Balancing Your Checkbook: A Waste of Time
Over the last five years, the technology behind our finances has been moving a mile a minute. Online banking and online bill pay have replaced paper checks. Have your tracking methods changed as well?
Over the last five years, the technology behind our finances has been moving a mile a minute. Online banking and online bill pay have replaced paper checks. Have your tracking methods changed as well?
I had a checking account at US Bank for more than ten years. When I signed up, I filled out forms for a “free checking for life” account. Last year, they decided to start charging a monthly fee. I closed the account. While there was no option to keep my free checking for life at US Bank, I have found many banks that offer free accounts.
We have been told that we need to balance our checkbooks for decades. This common advice is given with the best intentions. We are told that by tracking our transactions, we are protecting ourselves from overdrafts and ensuring nothing unauthorized happens in our accounts. That is true, but there are better ways to do all of that.
As more Americans have become frustrated with their large, corporate banks, many have been moving their business to credit unions. Credit unions offer some amazing benefits and could be a great resource for many people.
I have tried many different combinations of accounts in my life. At one point, my credit card, brokerage, checking, and savings were all at different places. At one point, everything was in one place. I found some big benefits to keeping everything in one place.