It’s easy to swipe your debit card at your favorite restaurant or shop six or seven times throughout the month and never feel like you’re spending too much. Your checking account provides a more accurate picture of how those seemingly minor purchases quickly add up. If you seldom withdraw cash from your savings account, you probably don’t need to look at it more than once per month. If you find yourself in a position where you need to check your bank balance but don’t have access to online banking, you can do so at an ATM.

Accurate income and expense tracking

Like your 401(k), you can stand to keep IRA check-ins to once a quarter or so. Take this opportunity to rebalance your investments (if need be) and calculate whether you’re on track to meet your retirement goals and timeline. It constantly weighs on your mind and controls every choice you make. how often should you typically monitor your checking account And even though you make regular payments, it feels like you can never make any progress because of the interest. Watching these funds grow as you add to them can be very motivating, so check on this savings account as often as you need to maintain your enthusiasm to reach your goal.

Daily Monitoring: Pros and Cons

Make sure you report any sketchy transactions promptly to your bank. All banks have steps in place to react to fraudulent claims quickly. In the next section, we will discuss the pros and cons of monthly monitoring. In the next section, we will discuss the pros and cons of weekly monitoring. ✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Open a savings account or open a Certificate of Deposit (see interest rates) and start saving your money.

What to Assess Every Time You Check Your Bank Account

• ✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score.
• Many married couples combine their finances via joint checking accounts.
• Also, learn about the common tricks scammers are using to help you stay one step ahead of them.
• If a debit hits your checking account but there’s not enough money to cover the expense, the bank will pull the money from one of your linked sources.

Reviewing your bank statements helps you evaluate your habits and make sure they’re aligned with your financial goals. Try to review your savings account statement at least once or twice a month. Do this to make sure the balances recorded are correct and you’re on track to meet your savings goals. With some high-yield savings accounts now offering 5.00% APY or more, a monthly review of your savings account can help you see whether or not your bank is competitive. Consider these pros and cons in relation to your financial goals and personal circumstances.

Monitor for Fraud or Scams

If you don’t even know what some of those fees are, you’re not alone. They’re hidden in an account’s fine print so that consumers like you pay them without even noticing it. However, by monitoring your checking account and examining each charge that arises, you’ll be able to spot hidden fees like this. If you notice one, contact your bank to inquire why it was charged to your account. Asking nicely might get them to reverse the fee, but even if they don’t, you’ll have a better understanding of what you need to do to avoid being charged with it again.

Earn cash back on everyday purchases with this rare account

Regularly going through your online account statement can help identify unusual trends that may be fraudulent. You may also find errors committed and correct them early with your bank. If manually monitoring your checking account is difficult, you can sign up for alerts, and your bank will be pushing information when activity happens in your account. Also, confirm if your deposits, mainly through checks, have been posted. Take a look at your recent purchases to confirm expenses and any other fees. The other major benefit of monitoring your bank account is fraud prevention.

We want to help you make personal finance decisions with confidence by providing you with free interactive tools, helpful data points, and by publishing original and objective content. This frequency allows you to stay aware of any unusual activity and catch potential issues early on. •   You are a freelancer and want to see if a paycheck you deposited has cleared. You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering.

Combing through your checking account may be the only way to identify fees you weren’t aware you were being charged. The other great thing about watching your accounts is that it can help you budget more accurately. Let’s say you have an unexpected expense arise such as a doctor’s bill or a home repair. By knowing what’s in your account, you can determine if you have the money to cover the bill or if you need to use emergency funds or borrow cash to make the payment. Being on a tight budget or keeping a low balance are a few reasons people check accounts more often, as are watching for checks to clear and just having reassurance that finances are safe. Most of these require little to no effort, and you can choose whichever works best for you.

By building a sense of awareness around your money, you’re contributing to your overall financial health. This is made much more efficient and effective when you sign up for online and mobile banking where you can get instant access. Taking advantage of online/mobile banking and e-statements makes it incredibly easy to regularly monitor your checking account with ease. These account management features allow you to keep up with more than just your daily transactional activity. You may notice errors, unwanted charges, and likely gain a heightened sense of awareness on financial habits you want to work on improving. However, determining how often you should monitor your checking account can be a bit of a challenge.