If you are new to banking, managing your checking account can seem like an overwhelming task. Without proper management, you could soon find yourself facing serious financial issues. To help ensure that your checking account is properly managed, here are some tips that you can use.
Activate Email Alerts
Many banks offer email alerts for account holders. The alerts can be useful when you are trying to keep tabs on your checking account. Alerts can include messages when your account balance is below a certain amount or when you have insufficient funds to cover a check. If your bank offers email alerts, sign up for them.
Some banks also have text message alerts available. The alerts work the same as the email alerts and are readily available on your mobile device. Ask a bank representative to help you establish your alerts.
Check for Pending Transactions
Your available balance and your actual balance might be two different things. Depending on your bank, it is possible that pending transactions are not immediately deducted from your available balance. As a result, you could accidentally spend more than you have available. Before writing a check or using your check card, always check for pending transactions. If the transaction amounts have not been deducted from your available balance, do the math yourself before spending.
Review Your Statement Each Month
Some people make the mistake of tossing their bank statements each month. The thought is that they must be completely accurate. Although you will find that this is usually true, it does not hurt to carefully review your bank statements. You are not only looking for any errors made by the bank, but any transactions that you did not authorize. Report any unauthorized transactions immediately to your bank.
Avoid Writing Checks You Cannot Cover
It might seem obvious to state that the best way to ensure your checking account is on the right course is to only write checks you have money for, but there are many people who do the opposite. When you write a bad check, not only will you be faced with still paying the merchant for the items purchased, but you also could face bank fees and other repercussions.
Managing a checking account can take time and effort, but it is doable. Talk to a bank representative to learn other ways you can help ensure that your checking account is always in good standing.
For more help, contact a company like Cheviot Savings Bank.