Do you reconcile your finances?

[ARCOgraphite]

I write about three checks a year, so since the checkbook days, not so much reconciliation. I do look at my bank statement online a couple times a month and my CC statement about 1x per month or as needed. Most no recurring expenses go on the CC where I get cash back. I think I have about 1000 bucks actual cash value in "miles" accrued in there now.

My wife has been getting some small fraudulent charges and she doesn't seems too concerned. I said Whaa! wait till they take the big chunk if they break thru the Debit card wall of her Visa card.

Just a note, my bank stopped writing Mortgages and HELOCS - Banco Santander S. A.

Is the bubble about to pop?

They did sent a letter recently they are partnering with Rocket.

 

[JavierH19]

Definitely since it's more convenient than ever. Just scroll in your bank's app or website.

 

[supton]

Wife does, I haven't in years. She will go line by line, checking our receipts. I believe she downloads the statement, into Quicken, then clicks something when it's "ok". Not sure what we write checks for anymore, sure don't write many of them now. I think just vehicle registration now.

 

[Oillover]

Statements are paid off every month to avoid interest. My wife tends to do it weekly.

It saves us money. Debt is just a tool.

+1
With all the rewards dollars I've earned, we've been able to do plenty of home/auto maintenance for free.

 

[2strokeNorthstar]

Only by memory. I don't have time or desire to keep a pile of paper and stress about $0.03

 

[double vanos]

Check mine daily, keep receipts and also run a separate personal log that’s kinda like a diary. Have checks but rarely write one.

 

[Pablo]

My wife uses Venmo for local farm purchases. Some don’t even take cash!!

I don’t even have access to Venmo. I just see it come out of the credit union account. $10 $20 sometimes $50

I better watch that woman!!


Hahahaha I’m kidding of course

 

[cptbarkey]

Yep. Is it payday yet? I got engines to feed.

 

[atikovi]

Yep. Is it payday yet? I got engines to feed.

View attachment 168847

BofA? I'm guessing there is a $5 or $10 low balance fee plus one of the lowest interest rates in the country. Don't understand how they stay in business.

 

[cptbarkey]

BofA? I'm guessing there is a $5 or $10 low balance fee plus one of the lowest interest rates in the country. Don't understand how they stay in business.

Low balance fee? Whats that? I'm extraordinarly happy with their service, including international support i've needed a few times. Wellsfargo on the other hand can pound sand.

 

[atikovi]

Low balance fee? Whats that? I'm extraordinarly happy with their service, including international support i've needed a few times. Wellsfargo on the other hand can pound sand.

Their interest rates are a joke,

I guess if they are that low, they don't have to charge a low balance fee.

 

[Oillover]

We don't disagree. You are one of the few exceptions to the rule, and your system works well for you. Ditto for Pablo.

The masses just aren't as disciplined as you two...and the statistics overwhelmingly bear this out. Overuse of credit is an epidemic in America, and it extends to car loans, mortgages, and to those who think Uncle Sugar should wipe out their ill-conceived student loans.

That's a bit of an overgeneralization.

Banks and credit card companies spend billions every year determining what benefits to offer customers (because they know they use it!). I was actually recruited as part of a focus group for Scotiabank (part of the Bank of Nova Scotia) to help them determine what benefits credit card holders prefer most.

My point is there's clearly more than a handful of folks taking advantage of these benefits.

 

[Oillover]

Years ago I noticed many cc actually dumped many free protection offers like on rentals etc.
Most never read the notices. Before you assume you're covered give your cc company a call.

True, but I also noticed this was sometimes tied to removal of yearly fees etc.

 

[Hermann]

I am making 4.6% on my CD's there. Pays my insurance and taxes on the house . Along with my average monthly rewards on their credit card which average around 4.5%, its not too bad a deal. Last month I received $38 on $855 in purchases on the card.

 

[JHZR2]

I do everything through my debit card and manage my money on the app. No need to reconcile when I'm watching it daily.

This. I used to take the time, but it became a big consumer of time. I spot check and watch pretty closely.

