4 Reasons I Check My Bank Account Every Day

The internet is such an integral part of most of our lives that it's hard to imagine a world without online banking. Yet, in the year 2000, 20% of U.S. banks still didn't offer their customers online access to their accounts. If a person wanted to know the status of their checking or savings account, they had to visit their local bank branch or stop by an ATM. Neither of those tasks may seem labor-intensive, but they did take time.

Fortunately, we can now access our accounts via our computers and mobile devices anytime. For example, a few nights ago, I was nearly asleep when I suddenly realized I wasn't sure if a certain payment had cleared my account. Thanks to technology, checking my account was as easy as pulling up the mobile app on my phone.

As much as I appreciate that instant access, the thing I like most about how banking works today is the ability to check my account balance and transactions daily. While it may sound excessive, hear me out. I have some fairly logical reasons for doing so.

1. Security

My checking account has been hacked twice. Each time, I noticed a payment I didn't recognize. Because I check my accounts daily, I've been able to let my credit union know right away and get reimbursed.

The earlier you report fraud, the better your chances of minimizing the damage and recovering stolen funds. According to my credit union's fraud department, bad players often conduct a "test run." They charge something small to your account and wait to see if you notice it. If not, they feel confident enough to make a larger purchase.

Fun fact: One of the crooks used my account number to place an order that was sent to his home. It may go without saying, but he was really easy for the bank to find.

Would I have noticed the fraud if I had not given my account a daily once-over? Probably, but I don't know how long it would have taken or if it would have been so easy to get all my money refunded.

2. Forgotten bills

I know we hear a lot about how many subscriptions the average person is paying for and not using, and that's certainly been true for me. Checking my accounts daily means I catch a forgotten subscription quickly enough to minimize my losses. I've also noticed bills that I absolutely forgot to include in the household budget for the month. For instance, if I make a donation and forget to plug it into the budget or an insurance payment comes out, I know right away.

3. Hard-to-miss patterns

The only downside of checking my accounts daily is that I can't lie to myself about where my money is going. It's right there in black and white. If I'm spending too much on groceries or there are multiple purchases from Amazon, I'm forced to face the truth and adjust my spending.

Checking daily also serves as a reminder. Each Thursday morning, I transfer money to my Solo 401(k). If, on Fridays, I don't see that transfer pending, I'm reminded that I need to take care of it.

Because I use one account solely for my small business, I can see at a glance whether I've been paid. In fact, if I need to remember how much I was paid for a job three weeks ago, the easiest way is to scroll back to that date rather than look through a bunch of invoices or emails.

4. Great return on investment

The older I get, the less time I'm willing to waste. When my husband and I were first married, I spent hours (and hours) each month balancing our checkbook, and never quite sure I got it right. I always seemed to be off by $0.84 or some random amount. It was always far more stressful and time-consuming than I would have liked.

I'm not exaggerating when I tell you it takes me less than five minutes daily to check four bank accounts. That's not five minutes for each account, but five minutes in total. In exchange for those five minutes, I know which bills have cleared, which are pending, and whether the accounts have been accessed by someone other than my husband or myself. That's a pretty great return on my investment of time.

I know spending time checking in on your bank accounts every single day may not be everyone's idea of a good time. However, I think if you give it a try, you may find your own list of perks for doing so.