes wrong.

[Ciderhillnh]

Do you reconcile at the end of every month with your bank statement to make sure that you are on the same page as the bank?

I do this simply because the bank made an error and stated I had about $500 LESS than I should have, my writing everything down and checking against my monthly statement was able to identify the problem and then fix it. Luckily I have enough in the accounts that I didnt bounce any checks etc.

I dont suggest paying bills online, or banking online. If you arent looking from a secure internet connection, Ive heard of people Sitting outside peoples homes WAITING for them to connect and then stealing their information as they type it in. Which is insane, and how some identity theft occurs.

I pay everything by check by mail, and never online bank.

The only other suggestion I can make to help keep track is to create an excel spreadsheet and keep track that way with the computer doing the calculations….then its not online and you're still doing it the old fashioned way that works best for you (Im with you as well I prefer to write everything down myself!)

I hope you figure it out, and if you do, let us know cause now Im curious what it is!

[WorkInProgress]

I pay everything by check by mail, and never online bank.

Because nothing ever gets lost in the mail. :rolleyes:

But, to each his/her own. It's about comfort and preferences with one's own money.

I'm with MsClear on this one. I don't think I understand how the problem came about, but some of the suggestions from this thread might help make this easier, or at least simplify the process for you.

[Ciderhillnh]

True things can get lost in the mail, Ive never had it happen, though I have had bills posted late, but I would call the company tell them when I mailed it out and since I havent been late before, it gets wiped clean and no late fees.

[WorkInProgress]

Ah, see I've had things get lost in the mail. Nothing important, thank goodness, but well and truly lost. I've never had anything go wrong with online banking.

[Ciderhillnh]

I realize Im pretty old school when it comes to banking, but something is more perminant to me when I have to write out an entire check not just type numbers onto a screen.

Plus with the written check, I have something to go back to a company with should there be an issue (all the cancelled ones come back to me each month)

Plus being at risk for identity theft by processing online and not having a secure internet connection, Im just not willing to take the risk.

[SpaceMonkey]

I don't even use a paper checking account registry anymore. I just use an Excel spreadsheet. That way my math is never off.

[redav]

I dont suggest paying bills online, or banking online. If you arent looking from a secure internet connection, Ive heard of people Sitting outside peoples homes WAITING for them to connect and then stealing their information as they type it in. Which is insane, and how some identity theft occurs.

I pay everything by check by mail, and never online bank.

What you are describing is a non-secure WiFi (or similar wireless) connection. A wired network/connection doesn't have that problem. Also, nearly all financial transactions online are conducted over secure/encrypted connections, so others cannot spy on you. Personally, I like online banking. On the whole, it's safer than using a credit card at a restaurant, and it saves me around $50/year in postage. But if you don't like it, then it's not for you, and there's nothing wrong with that.

As for the OP, I assume that you have previous statements that do match your ledger. I would guess that you have done a double-highlight of your ledger and bank statement (take both and highlight what matches--you are left with whatever is different). Go back to the last point where the two agree, and work forward from there. You may have missed automatic fees/charges/fines. If there are no differences, then the math has to be the same.

You mentioned timing. In your ledger, do you anticipate when the bank will get your check and thus try to "float" payments? e.g. Mail the check (w/o sufficient funds) on Weds knowing you get paid (the money to cover the check) on Fri, and hope the bank doesn't get it on Thurs. If so, that's not good.

A nasty trick banks pull is they deduct each day's withdrawals (checks, etc) BEFORE any deposits, even if the deposit was made first thing in the morning and the check clears late that afternoon. They will also arrange the withdrawals on a single day from largest to smallest, so that if you go in the red, you will get hit with the most insufficient funds fees possible.

I can easily see someone getting charged $200 worth of fees from scams like these, especially if finances and timing are tight.

[SmilesSoSweet]

I still write checks to pay bills and mail them it. It's what I prefer to do. I don't have a problem with it. I also have carbon copies of my checks as well, so I know what check went where. The reason why I stick to writing checks, is because it's worked well with me so why change it? I don't mock anyone that pays bills online. It's just whatever works for you.

I do go online and check my account almost daily. My credit union now scans my written checks when they clear so I can always check up online as well just in case I forget to record a check or debit transaction in my register.

I use checks to pay rent, gifts (usually to my godchildren, I rarely give them cash) and I just like having a check book around.

I don't write checks when I'm out shopping. I use my debit card for that.

[red]

What you are describing is a non-secure WiFi (or similar wireless) connection. A wired network/connection doesn't have that problem. Also, nearly all financial transactions online are conducted over secure/encrypted connections, so others cannot spy on you. Personally, I like online banking. On the whole, it's safer than using a credit card at a restaurant, and it saves me around $50/year in postage. But if you don't like it, then it's not for you, and there's nothing wrong with that.

even if you have a Wi-fi connection, you can have it secured and encrypted.