 

[miden851]

i do watch my transactions via app or online

we use CCs only for the most part; i also go and apply for a new CC here and there, especially if they offer a great promotion, aka $200 for a sign up to the card

 

[spackard]

Legal Differences between Credit Cards and Debit Cards​

Credit cards and debit cards have some legal differences . Here are a few:

Zero Fraud Liability: Credit card users are protected from fraudulent transactions under the Fair Credit Billing Act. On the other hand, debit cards are protected under the Electronic Funds Transfer Act. The major difference here is, under the Electronic Funds Transfer Act, the consumer could potentially lose access to the disputed funds during the investigation timeframe, which could take longer to resolve compared to a credit card.

Chargeback rights: Credit card users have the legal right to dispute transactions under the Fair Credit Billing Act. Debit card users can also dispute transactions, but the legal processes and protections are different from credit cards. Debit card disputes typically have a shorter timeframe to initiate the dispute, and the consumer could have more difficult retrieving their money while the investigation is ongoing.

Legal Liability: With credit cards, the maximum liability of the cardholder for unauthorized transactions is limited to $50. However, there is no maximum liability protection for fraudulent transactions on a debit card if the cardholder waits to report the fraud beyond 60 days from the time the bank statement is mailed, and their liability could increase based on its timing.

It's important to read the terms and conditions when signing up for a credit or debit card to understand your legal rights and protections.

 

[99Saturn]

I'm OCD I guess.

Paper receipts go into an individual paperclipped pile for each credit card (maybe around 10 "in use" cards in a given month). All transactions go on a spreadsheet. Credit card statements get checked line by line monthly when they come in. I may glance at the balance before the statement comes in if I'm logged into the account for something else.

Various checkings/savings get balanced weekly or every other week and all assets and liabilities get updated in a spreadsheet to see how account balances/total value is tracking somewhere between monthly and weekly.

 

[spackard]

Comparison of the Fair Credit Billing Act (FCBA) with the Electronic Funds Transfer Act (EFTA)​

The FCBA and the EFTA are two federal laws that provide consumer protection in financial transactions. Here's a comparison:

Applicability: The FCBA applies to credit card transactions, including purchases made with cards, balance transfers, cash advances, and any other credit transactions. The EFTA, on the other hand, covers electronic fund transfers, which include debit card transactions, ATM withdrawals, and automatic bill payments.

Billing Errors: The FCBA specifically addresses billing errors, which could include unauthorized charges, charges for goods or services not received, charges for incorrect amounts, among other things. If a consumer notifies the issuer of an error within 60 days, the issuer must investigate and correct the error. The EFTA also has protections against errors, but they are not as comprehensive as the FCBA's protection. Moreover, the EFTA's error resolution processes typically have longer investigation timeframes compared to the FCBA.

Liability: Under the FCBA, a consumer's liability for unauthorized use of their credit card is limited to $50. If a consumer reports the loss or theft of their credit card before any unauthorized charges are made, their liability drops to $0. Under the EFTA, a consumer's liability for unauthorized use of their debit card depends on when they report the loss or theft of the card: If they notify the institution within two business days of discovering the loss or theft, their liability is limited to $50. However, if they wait longer than two business days, their liability could increase up to $500 or even more. Similarly, if they fail to report the transaction within 60 days of the institution mailing them the statement, they could lose access to the disputed funds during the investigation timeframe.
Dispute Resolution: Both laws require institutions to investigate and resolve disputes within specific time frames, but the procedures, time frames, and protections vary.
Overall, the FCBA and the EFTA have similar consumer protection objectives, but the protections, rights, and liabilities differ, depending on the nature of the transaction and the law applied.

 

[ZeeOSix]

What I had learned recently is that debit cards afford no legal protection against fraud. Credit cards you cannot be liable for more than $50. Debit cards you can be totally liable.

My credit union fully covers fraud on their Mastercard debit card the same as their Visa credit card. It may depend on your bank/credit union.

I use my Visa card 99% of the time, and only use my debit card for gas, or when my Visa card gets hacked and cancelled until a new one gets issued.