These days, it seems everyone is banking online.
Gone, it seems, are the days when people had paper checkbooks and wrote each transaction in them. Also gone are the days of reconciling by hand and calculator.
This is rather a shame. The only way to properly learn to do banking is by hand. That way, one learns to add up the debits and subtract them from the ending balance and such.
In my household, my husband and I do our personal banking in this way. However, my business account is taken care of differently. I do electronic banking for that.
Electronic banking is different because while I am writing down each deposit and debit in my paper ledger, the bank statement is electronic and I can check it any time I please and not have to wait a month for it to come in the mail. (I could go on and rant for a long time about the state of the mail these days, but that’s another post for another time.)
It is extremely important, however, not to neglect looking at your bank statement. This can happen when you get very busy with your editing and your marketing. Your banking can get shoved to the back of your mind. You must know what is going on. Guess how I found out?
Two years ago, I was very busy with editing projects and went weeks without checking my online bank account. Finally, I checked it. Lo and behold, some unkind soul had gotten their grubby paws into my account and stolen almost a thousand dollars in payments to Amazon Prime!
The first thing I did was to…panic. Then I called my bank and stated what had happened. The bank was nice enough to temporarily return the stolen money while they completed an investigation. After a few weeks, the investigation was done. I do not and have never had a Prime account; I only have a regular Amazon account. When this was discovered, my money was officially returned.
Online banking is very convenient, but it can be dangerous. What do you think of online versus paper banking?
