Tips for Managing your Accounts

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No one likes the embarrassment of over drafting, having a transaction declined or returned, or throwing money away in fees. But let’s be honest, are you REALLY doing what you should to manage your accounts and prevent that from happening? Most of us just check the balance in our accounts online a couple times a week, pay a few bills, and just call it good. For a lot of people, the days of diligently keeping a checkbook register and balancing to the penny are long gone. Don’t worry, though, there are other alternatives you can use to keep track of your accounts in a fast and convenient way.

• Use online or mobile banking. Keep copies of your receipts from purchases and match them up as they clear in online banking. Verify that the amounts match up, and view transactions that are pending so that you know what your true remaining balance is. Don’t forget to also subtract out any checks or automatic payments that you have written or authorized.

• Use electronic bill pay. If remembering what checks haven’t cleared yet or what automatic payments haven’t posted is giving you headaches, try online bill pay. Bill pay allows you to schedule transactions in advance or pay them one-time, and the funds are deducted out of your account right away instead of later when the check posts. This can help prevent overspending and prevents you from using the funds that should be set aside for your bills.

• Try e-Alerts. You can sign up through It’sMe247 Online Banking to get alerts sent to your email or phone if a deposit or withdrawal posts, if you balance falls below a certain level, or if a payment is due. This can provide a quick heads-up so that you can transfer funds or think twice before making that next purchase. 

• Set up overdraft protection. Overdraft protection options include another account at the credit union, or a line of credit. If you have funds in separate account, you can link that to your checking account to cover in the event that you forget about an outstanding transaction or if you need gas but didn’t check your balance first. The funds will transfer over for a smaller fee than if you had just plain drawn your account negative. You can do the same with a line of credit, but with a line of credit you avoid paying a transfer fee.

• Sign up for direct deposit. Enrolling in direct deposit for your payroll or retirement funds gets them posted to your account faster than if you received them as a paper check. They will be posted prior to the opening of business on the day you get paid. You don’t have to worry about finding time to get to the credit union to make a deposit. 

• Understand debit card overdraft services. If you opt-in and select the coverage, we will allow your everyday, one-time ATM or debit card transactions to be approved, at our discretion, even if the funds are not available in your account. However, there is a fee for posting transactions to your account when the funds are not available. If you do not choose this coverage, in other words opt-out, your transaction will be declined at the merchant if the funds are not available in your account. This choice only applies to one-time transactions such as buying a coffee, getting gas, or buying groceries. If you have recurring payments set up through your debit card for things such as a monthly subscription, you cell phone bill, or your gym membership, those transactions will still be allowed to bring your account negative. A credit union employee can tell you how your account is currently set up, and you can change coverage at any time in online banking or by speaking to a team member.

These are just some of a long list of options for keeping better track of your finances. If it is something that you have struggled with, or if you just know you should be doing more, stop in and sit down with a member of our staff to review your accounts and find the solutions that will work best for you.

Post by: Erin S.