How to Settle Bank Discrepancies

Video Transcript

"Hi! This is Summer on behalf of expertvillage.com in this clip we’re going to discuss another common error when reconciling your checkbook if it doesn’t come up to what it should, another thing you want to check for is discrepancy in amounts. Basically what this means is you have a deposit and or debit recorded in your register that shows up as a different amount on your bank statement. Now say you wrote a check to somebody for $100 that’s what you have recorded in your checkbook register, the bank statement shows that check clearing for say $200, the first thing you want to do is go to your checkbook and find that carbon copy that we discussed earlier and see what that check was actually written out for or if your bank actually sends cleared checks in your statement check that cleared check and make sure that it was for $100 and not for $200. Now if what you had in your register was correct and what the bank statement showed was incorrect, you want to go into your bank immediately, bring copies of everything that you have and they should be able to dispute that for you and credit your account in this case that extra $100. It’s something that we see, not often but often enough any financial institution has procedures that they can go through to make sure that they correct that error for you. Now in the case that the bank was correct when you back to your carbon copy and see that you had written the incorrect amount in your register you want to make sure that you adjust that so that your numbers come out correctly when you actually reconcile."