Five Simple Steps
to Balancing Your Checkbook
Step One: Verify Statement Beginning Balance & Reconcile Your Checks
The best time to balance your checkbook is within a few days of receiving
your monthly
bank statement. The fewer transactions you've incurred since the date
the statement was
prepared by the bank, the quicker your reconciliation will go.
The first step is to make sure that the beginning balance on your statement
is the same amount that you balanced with last month. Then you must
determine if there are any checks that haven't yet cleared the bank.
You need to sort your cancelled checks in check number order. In your
checkbook register, check off each cleared check, verifying that the
amount you recorded the check for is the same amount shown on your bank
statement.
Step Two: Reconcile Your Deposits
Make sure each deposit shown on your bank statement is recorded in your
check register. Also, go through your regular deposit slips, ATM deposit
slips, ATM & Telephone Banking transfers, paycheck stubs, etc., and
make sure the bank statement shows all of your deposits. Check off the
deposits in your check register as you did for the cleared checks.
Step Three: Reconcile Your ATM Withdrawals, Debit Card Purchases,
and Electronic Deductions
Go through the same process with your ATM withdrawals, ATM & Telephone
Banking transfers, or debit card purchases, checking off each transaction
on the bank statement in your check register. Now is the time to record
any bank transactions that aren't included in your check register but
are shown on the bank statement.
Step Four: Record Interest Earned and Bank Fees
Check your bank statement for any other fees and earned interest and
record them in your checkbook register.
Step Five: Complete the Balancing Form
Use the form provided on the back of your bank statement to balance
your checkbook.
| 1.
|
Go through your checkbook
register and list the outstanding checks on the balancing form.
The checks that you did not check off in your check register as
having cleared the bank as well as, any outstanding debit purchases
or ATM withdrawals that have not yet cleared the bank.
|
| 2.
|
Total the column of
outstanding checks, debits, and ATM withdrawals. Follow the arrow
up and enter the total on the line to the right. |
| 3.
|
Go through your checkbook
register and list the outstanding deposits on the balancing form.
The deposits that you did not check off in your check register
as having cleared the bank. |
| 4.
|
Total the column of
outstanding deposits. |
| 5.
|
On the Checkbook Balancing
Form, enter the ending balance shown on your bank statement on
the top right line of the Cash Balancing Form. |
| 6.
|
Use a calculator,
enter the “Bank Balance Shown on this Statement” add the “Deposits
Not Shown on this Statement” then subtract the “Checks Outstanding”
amount and enter the answer on the “Balance” line |
| 7.
|
Now clear your calculator
and reenter the “Balance” amount. Now you should subtract any
bank fees shown on your statement and then add any earned interest.
The answer should equal the balance shown in your checkbook register.
|
If it doesn't, check for math errors
in your checkbook register, such as reversed numbers (for instance,
$53 instead of $35), subtracting a deposit instead of adding it, adding
a check written instead of subtracting it, automatic payments that you
forgot to record, etc.
Consumer Tips to Avoid
Identity Theft
| •
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At home, keep your
personal information in a safe place. Don’t keep Personal Identification
Numbers (PINs) near your checkbook, ATM card, or debit card.
|
| •
|
Create emergency phone
lists with names, account numbers, phone numbers to contact should
your credit/debit cards or information be stolen or compromised.
There are credit card protection companies that offer this service
to you. Photocopy the contents of your wallet making sure that
you copy both sides. Keep the copies in a secure location. |
| •
|
Do not give out information
such as a checking account number, credit card numbers, your date
of birth, PIN, mother’s maiden name, and especially your social
security number over the phone, unless to a secure source and
you initiated the call. |
| •
|
When choosing a PIN
or password, select one that is hard to guess. Avoid the last
4 digits of your social security number, your mother’s maiden
name, birth dates, names of pets, or even the name of your hometown
baseball team. Try to mix numbers, letters, and symbols. |
| •
|
Avoid using your social
security number as your driver’s license number or as your employer’s
identification number. Do not have it printed on your checks.
|
| •
|
Report lost and stolen
checks and credit cards immediately. |
| •
|
Always balance your
checking and credit card statements each month. Report unauthorized
transactions immediately. |
| •
|
Guard your ATM receipts
and your ATM Personal Identification Number (PIN) so it cannot
be used to access your accounts. Don’t write your PIN on your
ATM/Debit card. |
| •
|
Avoid using your mailbox
to send outgoing mail. This guards against someone stealing your
identity. Use a Post Office collection box or go directly to the
Post Office to send mail. |
| •
|
Shred financial solicitations,
financial documents, as well as, medical and insurance statements
as the information on them can be used to steal your identity.
