Many of us know the last statement balance meaning, but not all of us understand the meaning of the check balance on our bank and credit card statements. We all know that a balance indicates an amount of money that a bank has invested in a certain account, and we know how to check these balances. We don't usually think about what the check balance is for, though. Our thinking usually revolves around whether or not there are any outstanding bills on our checking account. The check balance is actually an indicator of whether the bank has sufficient funds available in order to pay the bill when it is due. A negative balance means that the bank does not have enough funds in its checking account to cover the payment when it is due, while a positive balance tells you that there is sufficient funding available in the account.
How do you get this information? First, you need to pull your banking statements. These statements will list the last statement balance meaning of every one of the bank accounts you have. If there is a negative balance on your account, then there is something wrong. Your checking account may be low on funds or the credit card company may be charging you a lot of fees on the amount of money you borrow from them.
Look for the last statement balance meaning to find out why there is a negative balance. If you find out that the credit card company is charging too many fees, or you found that your checks have bounced due to insufficient funds in your account, then you may have reason for blaming the credit card company. Find out their policies regarding late payment penalties as well. This can often be a good indicator as to why your checks have bounced, especially if you have a lot of late fees.
Go over each statement carefully, making sure you note the amounts of any fees, overdraft fees, and cash advance charges. Write down the balance owed at the end of the month. You may need to write down the exact dates you spent with each check, or the exact dates you wrote checks for the same items. Look for written checks that were returned “NSF”. This is an indication that the check did not clear, even though it may have technically bounced.
If you are unsure as to whether or not your statement balance means what it says, then get another copy from the credit card company. Go over the statement, again making sure to note all the amounts you owe and the amounts you are paying each month. Do this for each of your credit cards. Check to see if you are still paying the same amount you were before the recent charges.
When the statements all are compared, you will have a general idea of what your current balance is. This is the most accurate way to ensure that you know how much your statements are and whether or not you are paying the same amount as before. If you find that you are, then make the necessary adjustments in your budget to stop the charge-offs and the other problems. Then you will be on your way to a better credit card balance!
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