In past, if you wanted to send money electronically through a wire transfer you only had a few options available to you. You could go to your local bank to conduct transfer, or you could use services of a company such as Western Union. But nowadays more and more companies are set up to provide wire transfer services, especially online. Companies such as PayPal, for example, allow almost anyone to send money worldwide through their website – and all you need is an e-mail address and a credit card. In addition, most local banks that provide online banking services now allow their patrons to send wire transfers through Internet.

So what exactly is a wire transfer? Essentially, a wire transfer is transfer of money from one bank account to another. The transfer is always conducted by a third party, such as a bank or a wire transfer service provider. Because transaction is carried out electronically, money is never physically seen or touched by person who sends or receives money.

With all things you have to remember to do on a regular basis, balancing your checkbook doesn't always receive priority. But if you plan ahead and schedule some time for this important task, you will reap financial rewards.

Before you begin make sure you have following items on hand: checkbook, ledger book, ATM and deposit receipts, calculator and a pencil. The next step is to check your items. First, separate your returned checks and ATM withdrawal slips into two distinct piles. Then place your returned checks in numerical order and compare them to your ledger book by writing an “X” in ledger beside every figure that matches a cancelled check.