Your credit union statement has arrived. It's time to reconcile your checkbook!
Grab your checkbook and register, any receipts, a calculator, some paper and a pencil.
Now you're ready to follow these guidelines to reconcile your checkbook register with the statements you've just received.
Use the calculator below. Click here for details on how to reconcile.
How to Reconcile
Here are the steps to a habit worth developing:
- Find the transaction fees in your statement. Subtract them from your balance.
- Now find the electronic funds transfers (EFT) in your statement. Subtract them from your balance.
- Add any dividends listed on your statement that you've earned for the month.
- Add any direct deposits such as payroll checks.
- Compare your statement with your check register to see whether all the checks you've written have cleared your account. Place a check mark in your register next to all checks that have cleared according to your statement.
- Compare your receipts from ATM and debit transactions with your register. Place a check mark next to every transaction that matches those on the statement.
- Repeat the procedure for deposits.
- Use the calculator below to determine the current checking account balance. Fill in the numbers and amounts for checks that do not appear on your most recent statement. Then, enter the deposits that do not appear on your most recent statement.
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This balance should match the balance in your checkbook register.
If your register and the balance you just calculated don't match, check your math and the entries in your checkbook register.
Click here if it still doesn't match.
If it still doesn't match
- Make sure the dollar amount of each item in your register matches the same item on your statement.
- Compare your register with deposit slips and your statement—maybe you forgot to record something in your register.
- Check your addition and subtraction again, especially if the difference is a whole number.
If the balances still don't agree, time to ask for help! If your parents or a trusted adult aren't available, call your credit union to make an appointment with a member service representative.
True or False: Four other people besides Franklin helped write the Declaration of Independence.
Click Ben's head for the answer.
TRUE: A committee consisting of Thomas Jefferson, John Adams, Benjamin Franklin, Robert R. Livingston, and Roger Sherman was organized to write the Declaration of Independence.
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Every dollar you invest in your credit union earns you money while other members borrow it.
When you're ready for a loan, other members' savings will be there to help you out at the lowest possible cost. |
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