Checking Account Tips: Trim the Fat

Have you heard about the new hot diet craze? It is this crazy one where people eat less, exercise more and loss weight in the process, insane right? Additionally, people are using this logic to apply to their finances. They are spending less and exercising more control over their checking account and reaping comparable rewards by trimming the fat from their financial diets. The same as when you finally lose a few pounds, by putting your checking account on a diet, you will be in control of your money.

One way to trim the fat from your checking account is to make sure you have the right account for your needs. If you took a free checking account that only allowed 10 transactions a month, yet you are making at least 15 in that time period, you will more than likely be charged for those extra 5 transactions. By ensuring that the services of your checking account match up with your behaviors, you can save money on additional transaction fees and help stay on track with your checking account diet.

Perhaps you are digesting too many “empty calories” in the guise of overdraft fees. If you find that despite your best effort, you overdraw your account time and time again you will be feeling the pain at the cost of $39 (national average) per transaction rejected do to insufficient funds. By tightening your banking belt, and adding a line of credit to your checking account in the form of an overdraft protection you can save yourself a pretty penny in the long run.

By properly utilizing all the tools provided courtesy of online banking to set up payees, automatic payment plans, direct deposit, and taking the steps to monitor the overall daily activity, you can avoid late fees and penalties due to missed payments. When it comes to both dieting and managing your checking account, keeping detailed notes can be extremely beneficial. Many weight loss experts advise keeping a food diary to keep track off all the calories consumed and expended. Likewise, balancing your checkbook and viewing your account online daily is the best way to have success with your checking account diet.

About the Author

These articles are written by the in-house GOBankingRates team.