Balancing Your Checkbook

Keep track of your account. If you don’t, you run the risk of bouncing a check which is a costly activity. In addition to the embarrassment factor, you will incur Lake City Bank overdraft charges and charges from merchants who receive your returned check.

Here are some important steps for keeping your checkbook in order:

• Record all the checks you write and deposits you make in your checking register;
• Write down your withdrawals as soon as you write the check;
• Most purchases and withdrawals using your VISA© Debit Card/ ATM Card occur when you don't have your checkbook register. Be careful.
• Save ATM receipts and record your withdrawals as soon as possible;
• Compare your monthly bank statement to your own check register to make sure you have recorded all the transactions in your register.

Reconcile your account
Keeping track of your account activity is an important first step toward beating the balancing blues. But it's only the first step. Once you receive your monthly bank statement, here's how to reconcile the balance that the bank shows you have with the one you show:

1. Confirm that each transaction shown on the statement is written in your account register by placing a checkmark next to the transactions;
2. Remember to include all service charges, interest deposits, and other automated additions or deductions shown on the statement;
3. If your balance still does not agree with the ending balance shown on the statement, there's still hope.

Here's what to do next:

• Write down the ending balance shown on your bank statement;
• List all the deposits and other additions shown in your register that do not appear on your statement, and then add them up;
• List all the checks and other deductions (like ATM withdrawals and VISA© Debit Card deductions) shown in your register that do not appear on your statement, and then add them up;
• Using the beginning balance in step 1, add the step 2 total, then subtract the step 3 total (step 1+step 2-step 3=balance). This total should equal the current balance in your account register.

If you have questions about balancing your account, please visit a Lake City Bank location convenient to you, call the One Call Center at 888-522-2265, or e-mail us.