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Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2021

Balancing Act

Balancing Act

Online banking and mobile banking apps may have made it easier to keep track of your checking account balance, but it’s still important to make sure your records match your bank statement.


Balance Your Checking Account

  1. Start with the opening balance (the amount of money showing in your account).

  2. Subtract pending transactions, including checks you’ve written, ATM withdrawals, automatic bill payments and debit card charges.

  3. Add expected deposits, credits and any interest earned.

  4. Deduct fees and charges.

  5. Record the ending balance (your available funds).


If the balance doesn’t match your account statement, go through your records again to find the discrepancy. Common errors include forgetting to record a transaction, transposing numbers and adding or subtracting incorrectly.


Expensive Mistakes
Your financial institution will charge you an insufficient-funds fee for each transaction that overdraws your account. Consider setting up overdraft protection or automatic transfers from a savings account.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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