Do you use your check register?

[SueDonJ]

We do online banking but don't use any of the financial programs like Quicken, etc. We do use a check register because we don't keep a cushion in our joint checking account and it's a pain in the neck for one of us to have to wait around for the other in order to ask, "did you write a check/make a deposit?" The check register sits in the cabinet above the computer desk so it's easy to write everything in as we're sitting there doing the online banking.

Don's our tax guy and he's always reconciled everything monthly so that the quarterly filings don't take a lot of time to prepare.

 

[Timeshare Von]

I do everything in Quicken, including all credit card transactions. I also keep a written check register of the checks I write, but not much more. I keep on top of my finances online, checking my credit card and bank statements at least weekly and more often than not, twice a week.

I don't pay many things online, but what makes sense to do so, I do. I also use my credit cards for most routine payments if I can (utilities, all purchases, medical copays, etc).

I too am OCD/anal about my checking account and everything "financial". I have to find every discrepancy, even when it's just a nickel!

 

[bogey21]

I use a check register; I know my balance at any given time; and, I ALWAYS reconcile the register with my bank statement.

I actually reconcile my accounts daily using the Bank website. My Son and Daughter (ages 31 and 32) never reconcile and never use a check register. I look at my Son's account daily just to make sure there are no suspicious charges while he is in Iraq. About two months ago his account was charged with 5 Debit Card transactions in Green Bay, WI while he was in Iraq with the card in his back pocket. The bank immediately issued him a new card and credited his account for the Green Bay transactions "temporarily" while they "investigated". Just today he received a letter saying the credits were "permanent". It must happen all the time as working with the Bank was a piece of cake!

George

 

[Mel]

I am wondering if this is limited to the specific demographic that I serve. Is it common for most people to not use their registers or other tracking method and to just rely on their bank??? Or is it that people that don't monitor/track their finances end up in bankruptcy more often?

I suspect it's the latter. We use quicken, and are able to track everything easily - to the point that we have caught the mortgage company crediting extra payments as "early payments" rather than applying them to pricipal. 3 years running we've had to have them back a series of payments off and redo them properly. We wouldn't catch it if we were using a regular register.

In our tax office, most of our clients don't have a check with them (some don't have any checks though they have a "checking" account), and just use a debit card for everything (and worse, some use the debit card to purchase money orders rather than send checks!)

There are several distinct demographic groups among our clients. Those who see us early in the season tend to be lower income, in a rush to get their tax refund, and willing to pay extra for us to take our fees from their refund. They want their money as fast as possible, because they will use it to pay their next set of bills (and sometimes those that are overdue).

Those who come later own their homes, have investment income, sometimes own their own business or rental property, and are generally more stable. They bring the checkbook, and are more likely to know their balance - they don't pay extra for the convenience of taking our fees from the refund, but instead pay upfront. Many of them don't really care when their refund is going to hit their bank account, just that it eventually will. The most savvy ones don't care when, because they've structured their withholding to get as small of a refund as possible, or to owe a small amount (depending on their comfort level).

 

[persia]

What's a check?

 

[Craigvince]

What's a checkbook?

 

[judyjht]

I use Quickbooks for both my business and personal checking. The only actual checks I write are to the grandchildren for birthdays etc.

I have a friend who's husband died 9 years ago and she have NEVER balanced her checkbook since. OMG I would go crazy. I am to the penny every month. My DH is also!! $$$$$$$

 

[pjrose]

. . . The most savvy ones don't care when, because they've structured their withholding to get as small of a refund as possible, or to owe a small amount (depending on their comfort level).

That's us. I'd just as soon the IRS not hold our money interest-free in a pseudo-savings-plan.

 

[Luanne]

That's us. I'd just as soon the IRS not hold our money interest-free in a pseudo-savings-plan.

That's another thing my accountant father taught me.

 

[senorak]

Use my check register and religiously balance my checkbook to the penny every month.

Deb

 

[dioxide45]

We still use Microsoft Money to track our account registers. Balance to the cent every month on all our accounts.

One thing people need to be careful of when just relying on their online bank balance is that it may not always be accurate. Charges at gas pumps usually only authorize for $1 even though you may spend $40 or more. Restaurant authorizations on a debit card (run as credit) will only show the pre tip amount. Also, not all charges will show instantly and may not show until they actually post to the account.

So if someone is close to a $0 balance, they could overdraw if they only rely on their online bank balance.

 

[1950bing]

Check bank balance everyday, set up payments soon as I get a bill, check credit cards everyday, use credit cards where ever I can, pay them off every month, place any CC rewards against the balance.
Try to keep the IRS as close to zero as best I can.
Place a little in the Sunday plate.

 

[MelBay]

I am wondering if this is limited to the specific demographic that I serve.

Before I get off on my rant, I'll just say that I use Quicken, and if I'm paying bills in front of my computer, I don't use my checkbook register. If I'm out at the beauty shop, I jot down the # & amount, and then enter it in Quicken. I don't write many checks for stuff like that, so it works for me. And most of my bills are auto pay, so a box of checks lasts me an eternity.

Now, for my rant:

When I retire, I'd love to write a book about people & their finances. I inherited promissory notes from my father, who flipped houses, sold them to the people and carried the note. My dad was "the bank".

I was getting 3 - 4 bounced checks every single month and had to make most of them start paying me in money orders. I began to ask them questions, and realized none of them EVER have any idea what their balance is. "Oh, it's the 31st, my house payment is 22 days late, I'll just write her a check and hope it clears."

