Wednesday, April 2, 2008

Watch your checking account!

If you're using a checking account, make sure you keep track of the checks you issue. The checkbook always comes with a ledger at the front wherein you can keep track of your deposits, withdrawals (including checks) and balance. Use it!

Make sure the balance in your checking account is always above the minimum maintaining balance set by your bank. That's because you will be charged a service fee for every month that you're account is below this number.

Never issue amounts greater than the balance left. Because you will also be charged with a fee for that! If you didn't fund it in time, your check will bounce and you may also be criminally liable.

Be careful with issuing post dated checks. Make sure that your account is well funded enough to cover the amount on the check/s before they become due.

A checking account is my favorite account for our day to day expenses. But if we're not careful about it, it would cause us a lot of problems.

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A part time ophthalmologist, part time micro business owner, part time graduate student and FULL TIME MOM struggling to find balance in the confusing world of multitasking :)