Tips for Managing Your First Checking Account
Opening your first checking account can be exciting, but it is important to be careful. You will need to keep an eye on your debit card as well as the balance in your checking account in order to prevent fees and penalties. You must also keep your cards and information protected. Here are a few tips for managing your first checking account.
Consider Overdraft Protection
Your first checking account will teach you to be responsible with your money; in some cases, it will also teach you about the consequences that may occur when you fail to do so. Fortunately you can make use of a safety net called overdraft protection. An overdraft occurs when the amount of money you attempt to spend or withdraw exceeds the amount of money you have in your account. This typically incurs fees, but overdraft protection can give you some extra flexibility.
Keep Your Cards Safe
Just because your credit and debit cards have your name on them does not mean that other people cannot get away with using them. This is why it is crucial that you keep your cards in a safe place and refrain from giving them to others. Do not enter your information or make online purchases if the seller does not appear to be completely trustworthy. If you lose a card, cancel it or freeze your account as soon as you notice; if someone else has it, this will prevent them from using it.
Use Online Banking
Today’s technology makes it much easier to manage your checking account. Online banking can provide you with electronic statements at any time of the day or night. You can also use this feature to transfer money from your savings account into your checking account or vice versa.
In addition to checking accounts, GCS Credit Union offers online banking and home mortgage loans in O’Fallon. You can learn much more about our credit union by giving us a call at (618) 797-7993 or visiting our website. If you live in the area, feel free to stop in and meet with us today.