This report presents information on checking accounts, describes how to read a monthly statement from the bank, and provides guidelines for balancing a checkbook. Topics covered include: how banks record transactions; the importance of keeping personal records and of balancing the checkbook promptly; what happens when there are insufficient funds to cover a check; responsibilities of the individual and the bank; and the value of checking accounts for money management. A step-by-step explanation is given of the different categories included in a Bank of America "Timesaver" statement. Guidelines for balancing a checkbook register using the monthly statement are offered along with a checklist of errors to look for when the checkbook does not balance. Suggestions for balancing a checkbook that has not been balanced for several months are also included. Information in this report is current at the time of printing, May 1982, but is subject to change. (DC)