Modern technology has made it easier than ever before to move money. Mobile banking, online bill payment, debit and credit cards are just the beginning. Just think about some of the ways money flows today:
- Have the bank issue a cashier’s check
- Deposit a check using a mobile phone
- Get cash from the ATM
- Pay the electric bill online
- Set up automatic payments for a car loan
- Purchase groceries with a debit card
- Mail the rent check
- Receive salary via direct deposit
- Fill up the gas tank using a credit card
With so many choices, we need to keep close tabs on our bank account balances every day. Misplacing receipts or neglecting to log transactions can quickly cause a problem.
Daily tracking of pending and cleared transactions, automatic payments, and outstanding checks is essential for trouble-free money management. Here is an example of why daily balance checks make sense:
Never Assume Anything
Then, on Saturday while Joe was cutting the grass, Sally went to check out the sale at Peebles and came home with a new purse and work shoes.
It wasn’t until Tuesday that Sally accessed their joint account online to check the balance. What? It didn’t seem right. What did Joe buy for $132.45 at Walmart?
With Sally’s purchase, the undocumented restaurant tip, and Joe’s Walmart purchase, the money that Sally had earmarked for the electric bill was gone. If she had not checked her account and just written the check based on her own calculation of the account balance, Sally’s check might have bounced.
It’s better to double-check than to be caught off-guard.
Mercer Savings Bank has been a trusted community bank for more than 125 years. We serve the Celina, Ft. Recovery and Greenville communities with unparalleled customer service. Because we are a mutual bank, our account holders call the shots, not shareholders like large corporate banks. We understand what Ohioans want from a bank. Ready to open a community bank account that you can access online anytime night or day from a computer, tablet, or mobile phone? Find a Mercer Savings Bank near you.