That may seem like an odd question, but knowing the answer can help ensure that you’ll never have to pay any fees for overdrafts or insufficient funds.
Today, with so many different ways to withdraw from your checking, it’s easier than ever to mistakenly take out more funds than your checking account has available. Checks, ATM transactions, debit cards, automatic bill pay, electronic payments – they can all lead to overdrafts or insufficient funds if you don’t keep accurate track of every transaction.
To make matters worse, the recipient of the non-paid check can also charge you an additional fee of their own — and refuse to accept checks from you in the future.
To avoid finding yourself in this position, keep track of how much money you have in your account by recording all debit card purchases, checks written, ATM withdrawals, and automatic bill payments or other electronic payments. You might also want to get into the habit of using banking tools like mobile or online banking to check your account balance before you make a purchase. In addition, you can also ask us about setting up overdraft protection from your savings account.