Avoid OD's and Bounced Checks

We live in a society that is very consumer driven and often people lose sight of just how much they are actually spending, how many checks they are writing and how much debt they are piling on to their credit cards.

At Reliabank, we want to help you get more out of your money and make smarter financial decisions. And to help our valued customers avoid the hassle, expense, and embarrassment of overdrafts here are some steps you can take to protect yourself.

The best way to avoid overdraft and bounced-check fees is to manage your account so you don’t overdraw it. It's as simple as that. A few minutes a day writing transaction into your check register could save you big dollars in overdraft fees.

Keep an eye on your account balance by using Reliabank's free online banking. Check your balances, transfer between your accounts and see what checks have come through your account. Anytime. Anywhere.

Pay special attention to your electronic transactions. Record your ATM withdrawals and fees, debit card purchases, and online payments.
Don't forget about automatic payments. If you have automatic payments and deductions from your account, such as your mortgage payment or health club fee, remember to set aside money for them and to record them in your register.

Record all transactions immediately and do not assume that they will take days to post to your account. Information from checks that you write to pay for purchases or expenses (such as credit card or utility payments) may be used to make a one-time electronic transfer from your account. Funds from these transactions may be withdrawn from your account as soon as the same day you make the payment.

Review your account statements each month. Sign up for free eStatements with Reliabank and get you statement mailed directly to your Inbox! 
Sometimes mistakes happen. If you do overdraw your account, deposit money into the account as soon as possible to cover the overdraft amount plus any fees and daily charges incurred. Depositing money into your account can help you avoid additional overdrafts and fees.

What are some other ways to cover overdrafts?

Link your checking account to a savings account you have with the bank. If you overdraw your checking account, we can transfer funds from your savings account to your checking account.

Set up an overdraft line of credit. You need to apply for a "line of credit" just as you would apply for a regular loan. If you overdraw your account, the bank will lend you the funds by using your line of credit to cover the overdraft. You will pay interest on this loan, and there may be an annual fee. But the overall costs may be less than the costs for a return check or overdraft charge.

The best rule of thumb is this: Good account management is the lowest-cost way to protect your hard-earned money.