Every cent counts, especially in the wake of the current economic situation. Your bank account can work to your advantage, but unless you manage your affairs properly, your banking habits can also be costly. Consider the following tools to keep more of you money in your pocket.
Use direct deposit. Arrange with your employer to have your paycheck deposited directly into your bank account. This will eliminate the possibility of lost or misplaced paychecks, and the money reaches your account even if you can’t get to the bank. In addition, many banks and credit unions offer free or lower-cost checking accounts for customers with direct deposit.
Get overdraft protection. If you overspend your account, you face large fees from both your financial institution and the payee. Overdraft protection an account either to your savings account, a line of credit or a credit card to cover any overcharges you make. The small fee and interest you may pay will be a lot less than the bank’s coverage of an overdraft. You can also put your own overdraft plan into place by keeping a secret $100 or more in your account and exclude it from your current balance. If you make a careless error in the future, you’ll be covered.
Utilize online banking services. You already check your email and other web sites at least once a day. Why not add your bank account to the routine? Once you register at your bank’s site, you’ll be able to get current account information. Not only can you follow daily account activity, you can detect errors or fraud in a more timely manner.
Tags: bank accounts, direct deposit, online banking, overdraft protection, saving money
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