This blog is for informational purposes only and not an offer of any specific account or service. For current details on our checking accounts, including terms and fees, please visit midflorida.com or speak with a representative. Account features and conditions may change. Membership eligibility required.
Most people never do anything more with their checking account than deposit money and withdraw it as needed. There’s nothing wrong with that, but it’s only scratching the surface of what a checking account can do.
If you’re ready to take your banking to the next level, we’ve got five checking account tips to help you take full advantage of everything your checking account offers.
Start Your Application With MIDFLORIDA Credit Union.
Always know your checking account balance
This might seem like obvious advice, but you’d be surprised at how many people only look at their checking accounts periodically.
As a result, they tend to get caught by surprise when the amount of money in their checking account isn’t as much as they thought.
The best way to keep track of your checking account balance is simply to log in to your account daily and look at your numbers.
You could go to an ATM, for instance, and check your account there (fees may apply) or log in to your online bank account. If you have your credit union or bank’s mobile app, you can even check your balance from there, regardless of your location.
While checking your balance, you should review your recent transactions to check for any payments you don’t recognize. This might be a sign of fraud, and the sooner you catch it, the sooner you’ll be able to alert your financial institution and minimize the damage to your finances.
Download your credit union’s mobile banking app
These days, almost every credit union, including MIDFLORIDA, has a mobile app. It’s hard to understate how much of a game-changer these apps are for personal finance.
When you get your credit union or bank’s app, you can manage your account from almost anywhere, such as:
- Transferring money between accounts
- Making external payments to people or companies
- Reviewing your recent transactions
- Opening or deleting an account
Many credit unions and banks also offer several perks on their mobile apps, such as checking your credit score, starting a loan application, or even depositing a check.
Set up alerts for your checking account
No one’s perfect, and no matter how hard you try, you might forget about a payment you’ve made or miscalculate how much needs to be in your account for an upcoming bill.
That’s where account alerts come in. You can set up an alert on your mobile app to let you know when the balance in your checking account gets low.
This will not only help ensure that your checking account always has enough money, but it can also be a good reminder to check your account regularly.
Learn how to transfer money
Knowing how to transfer money in and out of your account is an obvious checking account tip. After all, it’s the primary function of a checking account.
However, knowing how to transfer money from your checking account to your savings account is a key part of managing your finances.
The best way to transfer money in and out of your account is:
- Through your online banking account
- At your credit union
- On the credit union or bank’s mobile app
If you need assistance, though, your best bet is to visit the nearest branch of your bank or credit union and ask a teller for help.
Review your checking account’s fees and perks
Familiarizing yourself with your financial institution’s fees is essential to getting the most out of your checking account.
When you know the fees you might be charged, you can estimate how much you may have to pay each month. More importantly, you can find out how to avoid some of those fees altogether.
Common checking account fees include:
- Maintenance fees
- Monthly fees
- ATM fees
- Inactivity fees
- Paper statement fees
- Wire transfer fees
- Insufficient Funds fees
- Overdraft fees
In addition to knowing your credit union or bank’s checking account fees, you should also get to know their perks.
A lot of checking accounts offer similar perks, such as:
- Direct deposit
- Debit card
- Online payments
However, different financial institutions might offer their own perks and benefits. These can include:
- Higher interest rates
- Bonus for opening a new account
- ID theft assistance
- Discounts at restaurants and stores
- Rewards on certain purchases
- Roadside assistance
The more you know about your checking account features, the better equipped you’ll be to take advantage of them.
Give yourself a buffer
While many financial institutions offer some form of overdraft protection, the best way to guard yourself against overdraft fees is to have extra money in your account.
How much extra money you should keep in your account is a matter of opinion. If you really want to be safe, you should have an amount equal to one month’s expenses in your checking account.
If you can’t keep an extra month’s worth of expenses in your checking account, don’t despair. Instead, start small, maybe by putting 10% of your monthly expenses in your checking account.
From there, you can gradually build up that buffer until you have a month’s worth of expenses saved.
Make the most of your MIDFLORIDA Checking Account
Getting the most out of your checking account isn’t hard. All you need to do is pay attention to the benefits and fees of your account, check your balance at least once a day, and take advantage of your credit union or bank’s mobile app. You should also keep a buffer in your checking account to safeguard against unexpected expenses.
If you want a checking account that will let you do more, open an account at MIDFLORIDA today. We’re even offering a $200 bonus when you open a Free Checking account.1
Find out more by contacting MIDFLORIDA today.
