What Happens to My Checking Account When I Miss a Payment?

Checking accounts have many options and benefits. Sometimes, however, there can be a mishap or unavailable funds. If you miss a payment due to an insufficient balance, you may need to consult your back or financial institution to see what you need to do to rectify the situation.

Things To Do To Avoid Missing a Payment

The most important thing to do to safeguard against a missed payment is to always know your balance.  Keeping a daily record of all of your expenditures will ensure that you know where your money is at all times.  When you know how much you have in your account, you can avoid making mistakes and incurring unwanted fees and penalties.

What To Do When You’ve Missed a Payment?

If you have had an overdraft and have missed a payment, it may result in a fee. Check with your bank or financial institution so that you know what you will be responsible for in the event of a missed payment. Many banks will charge a one time fee for each missed payment or overdraft. Also, you may incur a fee or penalty from the recipient of the payment. Many vendors or companies will charge you a late fee or an overdraft fee in this instance. It is important to know your rights and responsibilities. Always do your research and you will know what to expect.

The best thing you can do to keep from missing a payment is to monitor your spending as closely as possible. The knowledge of your balance and the exact dates of each automatic withdrawal will be the key tools in avoiding a missed payment. These fees are a nuisance and can be avoided.

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What Happens to My Checking Account When I Miss a Payment?
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