Why Save Money? | What Is A Savings Account? | What Is A CD?
What Is A Checking Account? | How Do I Read A Bank Statement?

How Do I Read A Bank Statement?

Reconciling is comparing the amount you have written in your Youth Trek Savings account register (the written record kept of all deposits and withdrawals for your accounts) with the balance amount on your bank statement. At the end of March, June, September and December, a statement is mailed to you. If you have an ATM (Automatic Teller Machine) card, you get a statement monthly. Your statement shows:

1. the balance at the beginning of your statement period
2. deposits you made into the account
3. withdrawals you took from the account
4. the balance at the end of the period
5. the interest you earned. Your interest should be the last deposit listed under “Detail Transactions by Date."

Here are some other things you might see on your statement.

1. During your birthday month, QuBot deposits $1.00 into your account, so you’ll see a $1.00 deposit on your statement.
2. Your CDs (Certificates of Deposit) are listed on your statement too if the names on your CDs match the names on your Youth Trek Statement Savings account.
3. Any service charges would also show on the statement, but Youth Trek accounts are usually free of service charges.
4. If you lost your ATM card, the fee to replace a lost card is $7.00.

On the back of the statement is a chart that can be used to help you reconcile. This chart is especially useful when reconciling a checking account, so some of the steps are only used if you have a checking account. To verify your balance, follow the steps on the chart. Ask a trusted grown-up or a bank employee to help you.