Final answer:
Even though there is online banking, it is good practice to check monthly bank statements to verify withdrawals, verify deposits, and learn about any upcoming account changes. It helps manage money, monitor cash flow, and avoid overdraft fees.
Step-by-step explanation:
Even though you may use online banking to keep track of your balance, it is still good to check the monthly statement because of several important reasons. Firstly, it is essential to verify withdrawals to ensure that all transactions have been correctly recorded and that there are no unauthorized or fraudulent activities on your account. Secondly, checking statements is also key to verify deposits, confirming that all expected credits to your account are accounted for. Moreover, bank statements often contain information about upcoming account changes, such as alterations in fees, interest rates, or terms and conditions, which could impact how you manage your money.
While reviewing your statement, you may also discover important information regarding bank products and services that could be beneficial to you, although this may not necessarily be a direct reason for balancing your checkbook. By staying up-to-date with your banking activities, you can efficiently manage your money, keep tabs on your cash flow, and protect yourself from overdrafts and the fees associated with having insufficient funds.