Shredding receipts and other sensitive information can avoid identify
theft by “dumpster divers”. |
| •
|
If regular bills fail
to reach you, call the company to find out why. Often identity
thieves will change the address of a bill so that it will take
you longer to figure out the scam. |
| •
|
Find ways to “opt
out” of mailing lists to reduce junk mail. |
| •
|
Finds ways to “opt
out” of telephone solicitations. |
| •
|
Have your name taken
off mailing lists for pre-approved offers of credit. To do this
notify the credit bureaus at 888-5OPTOUT or (888) 567-9699. Your
one call is shared by all three credit bureaus. |
| •
|
Experian Credit Bureau
offers consumers the opportunity to have their names removed from
lists that are used for marketing and promotional purposes. To
have your name removed, call (800) 407-1088. |
| •
|
On the Internet, avoid
sending personal information like your social security number,
credit card numbers, address, passwords, etc. unless you are sure
it is a reliable recipient and that the communication line is
encrypted. |
How to Order a Credit
Report
- Order a credit report on yourself
once a year and check to be sure all information is accurate. To order
your secure report online, click here. Otherwise, to learn how to
request your credit report, contact:
How to Read Your Credit
Report
| •
|
Check to make sure
you are aware of all accounts listed, and balances are what you
expect them to be. |
| •
|
Look for anything
suspicious in the section that lists who has received a copy of
your credit history. Some identity thieves “pretext” by posing
as a landlord or employer. |
| •
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Make sure no inquires
have been made about loans or leases you didn’t apply for. |
| •
|
Check for addresses
where you have never lived. |
| •
|
Check for typos in
your social security number. |
| •
|
If there is any incorrect
information in the records, contact the credit bureau, creditor,
employer, or government agency immediately. Follow up with a letter
describing what actions were taken. Your protections are usually
stronger if you report the problem quickly in writing. |
Steps to Take if You
Are a Victim of Identity Theft
If you suspect theft and/or misuse of
your personal information to commit fraud, take action immediately.
Keep a record of all conversations and correspondence when you take
the following suggested steps:
| •
|
Contact your financial
institutions and credit cards issuers immediately so that access
to your accounts can be protected by stopping payment on missing
checks, blocking use of ATM cards, debit cards, and credit cards. |
To report lost or stolen CBC Bank ATM/Debit
Cards, during business hours call:
(636) 462-2522
To report lost or stolen CBC Bank Credit Cards, 24 hours a day, seven
days a week call:
(800) 883-0131
| •
|
Contact the major
check verification companies and request they notify retailers
not to accept your stolen checks. Three check verification companies
that accept reports of check fraud directly from consumers are:
| Telecheck
|
(800) 710-9898
|
| International
Check Services |
(800) 631-9656
|
| Equifax
|
(800) 437-5120
|
|
| •
|
File a police report
with your local police department. Obtain a police report number
with the date, time, police department location, and police officer’s
name taking the report. The police report may initiate an investigation
into the loss with the goal of identifying, arresting, and prosecuting
the offender and possibly recovering your lost items. The police
report will be helpful when clarifying to creditors that you are
a victim of identify theft.
|
| •
|
Contact the three
major credit bureaus requesting a copy of your credit report.
Review the reports to see if additional fraudulent accounts have
been opened in your name or unauthorized changes made to your
accounts. Request that “inquires” be removed from your report
from companies that opened the fraudulent accounts. Order new
copies in a few months to verify that the fraudulent information
has been removed. Request a “fraud alert” be placed on your file
and a victim’s statement asking creditors to call you before opening
new accounts in your name.
The three major credit bureaus are:
| Experian/TRW:
|
(800) 727-2893
|
| Equifax:
|
(800) 685-1111
|
| TransUnion:
|
(800) 632-1765
|
|
| •
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Maintain a written
chronology of what happened. Make sure that you record the date,
time, phone numbers, agencies, financial institutions, and firms
you contacted, persons you talked to and any relevant information.
|
| •
|
Contact Government
Authorities - It is also good to contact other authorities that
specialize in identity theft. The Federal Trade Commission (FTC)
runs the ID Theft Hotline and the ID Theft Data Clearinghouse.
FTC Identiy Theft Hot Line: (877) IDTHEFT (438-4338)
|
| •
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If your social security
number has been compromised, report it immediately to the Social
Security Administration.
Social Security Fraud Hot Line:
(800) 269-0271
|
| •
|
If mail service was
used in the fraud, contact the U.S. Postal Inspection Service.
This agency is helpful if any fraudulent utility bills or apartment
leases show up on your credit report.
