Your checking account seems very basic, but it is actually a great resource for you. Your account probably has many features of which you are unaware, but you can take advantage of those to save money, pay your bills, and run your personal finances more efficiently. In this post, we will talk about some tips and tricks to help you get your money’s worth.
The first thing to know is that you can set up alerts that will send you an email or a text when there is suspicious activity in your account. You have some control over the alerts, so you can customize them to suit your needs. These are great ways to keep tabs on any potential fraud or identity theft that might target you. It takes a lot of the effort off your shoulders, because you can trust that the bank will look out for that activity. You likely have to enable these alerts before they will start to arrive.
You should set up online bill payment as well. Your checking account should have an area where you can pay bills online. This saves you the money that you would spend to buy a checkbook, it is faster than checks, and it keeps records of your past payments. You are likely to have the option to have your bills be paid automatically. You may or may not want to do this, depending on regularly your income arrives in your account. But it makes paying bills even easier: you don’t have to do anything at all. Just set up the bill pay account in the beginning and the bank will automatically receive your bills and pay the right amount to the right company.
Many banks let you open a savings account and link it to your checking account. That is a useful way to avoid having to pay overdraft fees. You can specify the link so that anytime the balance in your checking account would drop below zero, your bank will automatically transfer funds from the savings account over to cover the difference. You will need to put some money into the savings account first. You do not even need to use the savings account for actual savings: it can just be an insurance policy to help protect you from fees. Usually, it costs nothing to open a basic savings account when you already have a checking account.
These are just a few examples of how your checking account has some features that can save you money and time. Take some time to explore your own account and see what you can learn. Every bank offers their own set of features, and many of them are more useful than you might expect.