A Case for Balancing Your Checkbook – FRAUD

Thinking you just don’t have time to balance your check book?  You may want to reconsider.

When errors are honest mistakes most parties involved are happy to make the necessary corrections.

There are errors that are truly fraudulent and unless you have a handle on your accounts you may miss it.

In 2016, over $7 billion dollars was taken fraudulently from individuals bank accounts according the ABA statistics.

Sometimes it…

Is someone onsite who has access to your check book

Could be a vendor sending miscellaneous invoices for payment

Is someone who has a copy of one of your checks and deposits it  on a mobile phone multiple times.

If you fail to catch fraud within 60 days, the bank doesn’t have to help you recover your funds.

So how do you protect yourself? 

The easiest is to reconcile your bank account at each monthly statement period.

If you are working with a company who reconciles your bank accounts then you’ll want to review your statements monthly.

Knowing your numbers is the best way to ensure you are not taken advantage of. 

What is the average cost of your phone bill or your cleaning service monthly?

Knowing these things will help you to look quickly at your numbers and notice any discrepancies.

Over the years, The CFO Agency has helped clients find errors by asking the critical questions of their numbers.

Wondering if you are ready for some help in this area?

Take our Financial Ease Quiz and you will find out!