Page 38 - Book4E

The self is not something ready-made, but something in continuous formation through choice of action.
John Dewey
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Sometimes it takes awhile for certain purchases to show up on your statement. Transactions that may take a little longer include gasoline purchases, hotel stays, and out-of-town purchases. It is important to keep all of these receipts until each transaction has been accounted for.
Reconciling your credit card statement is an excellent way to find out if anyone is using your personal information to make purchases. If you discover a transaction on your statement that you did not make, contact the credit company immediately to report the problem. Most
credit cards have a policy of not holding you accountable for more than $50 of fraudulent charges if your card is missing and you report it within two business days. However, if you don’t report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized trans-
fer. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unau- thorized use is mailed to you.
Balancing your checking account
As important as it is to reconcile your creditor statements, it’s even more important to balance your checking account statement. Since your statement includes not only what you have spent, but also the fees that have been charged against your account by the bank, this is the only way to know exactly what you have spent and what remains. Once your account is balanced, you and your bank should agree exactly on how much money you have in your account.
To balance your account, you will need your bank statement, check register, and receipts for any deposits, ATM transactions, and debit card transactions. Here are the steps you should take to balance your checking account each month:
Balancing Your Accounts