Whether you’re a new checking account owner or if you just want to brush up on your money management tools, it’s important to manage the account correctly. The FDIC estimates that 124.2 million American households had at least one member with a bank account, but not everyone is getting the most out of them. Let’s look at some of the best tips and tricks to get you started on the path to success.
Be aware of your balance
Because checking accounts were created to make transactions easier and often come with a debit card and checks, it’s not difficult to lose track of how much money you have in your account. You can set alerts with an updated balance when money is spent and use available technology to stay on top of it. For example, The Federal Savings Bank has a mobile app that can be used to look at balances, transfer money, and bank on the go.
Consolidate accounts
Some people have several checking accounts that they have accumulated over the years but consolidating them could yield many benefits. This is an easy way to simplify your finances and can make money management easier. Having your finances spread across several checking accounts is unnecessary and can overcomplicate the process. Pick the most beneficial account and discuss your options with a banking professional to find the best one for you.
Be mindful of fees
Some checking accounts have higher maintenance fees than others but being aware of them is key. Most of the time, it would make sense to go with a standard checking account that has low or no fees. At The Federal Savings Bank, our value checking features include a low minimum opening deposit and no monthly service charge.*
Other fees to be conscious of include any that could be charged if your account balance falls below $0. In addition, if you withdraw money from your checking account through an ATM that doesn’t belong to your bank, you may be charged a fee for the process. Communicate with your financial institution and be mindful of possible fees associated with checking accounts.
Review statements from your bank
Every month, you should receive a statement from your bank that lists your spending and banking activity from that time frame. Whether you opt for a paper statement or an electronic one, it can be easy to let the mail fall to the wayside. However, if you keep track of your banking statements, it can be easier to watch your spending habits. This is also where changes in your minimum balance requirement, fees, or other account terms are often noted, so reading your bank statements is more valuable than you may think.
Automate
Automation is an often undervalued or underused tool for checking account owners. Direct deposit is one example of automation that can be extremely valuable. In addition, most financial institutions including The Federal Savings Bank offer mobile check deposit options. Connect your bill payments to your checking account for a streamlined payment experience. Automation tools are available to elevate your checking account usage, so why not use them?
The Federal Savings Bank is here to help support you in your financial goals. Reach out today to get started.
*Minimum balance to open a Value Checking account is $25. Terms and conditions apply. Member FDIC.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
