When was the last time you checked up on your bank account balance? Hopefully, it was recently.
“Checking your balance regularly is key to taking charge of your finances,” says Lindsay Sacknoff, head of consumer deposit and payment products at TD Bank. For one, overdraft fees are some of the most expensive bank fees you can incur, with the average fee sitting at more than $33. Keeping up on your checking account or other bank account balances will prevent you from accidentally going into the red.
Another good reason to track your bank account balance? To catch signs of fraud early and avoid the headache of disputing fraudulent transactions that happened when you weren’t paying attention.
Fortunately, checking your balance is easier than ever. “With new technology constantly changing the way we bank, there are several options to track as you go,” Sacknoff said. “Today, many of these options are customizable, so you’ll have control and you can decide how often you get updates and on what.”
Ways to Keep Track of Your Bank Account Balance
Whether you want to keep things simple or let technology do some heavy lifting for you, there are a few ways to track your balance and stay on top of your finances:
- Access your account information online.
- Use an app that tracks your activity.
- Contact your bank on the phone.
- Check at an ATM.
Access Your Account Information Online
One of the most basic ways to track your bank account balance is to log on to your bank’s website each day to view your balance and any recent transactions, says Leslie H. Tayne, author, financial attorney, and founder and director of Tayne Law Group, headquartered in New York.
Though simple, this option does require you to remember to check daily. If you’re too busy to log in to online banking every day, you might want to try a more automated approach.
Use an App That Tracks Your Activity
“Luckily, many banks simplify the process and allow customers to opt in to account alerts – either through text message or through a push notification on their smartphone,” Tayne said.
The big advantage here is that you receive the alerts in real time, since your bank knows exactly what the balance is in your account at any given time. However, Tayne notes that your bank may not have all of the features and tools you’d like.
In that case, another option would be to use a third-party service such as Mint to track your account balance. Tayne says this is especially handy if you have more than one bank account and want to see all of your finances in one place.
As a bonus, Mint and similar services also provide your VantageScore credit score, let you set up budgets for specific categories and notify you if you go over your budget.
“By using a service such as Mint, you’re allowing third-party access to your financial data and Social Security number (for your credit score), so be sure to read the terms and conditions to see how the company uses your information,” Tayne says.
She adds that banks will sometimes get disconnected or have a delay when reporting to Mint, so if you need alerts in real time, it’s probably best to stick to notifications from your bank. “For good measure, choose a password for the service that is different from the password you use for your bank account since data breaches are on the rise,” Tayne says.
Contact Your Bank on the Phone
If digital isn’t your thing, it’s also possible to call your bank for an update on your account balance. Most banks use an automated system for account balances, which allows you to call in and hear your balance at any time. However, if you need to speak with a live representative for some reason, that’s possible, too – you just may need to call during certain hours.
Check at an ATM
Finally, if you happen to be near an ATM, you can use it to check your account balance. This is a free service as long as the ATM is in your bank’s network. If you visit an ATM belonging to an out-of-network bank, you may need to pay a fee to check your balance.
How to Make a Mobile Check Deposit
What Is Your Balance Telling You?
When viewing your balance, keep in mind that it may not be 100% accurate at that moment. “Remember that account balance deductions and deposits don’t always show up in real time,” Sacknoff says.
Sure, ATM and debit transactions, for example, are deducted from your account balance instantly. However, certain transactions, such as mortgage and credit card payments, checks you’ve written, and debit transactions that were run as credit, can take a while to post to your account.
When viewing your account balance through your bank’s website or app, check for pending transactions and find out the policy regarding how long it takes checks to deposit to your account.
“Your balance could be affected by pending deposits or withdrawals, so a quick glance might not give you an accurate view of your accounts,” Tayne says. If you spend money under the assumption that your balance is accurate, you could end up overdrafting when pending transactions finally come through.
