5 Strategies for Better Checking Account Management

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.