You'll probably use a checking account regularly to transfer money, access cash, pay bills, and deposit your salary. But these eight crucial features can help you manage your money if you want to make the most of your checking account.
Establish a Direct Deposit
The ability to set up direct deposit is one of a checking account's main advantages. Without having to move a finger, direct deposit is a quick and secure method to add money to your account. It's likely that your company currently provides this convenience and will invite you to enroll. Naturally, you may still deposit money via an account transfer, teller, ATM, or app.
Register for Online and Mobile Banking
By signing in, you may easily check your accounts, including your balance and transaction history, if you've enrolled in online banking. You may use your phone or tablet for the same purposes as mobile banking.
You may also easily order checks, pay bills, transfer money, keep tabs on your spending, set alarms and travel flags, and manage your accounts from virtually anywhere by doing your banking online.
Recognize Your Debit Card
Debit cards are usually included with checking accounts. Debit cards can be used for online and in-store transactions, as well as for deposits and withdrawals from ATMs.
You may load debit cards into your phone's digital wallets as well. Debit cards allow you to make purchases and withdrawals right from your checking account. If your card is lost, stolen, or used fraudulently, debit cards can also provide security.
Acquire the Ability to Move Money Across Accounts
Transferring money between your checking and savings accounts at the same bank is not too difficult. When you know you have a specific amount of money in your checking account each month, consider setting up automatic transfers to your savings account if you're working toward a savings goal. Developing your savings might be greatly aided by automating the procedure.
Learn How to Stay Away From Overdraft Fees
The majority of banks impose an overdraft fee when you spend more money than you have in your account; however, the amount varies depending on the bank. The greatest defense against these charges is to keep an eye on your account balance and set up notifications for when it falls below a certain threshold.
To safeguard you in the event of an overdraft, many banks provide extra overdraft protection services that let you link your checking account to other qualified accounts. For this service, certain banks charge a fee, while other banks provide it for free. Certain banks automatically enroll you in overdraft-related services. Check the overdraft policies associated with your account before committing, regardless of whether the protection is automated or voluntary.
You may set up alerts to get an email or text when a specific action occurs if you have registered in online banking. For instance, you may configure notifications for unexpected account activity or balance reductions when your account's funds fall below a specific threshold. Just make sure your bank has your most recent email address and mobile phone number.
Configure Recurring Payments
For regular invoices, setting up automatic payments can assist in guaranteeing hassle-free, on-time bill payment. This typical checking account feature may save you time, help you avoid expensive late penalties, and help you maintain excellent credit.
Understand Your Level of Protection
To assist safeguard you if your debit card is lost or stolen, several banks offer security measures like picture ID, chip technology, or monitoring for suspicious purchases.
In case you think your card has been lost or stolen, you may use your mobile or online account to virtually freeze your card with certain banks. To find out more about the security measures your bank employs to assist thwart fraud, contact them. It's also critical to understand that, although you have to tell your bank right away, federal law restricts your liability if your debit card is stolen.
Contact Notebanks if you have any more questions, and our professionals will be there to assist you every step of the way.