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When you have a checking account, keep it healthy! That means making sure you always have enough money in your checking account to cover any checks you write, debit-card purchases, ATM withdrawals, or checking account fees.
If you "bounce" a check-write it for more money than you have in your checking account-the bank will charge you $20, $30, or more for the mistake. Your checking account could get very sick, very quickly.
Here are four easy things to do to keep your checking account healthy.
- Keep track of your money. Every time you write a check, enter the amount into your checkbook register and subtract it from your balance.
- If you use an ATM or have a debit card, keep the receipts. Write down the information in your checkbook register.
- Don't assume your account balance at the ATM is correct. If you wrote checks that haven't been processed by the bank yet, the ATM balance will be higher than the amount of money you actually have in your account.
- Balance your checkbook. When the bank mails your checking account statement each month, compare the bank's figures with your own and "balance" your checkbook. Do not assume that the bank statement is always correct. The back of the bank statement should have directions on how to balance a checking account. Or, ask your parents or someone at the bank to help you get started.
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