U.S. Postal Inspectors: (800) 372-8347 |
ATM Safety Tips
| •
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Never approach an
ATM if you have doubts or fears. |
| •
|
When using an ATM,
carefully observe the surrounding area for suspicious activity.
|
| •
|
If you are using an
ATM at night, make sure it is in a well-lit area. Remember that
ATMs are also located in shopping malls, supermarkets and many
convenience stores. |
| •
|
Do not leave your
vehicle running or your keys in the ignition when using a walk-up
ATM. |
| •
|
Memorize your PIN.
Do not write it on your card or carry it along with your card.
Never give information about your ATM account or your PIN to strangers,
law enforcement representatives, or inquires over the phone. |
| •
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Never count your money
at the ATM and never carry your wallet and/or cash exposed |
| •
|
Shield the ATM keyboard
with your body so others cannot observe you entering your PIN. |
| •
|
Never leave your receipt
at the ATM or in a nearby trash receptacle. Your receipt may contain
valuable information that could be misused to gain illegal access
to your account. |
| •
|
If your are followed
from an ATM, go to an area where there are other people and plenty
of activity. If you are driving, go to the nearest police department. |
| •
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Always keep your car
running when using a drive-up ATM. |
| •
|
Always keep your car
doors locked when using a drive-up ATM. |
| •
|
Keep at least one
car length distance between your care and the one in front of
you when waiting to use a drive-up ATM. |
Availability of Funds
Our policy to make funds from your deposits available to you on the
first business day after the day we receive your deposit. At that time,
you can withdraw the funds in cash and we will use the funds to pay
checks that you have written.
For determining the availability of your deposits, every day is a business
day except Saturdays, Sundays, and Federal Holidays. If you make a deposit
after 2:00 PM or a day that we are not open, we will consider that deposit
was made on the next business day we are open.
Longer delays may apply:
In some cases, we will not make all of the funds that you deposit by
check available to you on the first business day after the day of your
deposit. Depending on the type of check that you deposit, funds may
not be available until the fifth business day after the day of your
deposit, However, the first $100 of your deposit will be available on
the first business day.
If we are not going to make all of the funds from your deposit available
on the first business day, we will notify you at the time you make your
deposit. We will also tell you when the funds will be available. If
your deposit is not made directly to one of our employees, or if we
decide to take this action after you have left the premises, we will
mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask
us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer
period under the following circumstances:
| •
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We believe the check
you deposited will not be paid. |
| •
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You deposit checks
totaling more than $5,000 on any one day. |
| •
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You redeposit a check
that has been returned unpaid. |
| •
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You have overdrawn
your account repeatedly in the last six months. |
| •
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There is an emergency,
such as a failure of communications or computer equipment |
We will notify you if we delay your ability
to withdraw funds for any of these reasons, and we will tell you when
the funds will be available. They will generally be available no later
than the seventh business day after the day of your deposit.
Special rules for new accounts:
If you are a new customer, the following special rules will apply during
the first 30 days your account is open.
The first $5,000 from a deposit of U.S. Treasury checks will be available
on the first business day after the day of your deposit. The excess
over $5,000 will be available on the ninth business day after the day
of your deposit. Funds from wire transfers into your account will be
available on the first business day after the day we receive the transfer.
Funds from deposits of cash and the first $5,000 of a day’s total deposits
of cashier’s certified, teller’s, traveler’s, and state and local government
checks will be available on the first business day after the day of
your deposit if the deposit meets certain conditions. For example, the
checks must be payable to you and you may have to use a special deposit
slip. The excess over $5,000 will be available to you on the ninth business
day after the day of your deposit. If you do not make the deposit in
person to one of our employees, the first $5,000 will not be available
until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the seventh
business day after the day of the deposit.
Telephone Banking
- a convenient way of obtaining information on any of your CBC Bank
accounts.
24-Hour Account Information Line
(636) 462-5206
Features:
Account Balance Inquiries
Transaction Inquires
Research by Check Number
Transfer Funds Between Accounts
Loan Payment Inquiries
Branch Hours
To use the Telephone Banking system
you need:
A Touch-Tone Telephone.
Your PIN (Personal Identification Number) - If this is your first
time using the system, your Security Code (PIN) will be the last 4 digits
of your Social Security Number. Enter your Social Security Number, then
enter you Security Code (PIN) to access the system. For your protection,
you will be required to change your Security Code (PIN) to a private
number.
Your Account Number(s) - in most cases, you will enter the account
number as it appears on your statement, certificate, or notice and then
press the # sign.
Two Ways to Reorder
Checks
1. Reorder Checks Online:
2. Bring in your check reorder form the
next time you are in the bank or provide the following information:
| Check company: |
Deluxe or Clarke American? |
| Starting Check Number: |
What is the number
of your last check? |
| Check
Style: |
What is the style
number of the check you wish to reorder? |
Legal Terms
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