[Winter Storm]

My checkbook is never right. My bank always has more money accounted for than I do. And even when I account for it, it ends up different anyway. I can never figure out why so I just make note and don't worry about it.

I pay whatever bills I can online but there are still some that I have to write checks for such as my rent.

[EmberMae]

I use MS money to do all my calculations for me, and I STILL can't get it to match with exactly what my bank says. Most of the time I don't worry about it because I know I've stuff accounted for that just hasn't cleared yet, but then it looks like everything has cleared and it still doesn't match. It's annoying. I have a lot of padding though, and currently the bank says I have more money than I think I have.

I always pay online now when possible, I'm too cheap to buy stamps. There's a couple bills I can't pay online, such as my rent, crappy cable company that charges EXTRA to pay online, and water bill. I've never had a problem paying online, I HAVE had my check get lost in the mail.

[Winter Storm]

I use MS money to do all my calculations for me, and I STILL can't get it to match with exactly what my bank says.

Same here! Its a great program though. Does all the thinking for me. :0

[Chameleon]

Pen, I know you've mentioned previously how your mom sometimes takes money from you - do you think there's a chance that you wrote her a check and forgot to account for it or she's figured out a way to skip the middle man?

[SmilesSoSweet]

I keep track of all my spending on an excel spread sheet. From the couple dollars I tip at the car wash to the lottery tickets I buy and from all my bills, it's ALL on my spread sheet. Even the quarters I use to do laundry, it's all there. I just want to keep track on how much I'm spending each week and month and where I'm spending my money the most.

What I do like is that if I end up not having enough money in my checking account (like I did just the other day) my credit union will automatically transfer money from my savings account into my checking account free of charge.

I don't let my checking account run out all too often. I was only short $200 this pay period because I used $200 to book a last minute flight. As soon as my next paycheck comes in, I'll transfer that $200 back into my savings account.

[old_school_soul]

redav, thanks for clearing up Cider's paranoia.. I was about to do the same thing..

[Bocheezu]

Online banking and bill payment is something I am continuously appreciative of and never take for granted. It is a beautiful, wonderful, fantastic thing.

Before all my bills could be paid online, there were always a couple of those hangers-on that didn't have online bill pay, and my God I wanted to poke my eyes out when I had to write out a check and put it in an envelope and lick the damn thing shut and put a stamp on it and put in the mailbox and hope the mail person gets it and take it back out of the box when they don't and get in the car and drive to the post office and hope to get in on time because now it was close to late because the WHOLE PROCESS TAKES TOO MUCH TIME.

Now it's click button and it's done.

No more balancing the stupid checkbook. Heck, no more checks at all. No more stamps. I don't even know how much first-class postage is anymore because I honestly haven't used a stamp over a year.

[embrassezla]

Online banking and bill payment is something I am continuously appreciative of and never take for granted.
Ditto. I do everything I can online, but I still maintain my checkbook. It's as simple as writing in the amount you just paid online, instead of writing in the amount you just wrote out in a check. Same thing, really.

[analogman]

I use a spreadsheet to keep track of my bank accounts. I use five columns, one each for date, payee, amount, account balance after transaction, and notes. When I write a check or do online bill-pay, I change the row to yellow to indicate pending. Once the bank pays the charge, the row goes to green. I also have monthly items (rent, utilities, cell phones, etc...) pre-populated in the spreadsheet in orange to let me know I should be expecting bills in the mail. This way I am never late paying my bills and always know how much money I have in the bank.

[redav]

I use MS money to do all my calculations for me, and I STILL can't get it to match with exactly what my bank says. Most of the time I don't worry about it because I know I've stuff accounted for that just hasn't cleared yet, but then it looks like everything has cleared and it still doesn't match. It's annoying. I have a lot of padding though, and currently the bank says I have more money than I think I have.


For those of you who can't agree with your banks, what do you think causes it? Do you think it's the bank's fault? Is the error consistent/systematic? Other than dismissing it, what do you do to resolve the issue when it happens?

Personally, I don't tolerate any differences between my records & my bank's. I even calculate interest on my loans myself and compare that to their numbers, and I don't like it when that is off by a penny.

[Winter Storm]

For those of you who can't agree with your banks, what do you think causes it? Do you think it's the bank's fault? Is the error consistent/systematic? Other than dismissing it, what do you do to resolve the issue when it happens?

Uhh, just accept the extra money. There was a time when I'd go back and try and find it, but I usually can't, so I just accept that there is more than I thought. And I keep it! :)

[redav]

Uhh, just accept the extra money. There was a time when I'd go back and try and find it, but I usually can't, so I just accept that there is more than I thought. And I keep it! :)
ha, ha. :p That's not really what I meant.

If the errors are random, then there should be points when they are in your advantage (I have more $$ than I thought!) as well as against you (Where did it go?). I take it you just accept the bank's total is correct and "deal" with it. It bothers me (regardless of which direction it's in) because it means someone--usually me--is doing something wrong.

