Checking accounts
are one of the most used financial tools. Be a more effective manager
of your own money with a few easy tips.
1. Keep your information private
Never give your
banking information to anyone you don't know. Verify that a business
is legitimate before you share information about your checking accounts and don't feel pressured by pushy sales people. It could be
a phishing scam.
2. Inform your bank about problems
If something looks
odd about your statement, your bank should be contacted immediately.
The sooner they know about an issue, the sooner they can stop the
situation. Simply knowing your bank's policies and procedures can
prevent stress when you are already in a tricky situation. Do your
checking accounts offer protection for theft or fraud? Perhaps you
can enroll in a program for added security.
3. Keep it balanced
By keeping your
checking accounts balanced, you know how much money you actually
have. Use a simple excel spreadsheet, accounting software, or the
check register that came when you ordered your checks. Some banks
have their own tools to help you.
4. Spend only what you have
Only make
purchases when you are sure you have the funds to cover them.
“Floating” payments (overdrafting with the intent that your
deposit will arrive before the check does) is dangerous these days,
with the speed of online payments and bank processing. You might get
a one-time forgiveness for overdrafting, but there can be fees
involved.
5. Check your account often
By keeping an eye
on your account and monthly statement, you can reduce or prevent
damage due to theft, fraud, or simply over-spending. Checking
accounts also have online access, allowing you to check activity any
time that is convenient for you, and banks can provide apps to notify
you when payments are being made.