It has lots to do with the demographic, I think. We both still work, have a decent income, and have wiggle room in our checking account. These people need every single penny, and fritter a minimum of $100 each month in bank fees, penalties, overdraft charges, etc.

I am tired of lecturing them. They're adults, and the learned how to manage (or not) money from their parents, and are unwilling to go to the trouble of writing things down to avoid these stupid charges. I'll bet in my whole 55 years I've maybe paid $20 in late fees or penalties. I just refuse. It's an easy thing to avoid if you have a modicum of discipline. Their lives are chaos, and keeping a checkbook register is just not something they are willing to make time for.

The injustice is unbelievable. I get free airline tickets and/or cash from my credit card company because of all the points I rack up annually. I don't pay my credit card company a dime, ever. They pay ridiculous interest rates and late fees and get nothing from their credit card companies except nasty phone calls and letters.

Dave Ramsey would die if I told him their stories. Drives me up a tree!

Rant over.

 

[Luanne]

Before I get off on my rant, I'll just say that I use Quicken, and if I'm paying bills in front of my computer, I don't use my checkbook register. If I'm out at the beauty shop, I jot down the # & amount, and then enter it in Quicken. I don't write many checks for stuff like that, so it works for me. And most of my bills are auto pay, so a box of checks lasts me an eternity.

All of my credit union transactions download to Quicken. I don't have to do any dual entry. I do write them in my checkbook since that is how I learned to do it, but I don't have to come home and re-enter into Quicken.

 

[dioxide45]

All of my credit union transactions download to Quicken. I don't have to do any dual entry. I do write them in my checkbook since that is how I learned to do it, but I don't have to come home and re-enter into Quicken.

I still manually record all receipts in our MS Money program and then download the transactions from our banks website. I then go through and reconcile them electronically. This allows me to identify any discrepancies. If I were just downloading transactions there would be no way to verify if I was charged for something I shouldn't have been unless I was able to catch it somehow. Using the dual entry is a good double check for us.

 

[Patri]

I use a register, but since my DH and I combined our accounts decades ago (because of required minimum balances etc. as banks changed policies) it is no longer to the penny. However, the bank statement always says I have more money than the register does, so I believe the bank.
Not interested in yet another online account to do business. I like the paper at my fingertips. Not more passwords or web addresses to add to favorites.

 

[dioxide45]

Speaking of grocery stores...do you trust the scanner and the stores computer to add up all your purchases, and account for the coupons, special sales and two for one deals?....or do you check each item against the printed receipt, and then pull out a pencil and paper to check their addition...Are you the guy holding up the line when Im just trying to pay for my ice cream and get home to eat it before it melts?

We are the ones holding up the line while your ice cream melts. I do trust the computers to do the calculations correctly, I don't trust the person behind the scanner to scan the items correctly or care enough to make sure my coupons scanned. I also don't trust that the prices for the UPCs were entered correctly. So you have to watch what is scanned as many times you will end up paying more for the items than you were supposed to.

 

[Fern Modena]

So...Since you don't use many checks, where do you get all those extra check registers? Inquiring minds, etc., etc...

Fern

 

[Luanne]

I still manually record all receipts in our MS Money program and then download the transactions from our banks website. I then go through and reconcile them electronically. This allows me to identify any discrepancies. If I were just downloading transactions there would be no way to verify if I was charged for something I shouldn't have been unless I was able to catch it somehow. Using the dual entry is a good double check for us.

I verify when I do the monthly reconciliation.

I also check both my bank account and credit card accounts to verify purchases on a regular (daily) basis.

 

[Luanne]

So...Since you don't use many checks, where do you get all those extra check registers? Inquiring minds, etc., etc...

Fern

I get them from my credit union. Just walk in and ask.

 

[pjrose]

changed my mind. mods, delete if you want

 

[MuranoJo]

I used to balance my checkbook faithfully every month and DH, who uses Quicken, just teased me about it. But I eventually got to the point that I very rarely wrote a check, so it wasn't worth the time to me. I just check both debit and credit cards online every now and then.

I always keep a buffer, so this is probably not a good idea for the population who can't or doesn't.

 

[Stressy]

So...Since you don't use many checks, where do you get all those extra check registers? Inquiring minds, etc., etc...

Fern

I bought a "lot" on Ebay..advertised as as package to use to teach students how to balance a checkbook. I've got about 30 of them because I still enter all my checks, deposits, and even ATM/Debit purchases. I know I can use software but in my mind that's duplicating it.

I was a hold out for online bill paying too because I really enjoyed the whole process of sitting down, writing checks, etc.

I'm glad I'm over that. :hysterical: I love one click and it's done..but I do still enter it into my check register.

That said, my son has no idea what to do with a check register. I tried to teach him-but he would just rather go about his business..making transfers as necessary on his smart phone. I don't like it-I have a banking background and I still adhere to In God we trust-all others must document. But, so it goes.

 

[Talent312]

I really enjoyed the whole process of sitting down, writing checks, etc....

Uh, yeah... sure. Whatever float's your boat.
IMHO, keeping a register merely duplicates what can be done electronically with Quicken.

 

[jehb2]

I use the SPEND application on my iPad/iPhone

It's a great way to stick to my budget. I can usually enter the information before they hand me my receipt.

I use a single credit card for everything and pay the balance twice a month. (I need the FF miles.)

I use online bill pay, almost never use checks, and rarely use debit card. I check my checking account on line 2-4 times a month depending on activity.