[weary]

Ditto. I do everything I can online, but I still maintain my checkbook. It's as simple as writing in the amount you just paid online, instead of writing in the amount you just wrote out in a check. Same thing, really.
i haven't maintained a checkbook in years, but i do print out my online statements and jot down any checks i had to write (very few, but there still are some) to keep track. it's much easier than the old wait for the statement and check against your checkbook way, to me. i hated that b/c statements always came [in the mail] at some odd middle of the month time, and there is of course the lag waiting for checks to post. i much prefer to check my balance online...almost every day. :0

[mishl982]

If the errors are random, then there should be points when they are in your advantage (I have more $$ than I thought!) as well as against you (Where did it go?). I take it you just accept the bank's total is correct and "deal" with it. It bothers me (regardless of which direction it's in) because it means someone--usually me--is doing something wrong.
Yea, often times I find that I'm off somehow with my bank and it ends up being my checkbook register that has more money that what my online statement says (nothing huge, like a $30 difference). I've tried to balance it before or even just accept it and I still end up with more than what the bank says. I've just chalked it up to poor math skills on my part.

[MsClear]

I don't pay my bills online, I also prefer old fashioned carbon checks, because I have a better record. I do pay my credit card online, because I like to make several monthly payments if I've accumulated a balance. I do use an online banking to check when my items clear, which I find very convenient. I'm also paranoid about computer security and hackers, so I don't use online banking for accounts where savings are kept, only my account where it's pretty much in and out within a month.

Also, checking accounts are federally protected in case of fraud, if that makes you feel better.

[eastcoaster782]

This may have already been mentioned, but is it possible that you might have paid someone by check and that person deposited later than you expected. It may explain why the numbers could have been off. My landlord/housemate did that once where he "forgot" to deposit one of my month's rent and I ended up having twice as much taken out the following month because he deposited both checks the same day. Grrr....

[PenforPrez]

This may have already been mentioned, but is it possible that you might have paid someone by check and that person deposited later than you expected. It may explain why the numbers could have been off. My landlord/housemate did that once where he "forgot" to deposit one of my month's rent and I ended up having twice as much taken out the following month because he deposited both checks the same day. Grrr....

That's what happened with me. Two of my bounced checks were to my therapist, so she clearly doesn't regularly deposit them. The third was to a friend of mine who owns a garage, and I KNOW he doesn't. So my bounce protection paid them, but at a heavy cost to me. They all came in at once, and I apparently had taken out enough for cash to open up the hole. But that still doesn't explain the difference in math.

I don't let my checking account run out all too often. I was only short $200 this pay period because I used $200 to book a last minute flight. As soon as my next paycheck comes in, I'll transfer that $200 back into my savings account.

My checkbook is all the money I have in the world, other than the cold hard cash in my pocket. The bad thing about making $7 an hour is that my checkbook runs out, whether I like it or not. :rolleyes:

Pen, I know you've mentioned previously how your mom sometimes takes money from you - do you think there's a chance that you wrote her a check and forgot to account for it or she's figured out a way to skip the middle man?

My mother is honest about her petty larceny. If she does it, it's written down. Every check on my statement Tuesday was accounted for. But that gravy train is derailed for good.

Paul

[capella]

That wouldn't matter if you had already taken the check amount out of your register.

I don't keep a checkbook register and I always pay my bills online. I have to mail the water bill each month and I hate it. If I don't have to step foot in a bank I am a very happy lady.

Actually, my main bank is only located in Texas so I'd be pretty screwed if I had to go in for something. (USAA). I love it. EVERYTHING is online. My insurance for house and car, car payment, CC's, all banking.

AND every debit purchase I make shows up within a few minutes so I just check my bank account every day. And any bills I schedule online are listed so I can see the total amount being paid out and I can tell when they've cleared. I schedule all my bills at once and have them paid on every payday... so the money goes in and then out again. I try to keep it as automatic as possible. Less hassle and less stress for me.

There is usually more money in there than I will need since I pay my bills in the same order, for mostly the same amount each and every month. I schedule it so that I'm NEVER slammed by any one bill. I aim to have 200-300 every payday after bills for food, gas and stuff I don't need.

[Bman120]

That sucks PforP. When you write a check, act as if its going to be cashed right away and spend like its not there. This gets harder when you get people that wait forever to cash the checks but its a better safe than sorry thing here. Some inconvenience in remembering to subtract the uncashed checks from your bank statements is a lot better than overdrafting.

Also, unless your bank charges you for online banking, id really think about using it to check your balance often. You can use it to balance your book whenever you want.

[PenforPrez]

That sucks PforP. When you write a check, act as if its going to be cashed right away and spend like its not there. This gets harder when you get people that wait forever to cash the checks but its a better safe than sorry thing here. Some inconvenience in remembering to subtract the uncashed checks from your bank statements is a lot better than overdrafting.

I always do that.

[MsClear]

Obviously you don't, or you wouldn't be bouncing checks.

ETA: Have you ever considered a credit union?