Keys to keeping track
If your goal is to control the money you have, here are the five steps to get you there. Click each step to learn more.
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Control my own $
Save your receipts
Every time you make a transaction using an ATM card, debit card, or check, save the receipt you receive and record the information in your register.
Record transactions
Use your transaction register to add deposits, subtract withdrawals, and track your current balance. Remember: some transactions may not have been processed by your bank yet!
Avoid over-spending
Keeping track of your current balance will help you avoid spending more than you have in your account. That’s called an overdraft – and the fees and penalties can be expensive, or your transaction may be declined.
Review statements
Each month, the bank will send you a statement. It lists your balance at the beginning and end of the statement month, and all transactions that the bank has processed during the statement month.
Compare with bank
Every month, review your statement along with your register and your receipts to make sure that your records and the bank’s records agree. This is called reconciling, or balancing, your account.
For more information on Overdraft Regulations, please visit www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm.
Click the Next button for a closer look at how to use your transaction register.
If your bank offers online banking, you won’t have to wait for your statement to review your account activity. Online banking gives you access to review your accounts any time.